信息不对称性与融资租赁资产证券化的定价研究

Research on Information Asymmetry and Pricing of Finance Lease Asset Securitization

资产证券化产品在中国市场规模中的份额在逐渐扩大,与此同时在中国债券类金融产品中所发挥的作用也日渐重要。利用所构建的信息不对称性衡量指标,以2011—2020年中国融资租赁资产证券化产品为样本,研究信息不对称性对相关融资租赁资产证券化定价的影响。研究发现:信息不对称性对中国融资租赁资产证券化产品的发行定价有着显著的正向影响;对于原始资产分散程度低的融资租赁资产证券,信息不对称性对其产品发行定价存在显著的正向影响;与溢价发行的资产证券相比,信息不对称性对折价发行的证券有更显著的正向影响。

Asset securitization products in China's market scale is gradually expanding,at the same time in China's bond financial products are playing an increasingly important role.Using the constructed information asymmetry measurement index,and taking China's financial lease asset securitization products from 2011 to 2020 as samples,studies the impact of information asymmetry on the pricing of related financial lease asset securitization.The results show that information asymmetry has a significant positive impact on the issuance and pricing of financial leasing securitization products in China.Information asymmetry has a significant positive impact on the pricing of financial leasing securities with low dispersion of original assets.Compared with asset securities issued at a premium,information asymmetry has a more significant positive effect on securities issued at a discount.