关键词: 企业资产证券化, 经营绩效, 融资约束, 研发创新, 战略柔性

Abstract: As an innovative financing method, asset securitization has increasingly become an important direct financing channel for enterprises. By making use of the data of asset securitization of China’s enterprises from 2015 to 2020, this paper applies the sys-GMM method to analyze the impact of enterprise asset securitization on the operational performance. The findings show that the asset securitization of China’s enterprises has a significant positive impact on the business operational performance. The influencing mechanism is to relieve the financing constraints, promote R&D innovation and strengthen the strategic flexibility. Compared with state-owned holding enterprises and large-scale enterprises, the asset securitization of non-state-owned holding enterprises and small-scale enterprises has a greater positive impact on the business performance. The asset securitization of financial leasing products, accounts receivable and various loan products, and REITs products displays a greater role in promoting enterprise operational performance. Therefore, China should consolidate the institutional foundation, optimize the supporting policies, strengthen the information disclosure system and vigorously develop the business of enterprise asset securitization.

Key words: enterprise asset securitization, operation performance, financing constraint, R&D innovation, strategic flexibility