What drives enterprise asset-backed securitization in China?

Bei Gao, Yanbo Jin and Jingxian Zou

Applied Economics, 2024, vol. 56, issue 10, 1191-1207

Abstract: Using transaction-level data on enterprise asset-backed securities (ABS), we investigate the relationship between ABS issuance, interest savings, and firm characteristics in China. About half of the ABS deals were issued by small and medium-sized enterprises (SMEs), and around 70% of the issues carry a coupon rate lower than the average interest rate on bank loans. Firms issue more ABS when the interest savings are high, or when they face more restricted access to credit. Private firms are most responsive to the benefits provided by the enterprise ABS market compared to state-owned enterprises and foreign companies.

Date: 2024
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DOI: 10.1080/00036846.2023.2175773

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