摘要
论文通过构建数学模型,实证研究了中国煤炭资源型企业实施资产证券化的融资成本及其风险和不确定性因素,结果表明:中国煤炭资源性资产证券化融资成本并不高,最低为6.36%,最高为14.27%,说明资产证券化是中国煤炭企业融资的可行途径;资产池的资产质量的提高能够使发起人从既定的资产池里筹集到更多的资金,这将意味着发起人有绝对的动力去提供证券化的优良资产;资产增级与评级过程以及证券投资者的不确定性风险均与资产证券化的融资成本呈显著正相关关系,与证券化筹资金额呈负相关关系。
Through the construction of a mathematical model,this paper empirically studies the financing costs,risk factors and uncertainties of asset securitization in China’s coal resource-based enterprises.The results show that:①the financing cost of China’s coal resource securitization is not high,the minimum is6.36%,the highest is14.27%,which shows that asset securitization is a feasible approach for coal enterprises in china;②the asset quality improvement of the asset pool enables the promoter to raise more funds from the established pool of assets,which means that the promoter has an absolute incentive to provide the good assets in securitization;③the uncertainty risk of the asset enhancement and rating process as well as securities investors,are positively related to the financing costs of asset securitization,and negatively related to the amount of securitization financing.
作者
殷阿娜
邓思远
YIN A-na;DENG Si-yuan(Hebei GEO University, Shijiazhuang, Hebei 050031)
出处
《河北地质大学学报》
2018年第1期76-83,共8页
Journal of Hebei Geo University
基金
河北省社会科学基金项目“河北省生态涵养区生态资本运营战略研究”(HB17YJ029)和“河北省钢铁企业去产能生态路径研究”(HB17YJ021)
石家庄市科技计划项目“京津冀一体化背景下石家庄市绿色创新协同发展政策合作机制研究”(175790275A)
河北地质大学博士科研启动基金项目“我国矿产资源资本化问题研究”(BQ201512)
关键词
资源型企业
资源性资产
证券化
融资成本
不确定性因素
resource-based enterprises
resource assets
securitization
financing costs
uncertainty factors
