What drives enterprise asset-backed securitization in China?

References

• Affinito, M., and E. Tagliaferri. 2010. “Why Do (Or Did?) Banks Securitize Their Loans? Evidence from Italy.” Journal of Financial Stability 6 (4): 189–202. doi:10.1016/j.jfs.2010.01.004.
   Web of Science ®Google Scholar
• Allen, F., and J. Qian. 2014. “China’s Financial System and the Law.” Cornell International Law Journal 47: 499–553.
   Web of Science ®Google Scholar
• Allen, F., Y. Qian, G. Tu, and F. Yu. 2019. “Entrusted Loans: A Close Look at China’s Shadow Banking System.” Journal of Financial Economics 133 (1): 18–41. doi:10.1016/j.jfineco.2019.01.006.
   Web of Science ®Google Scholar
• Allen, F., M. Qian, and J. Xie. 2019. “Understanding Informal Financing.” Journal of Financial Intermediation 39: 19–33. doi:10.1016/j.jfi.2018.06.004.
   Web of Science ®Google Scholar
• Ayyagari, M., A. Demirgüç-Kunt, and V. Maksimovic. 2010. “Formal versus Informal Finance: Evidence from China.” The Review of Financial Studies 23 (8): 3048–3097. doi:10.1093/rfs/hhq030.
   Web of Science ®Google Scholar
• Bailey, W., W. Huang, and Z. S. Yang. 2011. “Bank Loans with Chinese Characteristics: Some Evidence on Inside Debt in a State-Controlled Banking System.” The Journal of Financial and Quantitative Analysis 46 (6): 1795–1830. doi:10.1017/S0022109011000433.
   Web of Science ®Google Scholar
• Beck, T., A. Demirguc-Kunt, and V. Maksimovic. 2005. “Financial and Legal Constraints to Growth: Does Firm Size Matter?” The Journal of Finance 60 (1): 137–177. doi:10.1111/j.1540-6261.2005.00727.x.
   Web of Science ®Google Scholar
• Beck, T., A. Demirguc-Kunt, and V. Maksimovic. 2008. “Financing Patterns Around the World: Are Small Firms Different?” Journal of Financial Economics 89 (3): 467–487. doi:10.1016/j.jfineco.2007.10.005.
   Web of Science ®Google Scholar
• Benveniste, L. M., and A. N. Berger. 1987. “Securitization with Recourse: An Instrument That Offers Uninsured Bank Depositors Sequential Claims.” Journal of Banking & Finance 11 (3): 403–424. doi:10.1016/0378-4266(87)90041-0.
   Web of Science ®Google Scholar
• Cardone-Riportella, C., R. Samaniego-Medina, and A. Trujillo-Ponce. 2010. “What Drives Bank Securitisation? The Spanish Experience.” Journal of Banking & Finance 34 (11): 2639–2651. doi:10.1016/j.jbankfin.2010.05.003.
   Web of Science ®Google Scholar
• Cheng, X. Q., and H. Degryse. 2010. “The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China.” Journal of Financial Services Research 37 (2–3): 179–199. doi:10.1007/s10693-009-0077-4.
   Web of Science ®Google Scholar
• Chong, T., L. Lu, and S. Ongena. 2013. “Does Banking Competition Alleviate or Worsen Credit Constraints Faced by Small- and Medium-Sized Enterprises? Evidence from China.” Journal of Banking & Finance 37 (9): 3412–3424. doi:10.1016/j.jbankfin.2013.05.006.
   Web of Science ®Google Scholar
• Cui, B. 2014. “The Nature and Motivation of Asset-Backed Securitization.” Theoretical Perspectives 5: 80–82.
   Google Scholar
• Deku, S. Y., A. Kara, and Y. F. Zhou. 2019. “Securitization, Bank Behaviour and Financial Stability: A Systematic Review of the Recent Empirical Literature.” International Review of Financial Analysis 61: 245–254. doi:10.1016/j.irfa.2018.11.013.
   Web of Science ®Google Scholar
• Fabozzi, F., H. Davis, and M. Choudhry. 2006. Introduction to Structured Finance. Hoboken, NJ: Wiley Finance.
   Google Scholar
• Farruggio, C., and A. Uhde. 2015. “Determinants of Loan Securitization in European Banking.” Journal of Banking & Finance 56: 12–27. doi:10.1016/j.jbankfin.2015.01.015.
   Web of Science ®Google Scholar
• Garleanu, N., and L. Pedersen. 2011. “Margin-Based Asset Pricing and Deviations from the Law of One Price.” The Review of Financial Studies 24 (6): 1980–2022. doi:10.1093/rfs/hhr027.
   Web of Science ®Google Scholar
• Harris, M., and A. Raviv. 1990. “Capital Structure and the Informational Role of Debt.” The Journal of Finance 45 (2): 321–349. doi:10.1111/j.1540-6261.1990.tb03693.x.
   Web of Science ®Google Scholar
• Johnson, S., and T. Mitton. 2003. “Cronyism and Capital Controls: Evidence from Malaysia.” Journal of Financial Economics 67 (2): 351–382. doi:10.1016/S0304-405X(02)00255-6.
   Web of Science ®Google Scholar
• Kara, A., D. Marques-Ibanez, and S. Ongena. 2016. “Securitization and Lending Standards: Evidence from the European Wholesale Loan Market.” Journal of Financial Stability 26: 107–127. doi:10.1016/j.jfs.2016.07.004.
   Web of Science ®Google Scholar
• Liu, S., and H. Pan. 2012. “Analysis of the Motivation of China’s Asset-Backed Securitization.” Business Era 24: 64–65.
   Google Scholar
• Loutskina, E. 2011. “The Role of Securitization in Bank Liquidity and Funding Management.” Journal of Financial Economics 100 (3): 663–684. doi:10.1016/j.jfineco.2011.02.005.
   Web of Science ®Google Scholar
• Loutskina, E., and P. E. Strahan. 2009. “Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Originations.” The Journal of Finance 64 (2): 861–889. doi:10.1111/j.1540-6261.2009.01451.x.
   Web of Science ®Google Scholar
• Manova, K., S. J. Wei, and Z. W. Zhang. 2015. “Firm Exports and Multinational Activity Under Credit Constraints.” The Review of Economics and Statistics 97 (3): 574–588. doi:10.1162/REST_a_00480.
   Web of Science ®Google Scholar
• Poncet, S., W. Steingress, and H. Vandenbussche. 2011. “Financial Constraints in China: Firm-Level Evidence.” China Economic Review 21 (3): 411–422. doi:10.1016/j.chieco.2010.03.001.
   Web of Science ®Google Scholar
• Schwartz, S. L. 1994. “The Alchemy of Asset Securitization.” Stanford Journal of Law, Business, and Finance 1: 133–154.
   Google Scholar
• Shen, B. X. 2006. “Asset-Backed Securitization and Financial Reform.” Journal of Financial Research 9: 104–117.
   Google Scholar
• Song, Z., K. Storesletten, and F. Zilibotti. 2011. “Growing Like China.” The American Economic Review 101 (1): 196–233. doi:10.1257/aer.101.1.196.
   Web of Science ®Google Scholar
• Tang, Y., D. X. Chen, J. Chen, and J. G. Xu. 2017. “The Rise of China’s Securitization Market.” Financial Markets, Institutions and Instruments 26 (5): 279–294. doi:10.1111/fmii.12090.
   Google Scholar
• Wang, X. 2007. “Analysis of the Motivation of Modern Corporate Asset-Backed Securitization Financing: Based on the Perspective of the Literature Review.” Economic Forum 24: 97–100.
   Google Scholar
• Wang, Y. H., and H. Xia. 2014. “Do Lenders Still Monitor When They Can Securitize Loans?” The Review of Financial Studies 27 (8): 2354–2391. doi:10.1093/rfs/hhu006.
   Web of Science ®Google Scholar
• Williamson, O. E. 1988. “Corporate Finance and Corporate Governance.” The Journal of Finance 43 (3): 567–591. doi:10.1111/j.1540-6261.1988.tb04592.x.
   Web of Science ®Google Scholar
• Yang, L., R. Wang, Z. Chen, and X. Luo. 2020. “What Determines the Issue Price of Lease Asset-Backed Securities in China?” International Review of Financial Analysis 72: 1–17. doi:10.1016/j.irfa.2020.101583.
   Web of Science ®Google Scholar
• Zou, X. M., M. Zhang, and B. Gao. 2014. “Asset Securitization in the United States: Origins, Products, Problems, and Prospects.” Studies of International Finance 12: 15–24.
   Google Scholar
• Zou, X. M., M. Zhang, and B. Gao. 2015. “What China Can Learn from Asset Securitization in Europe.” Shanghai Finance 11: 79–84.
   Google Scholar