Securitization and Capital Structure in Nonfinancial Firms: An Empirical Investigation
研究发现非金融企业通过资产证券化能为股东创造价值而不损害债权人利益，尤其适合信用质量中等的企业，它们用证券化收益偿还债务，降低融资成本。
ABSTRACT Contrary to recent accounts of off‐balance‐sheet securitization by financial firms, we show that asset securitization by nonfinancial firms provides a valuable form of financing for shareholders without harming debtholders. Using data from firms’ SEC filings, we find that securitization is attractive to firms in the middle of the credit quality distribution, which are the firms with the most to gain. Upon initiation, firms experience positive abnormal stock returns and zero abnormal bond returns, and largely use the securitization proceeds to repay existing debt. Securitization minimizes financing costs by reducing expected bankruptcy costs and providing access to segmented credit markets.