Abstract: Securitization has gradually expanded its market scale in China and played an important role in China's bond products since 2012. In this paper, we use the financial intermediary rating data provided by "Securities Company Classification Supervision Regulations" published by CSRC, and the sample of asset-backed securitization from 2011 to 2019, to detect the effect of the reputation of financial intermediaries on the securitization pricing. It is found that the reputation of financial intermediaries has a significant negative influence on the issue pricing of securitization products in China. For financial intermediaries with low rating and high rating, there is a significant difference in their influence on the issue pricing of securitization products. Moreover, the credit rating of the bond itself has a significant negative impact on the issue pricing. This paper is the first to study the mechanism of financial intermediary rating influencing securitization pricing, which provides empirical support for the further improvement of securitization pricing model in China.

Key words: securitization pricing, reputation of financial intermediary, securities firm rating, credit spread