Financial innovation has always been the main driving force for the reform and development of China’s financial market, as well as an important factor for the long-term and stable growth of the national economy. However, in the above process, a variety of forms of “deviation from the source” have emerged, leading to financial risks and social risks. Among them, asset-backed securitization with related guarantee provides a good sample for our research. To clear the micro-mechanism of “deviation from the source” is not only conducive to enhancing the ability of asset-backed securitization to serve the real economy, but also helpful to prevent and resolve financial risks in this field, and provides enlightenment for promoting financial innovation from “deviation from the source” to “return to the source”.

The study finds that the default risk of asset-backed securitization with related guarantee is higher, which is divorced from the origin of “corporate credit and asset credit should be separated”. The mechanism test shows that related guarantee is easy to cause credit confusion, which is manifested in the form of corporate risk contagion and fund transfer. Further analysis shows that asset-backed securitization with related guarantee issued by low-credit corporate is more likely to deviate from the origin. In addition, the motivation of low-credit corporate to transfer funds will also be affected by the management ability of special purpose vehicle and the nature of enterprises. Private enterprises with low credit have a larger financing gap, a higher moral hazard and a stronger motivation to transfer funds. The weaker the management ability of special purpose vehicle, the stronger the motivation of low-credit corporate to transfer funds.

The contributions of this paper are as follows: First, it explores the institutional background and micro mechanism of “credit confusion in asset-backed securitization with related guarantee”, which is conducive to deepening the understanding of the formation process of “deviation from the source” in financial innovation, and provides enlightenment for the improvement of relevant policies. Second, on the basis of reading and combing a large number of practical materials, it for the first time constructs a measurement index reflecting the corporate risk contagion and fund transfer of asset-backed securitization, and measures corporate risk contagion by “whether there are corporate risks” and fund transfer by “frequency of interest payment”, which expands the empirical research in this field.