Securitization of state-owned assets is not only the core link and strategic choice of the new round of state-owned assets and state-owned enterprises reform, but also an important way to improve the supervision of state-owned assets, leading the industrial layout and linkage social capital. We measured the securitization rate of state-owned assets of central SOEs from 2004 to 2019 and studied its value creation effect. The results show that there is a U-shaped relationship between the securitization of state-owned assets and the value creation of enterprises due to the dual impact of costs and benefits. Only when the securitization rate of state-owned assets reaches a certain threshold value (46.5%) can the enterprise value be created. Intermediary effect analysis shows that abnormal related-party transactions are part of the reason for the U-shaped change of enterprise value creation. Further analysis shows that the use of IPO by central enterprise groups to improve the securitization of state-owned assets will have a spillover effect on other enterprises within the group, and the spillover effect will increase with the increase of state-owned assets securitization rate. There is also a “U-shaped” relationship between state-owned assets securitization and the value of listed companies controlled by central state-owned enterprises. Finally, the securitization of state-owned assets can produce policy synergies with the classification reform of state-owned enterprises, the construction of the board of directors and the mixed ownership reform.