五棵松体育馆资产证券化的实证研究

发布时间：2018-01-10 03:30

本文关键词：五棵松体育馆资产证券化的实证研究　出处：《北京体育大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国证券市场已然走过了不同寻常的21年。资产证券化作为一种创新融资工具,近年来虽然历经风雨,遭受美国次贷危机的冲击,但不能否认其在发展历程中对金融业所发挥的重要作用。资产证券化之所以得到迅速的推广与应用,其独到之处在于它具有的诸多方面优势：改善资产流动性、加快资金周转率、改善资本结构、节约融资成本、提高融资效率、分散风险、增强市场活力等。五棵松体育馆作为唯一一家产权归民营企业所有的奥运场馆,采用企业化运营、市场化运作、专业化管理的模式,为了满足场馆发展和活动拓展的需要,亟待走出当前融资困境。基于此,本文的研究视角是依托证券市场,选择资产证券化这一金融创新融资技术,为推进五棵松体育馆资产证券化设计可行性运作模式,从而达到改善五棵松体育馆的运营困境的目的,并为此设计出可供其他适合条件的场馆可参考的模板,这势必将成为场馆可以考虑采取的正确选择而迈出的关键一步。本文采用文献资料法、定性分析法、实地调查法、专家访谈法等研究方法,从资产证券化的基础理论出发,阐述了资产证券化的定义、一般运作流程、核心原理和一般原理以及特点与优势等,为五棵松体育馆资产证券化的实证研究提供理论支持；紧接着通过分析五棵松体育馆运营现状,阐明了五棵松体育馆开展资产证券化的必要性,并根据我国当前环境下以及五棵松体育馆自身的条件指出五棵松体育馆进行资产证券化的可行性；然后设计出五棵松体育馆资产证券化的运作模式,包括资产池的组建、选择SPT作为SPV、证券的增级与评级、证券的发行与偿付过程；再者展开说明五棵松体育馆资产证券化实际操作中还存在着亟待解决的问题,包括法律关系问题、选择合适的金融机构与基础资产真实销售问题以及税收政策；最后从不同角度明确说明五棵松体育馆资产证券化各参与主体的收益以及与收益并存的风险,风险涉及体育馆自身的风险、资产质量的风险、交易结构与投资风险等,并给出控制资产证券化风险的机制,即资产重组、风险隔离和信用增级机制。
[Abstract]:China's securities market has gone through an unusual 21 years. Asset securitization as a new financing tool, although in recent years after the storm, the United States suffered the impact of the subprime crisis, but can not deny its important role in the course of development of the financial industry to play. Asset securitization has been quickly popularized and applied, the originality is that there are many advantages: improve the liquidity of assets, accelerate the capital turnover rate, improve the capital structure, financing cost savings, improve the efficiency of financing, risk diversification, enhancing the vitality of the market.
Wukesong stadium as the only property rights to private enterprises of all Olympic venues, the enterprise operation, market-oriented operation, professional management mode, in order to satisfy the needs of development and expansion of the venue activities, to be out of the current financing difficulties. Based on this, the research perspective of this paper is based on the stock market, the choice of asset securitization financial innovation financing technology to promote the Wukesong stadium design feasibility of asset securitization operation mode, so as to improve the operation predicament of Wukesong stadium, and designed for other suitable venues may refer to the template, this is bound to become a key step in venues can be considered the correct choice to take towards.
In this paper, using the method of literature, qualitative analysis method, field survey, expert interviews and other research methods, from the basic theory of asset securitization, expounds the definition of asset securitization, the general operation of the process, the core principle and general principle, characteristics and advantages, to provide theoretical support for the empirical study of asset securitization in Wukesong Gymnasium; followed by the analysis of operation situation of stadium Wukesong, explains the necessity of Wukesong stadium to carry out asset securitization, and according to the current situation of our country and points out the feasibility of asset securitization in Wukesong Gymnasium of Wukesong stadium's condition; then design the mode of operation of the Wukesong stadium of asset securitization, including the formation of the asset pool. Select SPT as the SPV, security evaluation and enhancement, securities issuance and payment process; then the thesis illuminates the five pine trees Sports Museum of asset securitization has the actual operation to be solved, including the legal relationship, the choice of financial institutions and the real underlying asset sales problems and appropriate tax policy; finally, from different angles to clear the Wukesong stadium asset securitization in the main body of the income and the risk income risk, the risks involved in their own stadium the asset quality risk, transaction structure and investment risk, and gives the control mechanism of the asset securitization risk, namely asset reorganization, risk isolation and credit enhancement mechanism.

【学位授予单位】：北京体育大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：G818.2;F832.51

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