国家体育场（鸟巢）的资产证券化实证研究
发布时间：2019-01-12 07:12
【摘要】：奥运场馆的赛后利用问题一直以来都是世界性的难题,高额的维护费用、较长的闲置时间、较低的经济效益,导致其长期处于亏损状态。作为北京奥运会标志性场馆的国家体育场(鸟巢)面临着同样的问题与威胁,而所有问题可以最终归结为一点：运营的过程中缺少资金。因此,如何增加场馆收入和扩大融资渠道就成了解决场馆运营问题的关键。资产证券化作为一种新型的融资工具,最基本的功能就是可以增强资产的流动性,能够将流动性低的资产转化成高流动性的现金,可以尝试用来解决场馆资金短缺的问题。 本文以国家体育场(鸟巢)的资产证券化最佳运作模式为研究对象,运用文献资料法、专家访谈法、逻辑分析法、实地考察等研究方法,分析国家体育场(鸟巢)的经营现状和存在的主要问题,并结合资产证券化的定义和相关原理,对国家体育场(鸟巢)的资产证券化进行可行性和价值性研究。并根据我国经济环境和法律环境,对证券化实施过程中的发起人与SPV关系、信用增级过程、风险的产生和运作流程进行研究与分析。以解决国家体育场(鸟巢)资金短缺问题和增加现金流入为研究目的,探索出其资产证券化的最佳运作模式。并得出以下结论：1.国家体育场面临最主要的问题就是旅游收入呈现出明显的下降趋势,这不仅减少了场馆的收入,还增加了场馆未来收入的不确定性。2.通过对旅游资源收入、场馆租赁收入、活动收入、赞助收入和品牌开发收入的分析,这些资产为国家体育场的运营提供稳定现金收入,使得场馆的收支达到平衡,符合资产证券化对基础资产的要求,可以或有可能成为被证券的资产。3.结合我国现实情况,SPT的方式可以在法律的保证下实现“真实出售”和“破产隔离”,在信用升级和防范风险情况下,实现对国家体育场的资产证券化。 目前中国资产证券化的道路才刚刚开始,很多环节并不完善,对体育场馆资产证券化的研究也仅仅处于理论研究和探索阶段,没有真正付诸实践。但作者认为本文的研究结果可以为场馆的经营者提供一种解决奥运场馆经营问题的全新思路和实践参考。
[Abstract]:The utilization of Olympic venues after the competition has always been a worldwide problem, high maintenance costs, long idle time, low economic benefits, resulting in a long-term loss. The National Stadium, the iconic stadium for the Beijing Olympics, faces the same problems and threats, all of which ultimately boils down to a lack of money to operate. Therefore, how to increase venue revenue and expand financing channels has become the key to solve the problem of venue operation. As a new financing tool, asset-backed securitization can enhance the liquidity of assets, convert illiquid assets into highly liquid cash, and can be used to solve the shortage of stadiums and gymnasiums. This paper takes the best operation mode of asset securitization in the National Stadium (Bird's Nest) as the research object, using the methods of literature, expert interview, logic analysis, field investigation, etc. This paper analyzes the present operating situation and main problems of the National Stadium (Bird's Nest) and studies the feasibility and value of the asset securitization of the National Stadium (Bird's Nest) based on the definition and relevant principles of asset securitization. According to the economic and legal environment of our country, the relationship between promoter and SPV, credit enhancement process, risk generation and operation process in the process of securitization are studied and analyzed. The purpose of this study is to solve the shortage of funds in the National Stadium (Bird's Nest) and to increase the cash inflow, and to explore the best operation mode of securitization of its assets. The conclusions are as follows: 1. The main problem facing the National Stadium is the apparent downward trend in tourism revenues, which not only reduces the stadium's revenue, but also increases the uncertainty about its future revenue. Through the analysis of tourism resource revenue, venue rental income, activity income, sponsorship income and brand development income, these assets provide stable cash income for the operation of the national stadium, so that the stadiums' income and expenditure are balanced. Meeting the requirements of asset securitization for underlying assets, assets that can or are likely to be securitized.. According to the reality of our country, the way of SPT can realize "real sale" and "bankruptcy isolation" under the guarantee of law, and realize the asset securitization of the national stadium under the condition of credit upgrade and risk prevention. At present, the road of asset securitization in China is just beginning, many links are not perfect, the research on asset securitization of stadiums and gymnasiums is only in the stage of theoretical research and exploration, and has not been put into practice. However, the author thinks that the research results of this paper can provide a new way of thinking and practical reference for the operators of Olympic venues to solve the problems of Olympic venues management.
【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;F832.51
[Abstract]:The utilization of Olympic venues after the competition has always been a worldwide problem, high maintenance costs, long idle time, low economic benefits, resulting in a long-term loss. The National Stadium, the iconic stadium for the Beijing Olympics, faces the same problems and threats, all of which ultimately boils down to a lack of money to operate. Therefore, how to increase venue revenue and expand financing channels has become the key to solve the problem of venue operation. As a new financing tool, asset-backed securitization can enhance the liquidity of assets, convert illiquid assets into highly liquid cash, and can be used to solve the shortage of stadiums and gymnasiums. This paper takes the best operation mode of asset securitization in the National Stadium (Bird's Nest) as the research object, using the methods of literature, expert interview, logic analysis, field investigation, etc. This paper analyzes the present operating situation and main problems of the National Stadium (Bird's Nest) and studies the feasibility and value of the asset securitization of the National Stadium (Bird's Nest) based on the definition and relevant principles of asset securitization. According to the economic and legal environment of our country, the relationship between promoter and SPV, credit enhancement process, risk generation and operation process in the process of securitization are studied and analyzed. The purpose of this study is to solve the shortage of funds in the National Stadium (Bird's Nest) and to increase the cash inflow, and to explore the best operation mode of securitization of its assets. The conclusions are as follows: 1. The main problem facing the National Stadium is the apparent downward trend in tourism revenues, which not only reduces the stadium's revenue, but also increases the uncertainty about its future revenue. Through the analysis of tourism resource revenue, venue rental income, activity income, sponsorship income and brand development income, these assets provide stable cash income for the operation of the national stadium, so that the stadiums' income and expenditure are balanced. Meeting the requirements of asset securitization for underlying assets, assets that can or are likely to be securitized.. According to the reality of our country, the way of SPT can realize "real sale" and "bankruptcy isolation" under the guarantee of law, and realize the asset securitization of the national stadium under the condition of credit upgrade and risk prevention. At present, the road of asset securitization in China is just beginning, many links are not perfect, the research on asset securitization of stadiums and gymnasiums is only in the stage of theoretical research and exploration, and has not been put into practice. However, the author thinks that the research results of this paper can provide a new way of thinking and practical reference for the operators of Olympic venues to solve the problems of Olympic venues management.
【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;F832.51
【参考文献】
相关期刊论文 前10条
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3 袁广锋;;北京奥运会场馆功能可持续发展研究——基于我国大型公共体育场馆运营现状的反思[J];首都体育学院学报;2006年01期
4 张静琦,胡旭,朱s，
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