职业足球俱乐部资产证券化的风险评价研究

发布时间：2018-10-24 10:31

【摘要】：职业足球俱乐部作为赛事服务的重要载体,同时作为我国体育战略从竞技体育向职业体育过渡的先行军,承载了我国体育产业变革的历史使命。但是,职业足球俱乐部是资金密集型企业,现阶段国内企业普遍存在的融资困局严重阻碍其健康发展。为了解决这个难题,采用资产证券化这一全新的融资方式,将职业足球俱乐部的比赛日门票收入或赛事转播权收入剥离出来,重组形成信用评级高于俱乐部自身评级的资产支持证券以出售,从而实现融资目的。这样既可以降低俱乐部的融资成本、拓宽融资渠道,同时又可以引入民间资本,扩大国内足球产业的市场化程度。就资产证券化而言,无论是研究领域,还是实务操作,风险管理都是研究者和从业者最为关注的问题。风险管理的基础是风险识别和风险评价,正确地识别风险,建立科学、有效的风险评价体系是风险管理的第一步。遗憾的是,国内外关于体育产业领域资产证券化的研究虽然逐年增多,但聚焦其风险,特别是风险评价的研究却十分少见。在国内体育产业加速发展,体育企业尤其是职业足球俱乐部越来越依靠外部融资的当下,无法解决资产证券化面临的风险问题,其通过资产证券化的方式获得融资就无从谈起。因此,本研究以职业足球俱乐部资产证券化的风险为研究对象,在介绍资产证券化原理和分析国内职业足球俱乐部资产证券化可行性的基础上,依据风险产生的原因将国内职业足球俱乐部资产证券化面临的风险分为宏观环境风险、信用风险、证券化结构风险和产业内部风险四大类。然后,运用德尔菲法建立以上述四类风险为基础的职业足球俱乐部资产证券化三层级风险评价指标体系,而后建立基于模糊综合评价法的职业足球俱乐部资产证券化的风险评价模型。在实证分析中,本研究结合行业专家意见和广州恒大淘宝足球俱乐部财务数据等公开资料,对广州恒大淘宝足球俱乐部观赛凭证资产证券化的风险进行评价,结果显示广州恒大淘宝足球俱乐部观赛凭证资产证券化风险中等偏上,其中信用风险和产业内部风险较大。经专家反馈,评价结果符合事实且较为客观,说明本研究建立的职业足球俱乐部资产证券化风险评价模型较为可行。最后,针对信用风险和产业内部风险两类程度较大的风险,从俱乐部自身和体育产业大环境两个维度出发,提出通过提高球队竞技成绩增加门票收入稳定性,转变球员采购模式降低营业成本,打造俱乐部文化品牌建设,推行二权分立和球员股权激励计划完善俱乐部法人治理结构等手段降低职业足球俱乐部作为资产证券化发起主体的信用风险。同时从引导体育消费、完善税收制度、增加融资渠道的角度增加竞赛表演业在体育产业中的占比,鼓励俱乐部与高校合办足球学校,打击足球运动中假黑赌行为等角度降低职业足球俱乐部资产证券化面临的产业内部风险。
[Abstract]:As an important carrier of the event service, the professional football club serves as the leading army of the sports strategy of our country from the competitive sports to the professional sports, which carries the historical trend of the reform of sports industry in our country. However, professional football clubs are capital-intensive enterprises. At present, the widespread financing difficulties in domestic enterprises hinder their healthy development. In order to solve the problem, a brand-new financing mode of asset securitization is adopted, the competition day ticket income of the professional football club or the income of the game transfer right is stripped out, and the asset-supporting securities with the credit rating higher than the self-rated value of the club are recombined to sell, thereby achieving the purpose of financing. Thus, the financing cost of the club can be reduced, the financing channel can be expanded, and meanwhile, the private capital can be introduced, and the marketization degree of the domestic football industry can be expanded. In terms of asset securitization, both research and practice, risk management is the most important issue for researchers and practitioners. The basis of risk management is risk identification and risk evaluation, correctly identify risks, establish scientific and effective risk evaluation system is the first step in risk management. Unfortunately, the research on asset securitization in the field of sports industry at home and abroad has been increasing year by year, but it is very rare to focus on its risk, especially the research on risk evaluation. In the accelerating development of domestic sports industry, sports enterprises, especially professional football clubs rely more and more on external financing, can't solve the risk problem of asset securitization, and get financing from the way of asset securitization. Therefore, the research takes the risk of asset securitization of professional football club as the research object, on the basis of introducing the principle of asset securitization and analyzing the feasibility of asset securitization in domestic professional football club, According to the reason of risk, the risk of asset securitization in domestic professional football club is divided into four categories: macro environment risk, credit risk, securitization structure risk and intra-industry risk. Then, using Delphi method to establish the three-level risk evaluation index system of asset securitization of professional football club based on the above four kinds of risk, then establish the risk evaluation model of the asset securitization of professional football club based on fuzzy comprehensive evaluation method. In the empirical analysis, this research combines the expert opinion of industry and the financial data of Guangzhou Evergrande Taobao Football Club to evaluate the risk of the asset securitization of Evergrande's Evergrande Real Estate Taobao Football Club. The results show that the risk of asset securitization in Evergrande's Taobao Football Club is moderate, in which credit risk and intra-industry risk are large. Through expert feedback, the evaluation result is true and objective, which shows that the risk evaluation model of the asset securitization of professional football club established in this study is feasible. Finally, aiming at the risk of credit risk and intra-industry risk, starting from the two dimensions of the club itself and the big environment of sports industry, this paper puts forward that by improving the team's competitive performance, increasing the ticket revenue stability, changing the player's purchasing mode to lower the operating cost, To build the club's cultural brand construction, carry out the two-power separation and the player's equity incentive plan to perfect the club legal person governance structure and other means to reduce the professional football club as the credit risk of the main body of the asset securitization. At the same time, from the guidance of sports consumption, perfecting the tax system, increasing the angle of financing channels, increasing the proportion of competition performance in sports industry, encouraging clubs and colleges and universities to joint football schools, To reduce the internal risk of professional football club's asset securitization in the angle of anti-fake and black gambling behavior and so on.
【学位授予单位】：成都体育学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G843

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