影院票房收入资产证券化研究

发布时间：2018-02-02 07:15

本文关键词： 影视业票房收入资产证券化案例研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的增长,居民的影视文化消费水平也不断提高。截至2016年年底,我国影院票房收入一跃成为世界第二,不断增长的票房收入带动了影视业的迅速发展。各大影视文化公司纷纷进行影院建设投资,资金缺口较大。而我国影视文化公司中上市公司较少,而且IPO排队企业较多;企业发行债券又受到发行额度、发行条件等限制,影视文化公司通过传统的股票和债券融资较难。资产证券化作为一种新型的企业外部直接融资工具,得到监管层的大力支持和市场的认可,逐渐被运用到影视业融资中。影院票房收入资产证券化有其重要性和必要性。本文通过分析星美国际影院信托受益权资产支持证券专项计划、平银华泰大地影院信托受益权资产支持专项计划和银河金汇-今典17.5影院信托受益权资产支持专项计划,阐释我国影院票房收入资产证券化的具体做法,发现我国影院票房收入资产证券化全部采用的是证监会监管的企业资产证券化业务模式,基础资产都界定为信托受益权,均采用了信托计划和资产管理计划的双SPV模式,在信用增级方面都采用了内、外部信用增级措施,包括优先劣后分层设置、预期票房收入对贷款本息的超额覆盖、设置加速清偿机制和违约事件触发机制、应收账款质押、保证担保等。同时,结合资产证券化的核心原理,本文论证了我国影院票房收入资产证券化的重点和难点——基础资产界定、交易结构设计、信用增级和风险管控四个方面,信托受益权作为基础资产有其特殊性和必要性,双SPV结构与基础资产的界定紧密相关,信托计划有其重要作用和要求;在信托层面和资产管理计划层面的信用增级措施以及专项计划的风险管控措施,都是保障影院票房收入资产证券化现金流安全的重要方面。结合我国资产证券化的最新发展动态,以及影院票房收入资产证券化的特殊性,影院票房收入资产证券化需要防范信托受益权作为基础资产的相关风险,并积极开拓银行间市场资产证券化业务的新模式,为其他影视文化公司以及具有类似收入特征的公司开展资产证券化提供借鉴。
[Abstract]:With the economic growth of our country, the consumption level of film and television culture of the residents is also increasing. By the end of 2016, the box office income of Chinese cinema has become the second largest in the world. The increasing box-office income has driven the rapid development of the film and television industry. The major film and television culture companies have carried on the cinema construction investment, the fund gap is big, but our country film and television culture company in the listed company is relatively few. Moreover, there are many IPO queuing enterprises. Corporate bond issuance is restricted by issuing quota and issuing conditions. It is difficult for film and television culture companies to raise funds through traditional stocks and bonds. Asset securitization is a new type of external direct financing tool for enterprises. By the regulatory level of strong support and recognition of the market. The securitization of cinema box-office income assets has its importance and necessity. This paper analyzes the Star America International Cinema Trust benefit right Asset backed Securities Program. Pingyin Huatai Land Cinema Trust benefit right Asset support Special Plan and Yinhe Jinhui 17.5 Cinema Trust benefit right Asset support Special Plan to explain the specific practices of China's box office revenue asset securitization. It is found that China's box-office asset securitization all adopts the business model of enterprise asset securitization supervised by CSRC, and the basic assets are defined as trust benefit right. Both of them adopt the dual SPV model of trust plan and asset management plan, and both adopt internal and external credit upgrading measures, including priority and then layering. The expected box-office income overcovers the principal and interest of the loan, sets up the accelerated liquidation mechanism and default event trigger mechanism, accounts receivable pledge, guarantee guarantee and so on. At the same time, combined with the core principle of asset securitization. This paper demonstrates the key and difficult points of China's box office asset securitization in terms of the definition of basic assets, the design of transaction structure, credit enhancement and risk control. Trust beneficial right as a basic asset has its particularity and necessity, the dual SPV structure is closely related to the definition of basic assets, and the trust plan has its important role and requirements. Credit enhancement measures at the trust level and asset management plan level, as well as risk management measures for the specific plan. Both are important aspects to ensure the cash flow safety of box office asset securitization in cinemas, combined with the latest development of asset securitization in China, as well as the particularity of the asset securitization of cinema box office income. The asset securitization of cinema box office income needs to guard against the risk of trust beneficial right as the basic asset and to actively develop a new model of asset securitization business in the interbank market. It provides reference for other film and television companies and companies with similar income characteristics to carry out asset securitization.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：J943;F832.51

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