华侨城A资产证券化动因及运作效果研究

发布时间：2018-12-20 22:16

【摘要】：资产证券化于1960年在美国出现。它的出现是一种融资创新,可以促进金融市场的发展。在发达国家和发展中国家,资产证券化在经过40多年的发展后,规模实现了迅速增长。而在1980年以后,资产证券化的出现是一些机会的促成。当时由于信息技术发展迅速、金融监管体制很宽松,所以促成很多金融创新。由于企业资产证券化的设计结构较为繁杂,涉及的交易主体较多,因此,对企业资产证券化的研究目前在中国还处于初步摸索阶段,并没有形成一个相对成熟的理论体系或观点。而对于中国来说,资产证券化虽然早在1992年就曾出现,但由于经济危机和中国国情的发展,2004年之后资产证券化才得以缓慢发展。直到2016年,我国资产证券化才开始实现快速地发展,证券化的产品种类也越来越多。这几年,资产证券化在我国开始慢慢地成长。也出现了很多企业利用资产证券化来筹集资金。但是企业为何要实施资产证券化?仅仅是因为创新融资方式么?以及企业实施资产证券化之后的结果如何?有没有达到公司的需求和目的?这些问题都值得我们去探究和分析。基于此背景,本文通过对华侨城A资产证券化项目进行研究,试图找出华侨城A为何要实施资产证券化和证券化项目的成果如何这两个问题的答案。文章刚开始对此次资产证券化的整个流程做了一个介绍,使大家了解这个专项资产管理计划。然后从外因和内因两个方面进行研究,总结了华侨城A实施资产证券化的可能动因。接着,通过四个方面来讨论华侨城A资产证券化项目的运作效果。华侨城A在进行资产证券化项目时,一些关键步骤和措施为行业提供了宝贵的经验。可是,对于基础资产还未成熟的旅游企业来说,全面模仿华侨城A这一创新的融资模式有一定难度。他们还需深层次的研究,从而设计适合自己的资产证券化产品。在最后,文章研究了资产证券化在旅游行业中实施的好处,并结合案例给出了相关政策建议。这些结论和建议都需要我们在今后的工作中加以重视。
[Abstract]:Asset securitization appeared in the United States in 1960. Its appearance is a kind of financing innovation, can promote the development of financial market. After more than 40 years of development, asset securitization has achieved rapid growth in both developed and developing countries. And after 1980, the emergence of asset securitization is a number of opportunities to promote. At that time, because of the rapid development of information technology, the financial regulatory system was very loose, so it contributed to a lot of financial innovation. Since the design structure of enterprise asset securitization is complicated and the transaction subject is more involved, the research on enterprise asset securitization is still in the initial stage of exploration in China. And has not formed a relatively mature theory system or viewpoint. For China, asset securitization appeared as early as 1992, but because of the economic crisis and the development of China's national conditions, asset securitization developed slowly after 2004. Until 2016, China's asset securitization began to achieve rapid development, securitization products are more and more. In recent years, asset securitization in our country began to grow slowly. Also appeared many enterprises to use the asset securitization to raise funds. But why should enterprises implement asset securitization? Just because of innovative financing? And what are the results of asset securitization? Have you met the company's needs and objectives? These problems are worthy of our exploration and analysis. Based on this background, this paper studies the asset securitization project of overseas Chinese city A, and tries to find out the answers to the two questions: why the asset securitization and the securitization project are carried out by overseas Chinese city A? The article has just made an introduction to the whole process of asset securitization, so that we can understand this special asset management plan. Then, the paper summarizes the possible causes of asset securitization from two aspects of external and internal causes. Then, through four aspects to discuss the operation effect of asset securitization project of overseas Chinese city A. In the asset securitization project, some key steps and measures have provided valuable experience for the industry. However, for tourism enterprises whose basic assets are not yet mature, it is difficult to imitate the innovative financing model of overseas Chinese city A. They also need deeper research to design asset securitisation products that suit them. Finally, the paper studies the benefits of asset securitization in the tourism industry, and gives some policy recommendations combined with a case study. These conclusions and recommendations need our attention in the future work.
【学位授予单位】：河南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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