资产证券化在旅游企业的创新应用

发布时间：2018-03-04 21:24

本文选题：资产证券化　切入点：融资方式　出处：《北京交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国是一个消费大国,随着人民生活水平的日益提高,旅游消费逐渐进入到人们的视野,成为了一项新的消费选择。我国开展资产证券化试点已经接近十年时间了,资产证券化融资方式有着降低融资门槛、节省融资成本、提高融资效率等一系列的优势。本文拟通过旅游资产证券化的产品设计,为资产证券化应用到旅游行业提供一种可行性参考。本文首先介绍资产证券化的相关理论。包括资产证券化的概念、交易结构的组成以及交易流程；解释资产证券化的一个核心原理—未来预期现金流原理；三个基本原理—风险隔离原理、资产重组原理、信用增级原理,并说明这些原理在证券化过程中所起到的作用。之后文章对旅游资产证券化的可行性进行分析。通过对我国旅游发展的变革、旅游业需求分析、资产证券化与其他传统旅游融资途径的比较以及开展旅游资产证券化的法律支持这四方面的分析与研究,验证出在我国通过旅游资产证券化方式为旅游企业融资是可行的。我国现有的旅游融资方式审批较慢,融资成本高,不能适应旅游企业的融资需求。针对如何将资产证券化融资方式运用到旅游企业中这个问题,在应用环节,本文首先对什么样的旅游资产适合进行证券化进行了说明。接着以北京京西风光旅游开发股份有限公司为将其拥有的潭柘寺景区打造成5A级景区进行融资为例,进行相关旅游资产证券化产品的设计。通过分析旅游上市公司所拥有的资源以及其财务数据,选取潭柘寺和妙峰山这两个景区未来的收益权作为基础资产。在产品设计环节,对这两个景区的未来现金流进行了预测,对产品交易层级进行了设计划分,对产品不同层级的收益率进行了测算,最终设计出一款旅游相关资产证券化产品。在产品设计完成后,对设计出的产品偿债能力、成本费用、产品效益以及敏感性以及盈亏区间进行分析,验证出北京旅游通过该资产证券化产品进行融资的可行性。最后在文章结论部分总结旅游资产证券化的成功关键点以及对未来资产证券化在旅游企业的应用提出一些建议。
[Abstract]:China is a large consumer country, with the increasing improvement of people's living standards, tourism consumption has gradually entered the people's vision, has become a new consumption choice. China has been carrying out asset securitization pilot for nearly ten years. The financing method of asset securitization has a series of advantages, such as lowering the threshold of financing, saving the financing cost, improving the financing efficiency and so on. It provides a feasible reference for the application of asset securitization to tourism industry. This paper first introduces the related theories of asset securitization, including the concept of asset securitization, the composition of transaction structure and the transaction process, explains a core principle of asset securitization-the principle of expected cash flow in the future. Three basic principles-risk isolation, asset restructuring, credit enhancement, Then the paper analyzes the feasibility of the securitization of tourism assets. Through the reform of tourism development in China, the demand of tourism industry is analyzed. The comparison between asset securitization and other traditional ways of tourism financing, as well as the analysis and research on the legal support of tourism asset securitization, proves that it is feasible to finance tourism enterprises by means of securitization of tourism assets in our country. The existing tourism financing methods in our country are slow to approve and have high financing cost, so they can not meet the financing needs of tourism enterprises. In order to solve the problem of how to apply the asset securitization financing method to tourism enterprises, it is in the application link. This paper first explains what kind of tourism assets are suitable for securitization, and then takes Beijing Jingxi Scenic Tourism Development Co., Ltd. for example to build the Tanzhe Temple scenic spot it owns into a 5A class scenic spot for financing. Through the analysis of the resources owned by the tourism listed companies and their financial data, the future income rights of the two scenic spots Tanzhe Temple and Miaofeng Mountain are selected as the basic assets. The future cash flow of these two scenic spots is forecasted, the product transaction level is designed and divided, and the yield of different product levels is calculated. Finally, a tourism-related asset securitization product is designed. After the product design is completed, the solvency, cost, benefit, sensitivity, profit and loss interval of the designed product are analyzed. The feasibility of Beijing tourism financing through this asset securitization product is verified. Finally, the key points of success of tourism asset securitization are summarized in the conclusion of the paper, and some suggestions on the application of asset securitization in tourism enterprises in the future are put forward.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F592.6;F832.51

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