企业资产证券化在旅游产业中的发展机遇与实践研究——以华侨城资产证券化为例

Research on Development Opportunities and Practice for ABS in Tourist Industry——A Case Study on the OCT ABS

旅游产业作为新兴产业是未来我国经济发展的支柱性产业之一,然而经过多年的发展行业整体融资渠道依然较为缺乏。资产证券化是近30年来世界金融领域里最为重要的金融创新之一,但是其在我国的发展依然处于起步阶段,尤其是在旅游产业中的应用十分有限。通过分析研究企业资产证券化的概念及其运行机理,建议利用旅游产业稳定的服务费收入作为基础资产发行企业资产证券化产品,有效解决旅游产业轻资产、高负债率带来的融资困境。以此为基础成功发行的欢乐谷主题公园项目详细论证了企业资产证券化在旅游产业中的可行性,具有较强的借鉴意义。

Tourist industry as an emerging industry will be one of the dominant industries for the economic development in China; however, there is short of thorough linancmgchannels through years of industrial development. Assets securitization is one of the most important financial innovations in the world fiance in the latest three decades, its development is still in its infancy, and especially the opportunities in tourist industry are rather limited. By analyzing and researching the concepts of enterprise assets securitization and its operation mechanism, the paper suggests that assets securitized products should be made by considering the steady tourist service income as fundamental asset, to effectively solve tourist industrial light products, and highly-geared financing dilemma. That the Happy Valley Theme Park program is issued based on this gives detailed description and discussion about the feasibility of business assets securitization of tourism industry, which is of great reference significance.