导　　师： 张秋生

学科专业： 0256

授予学位： 硕士

作　　者： ;

机构地区： 北京交通大学

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。 China is a big consumer country, with the increasing of people's living standard, tourism consumption has become the people's consumption choice. China asset securitization pilot has nearly ten years, asset securitization financing has a lower threshold of financing, save the cost of financing, financing efficiency and so on a series of advantages. This article through the tourism product design of asset securitization, for application of asset securitization to the tourism industry to provide a feasible reference. This paper first introduces the related theory of asset securitization. Including the concept of asset securitization, trade structure and trade process. Then to explain a core principle of asset securitization and three basic principle of asset restructuring Then analyze the tourism the feasibility of asset securitization. Through change of tourism development in our country, the tourism demand analysis, asset securitization and other traditional tourist compared, and the ways of financing on asset securitization law support of those four sorts of analysis and research, identify tourism asset securitization in our country by the feasibility of financing for tourism enterprises. How to apply asset securitization financing in tourism enterprises to explore the maintenance of the scenic spot for tourism enterprises to provide capital construction, is a critical step in the future development of China's tourism industry.Aiming at this problem, this paper takes Beijing Jingxi tourism development co. LTD as an example, through the analysis of the financial data of listed tourism companies, by using the basic principle of asset securitization, the creative use of the scenic area as the foundation of the future profit assets, tourism asset securitization product design. And product risk and feasibility analysis of the design calculations, it is concluded that tourism asset securitization can reduce the cost of financing for tourism enterprises.

关 键 词： 资产证券化 融资方式 旅游业分析 北京旅游 产品设计

分 类 号： [F592.6 F832.51]

领　　域： [经济管理] [经济管理] [经济管理]