Empirical Research Of Wukesong Stadium Asset-Backed Securitization

Stock market in our country has passed unusually for20years. As a financial innovation tool, although in these years asset-backed securitization has come through frustration, underwent impact of subprime crisis from the United States, but can not deny its in development process to the financial industry haved played an important role. Asset-backed securitization is accepted by industry widely and developed quickly, the fundamental reason is that there are many advantages:improving liquidity of assets, quickening turnover rate of funds, modifying asset structure, saving financing cost, heightening financing efficiency, spreading risks and strengthen market vitality, etc.As the only property rights to private enterprise in the all Olympic venues, Wukesong stadium uses enterprise operation, marketing operation and professional management mode. Wukesong stadium wants to get out of financing dilemma in urgently to meet the demands of developing stadium and extending sports. Based on this, the research perspectivethe of thesis will use stock market and choose asset-backedsecuritization, such innovation financing technology to push on Wukesong stadium asset-backed securitization and to design practical operation mode, thus to improve the operation difficulty of Wukesong stadium. This definitely will be a correct choice and will be a strategic step.By the method of documentary data, qualitative analysis method, Field survey method and expert interviews. First of all, this thesis starts with basic theory of asset-backed securitization. It elaborates the definition, general operation procedure, core principle, general principle and features as well as advantages, etc. These points provide theory support for Wukesong stadium asset-backed securitization. Then this thesis analyses Wukesong stadium current operation, elaborates the necessity to adopt asset-backed securitization, use present environment in our country and Wukesong stadium’s condition to point out the feasibility of asset-backed securitization. And then the thesis puts forward the operation mode of Wukesong stadium asset-backed securitization, including assets reorganization, selecting SPT as SPV, adding rating and security rating of stocks, security offering and payment process. Then the thesis illuminates the pending problems of practice during Wukesong stadium asset-backed securitization, Including legal relationship, select the appropriate financial institutions and the real underlying asset sales and tax policy issues. In the end, from different aspects, this thesis explains clearly the earnings and the related risk, risks involved iWukesong stadium own risk, asset quality risk, transaction structure and investment risk, for involved subjects of Wukesong stadium asset-backed securitization as well as figures outs the mechanism which controls the asset-backed securitization risks. That the reorganization of assets, risk isolation and credit enhancement mechanisms...