The Empirical Study On Asset-backed Securitization Of The National Stadium "Bird’s Nest"

The effective use of Olympic Venues in post-Olympic times is a worldwide problem for the hosted countries. Because of high maintenance fee and low profit, most of them are in a state of deficit. As the symbol of Beijing Olympic Games, The National Stadium which is also called "Bird’s Nest" faces the same problem and threat. Ail the problems can contribute to one reason:lack of capital in operation process.’So, how to increase the income and broaden the securitization is the key solution to this problem. As the new way of securitization the basic function of asset-backed securitization is to improve the flow ol capital and turn the low liquidity capital into high liquidity capital.This article takes the securitization mode of The National Stadium as the research mode, and uses the methods of literature material law, expert interview law, logical analysis and field investigation to analysis the operation situation and problems. Then combine the definition and principles about asset-backed securitization to study the necessity and feasibility.According the economic and law circumstance of China, Implementation process of securitization, the sponsor relationship with the SPV, credit enhancement process, the risk of production and operation of research and analysis process. To address The National Stadium "Bird’s Nest" shortage of funds and increase cash flow for research purposes, to explore the best mode of asset securitization operation. And reached the following conclusions:1. The main problem of The National Stadium is that the tourism income is sharply decreased.2. Through the tourism income, rental income, venues, events, sponsorship revenue and brand development, revenue analysis, these assets provide a stable operation of The National Stadium of cash income, making the balance of payments, in line with the underlying asset securitization asset requirements, you can or might be a security asset.3Combined with the environment of China, SPT approach could guarantee the law to achieve "true sale" and "bankruptcy-remote", and to prevent possible escalation in the credit risk of the case, to achieve The National Stadium "Bird’ s Nest" of asset securitization. In recent years, the development of the asset-backed securitization is just in starting line in China, so it faces many problems and obstacles. Most researches arc mainly focus on theoretical level instead of practical one. The author thinks the conclusion of paper is provide theories and practice of ABS as a reference for the operators. The research conclusion of this paper can provide theories and practical reference to operators. It is a fresh idea and different means to operate the Olympic venues.