Research On The Suitability Of Ticket Income Abs Under The Background Of Public Welfare

The attraction is the basis for the development of tourism.However,the characteristics of long construction time,large amount of capital,and long return on investment make bank credit difficult to meet demand of tourist attractions,always leading to a dilemma of financing difficulties.On the other hand,the ticket income of tourist attractions is stable and predictable with a stable cash flow,which can satisfy the issuance conditions for the Asset-Backed Securitization of admission ticket assets.In 2017,China proposed a national park pilot program,whose development goal is public welfare.In 2018,the NDRC(National Development and Reform Commission)further proposed the state to strengthen the public welfare of attractions and require for ticket reducing of state-owned attractions gradually.Based on such backgrounds,the Yunnan YLLIANG SHIBO JIUXIANGTOURISM LLC(hereinafter referred to as the SHIBO JIUXIANG)was taken as an example to conduct research on the suitability of Asset-Backed Securitization.The operation flow of Asset-Backed Securitization in attractions is long-term and many subjects involved.The foci of this research are product design logic and suitability in the complex process of securitization.Based on current conditions,taking the suitability of admission ticket Asset-Backed Securitization as the center,combined with the theory and practice of Asset-Backed Securitization,the design of theSHIBO JIUXIANG Asset-Backed Securitization Products was simulated before the ticket decline,with its design principles and advantages demonstrated.In the context of public welfare,the securities product design and verification are carried out under three assumptions that the ticket declines by 30%,50%and cost-based pricing 80%.Finally,the four cases of minimum financing of 100 million yuan are discussed and concluded correspondingly.The research shows that the attraction tickets are comparatively high under current conditions,which is suitable for Asset-Backed Securitization financing.In the case of the same number of tourists and the trend of ticket decline,the ticket will still meet the financing conditions within 80%of the decline.However,if the ticket further descending,the decline in the number of tickets and the increase in the number of visitors should meet a certain correspondence to issue the minimum amount of securitization financing.This paper can provide calculation trains and theoretical guidance for the development of Asset-Backed Securitization in attractions.