Research On Asset-backed Securities Of Tourism Theme Parks

China's tourism industry has achieved blowout development in recent years,and it has become an irreplaceable strategic pillar industry for the development of the national economy and a barometer reflecting the people's happy life.With the development of tourism projects,the financing needs of tourism companies have also risen sharply,and they are facing a large funding gap.In 2012,OCT A first issued China's first tourism asset securitization product,theHappy Valley Tourism Theme Park Admission Voucher Special Asset Management Plan,which provided a successful model for other tourism companies to implement asset securitization business.The thesis takes the asset securitization of Ouchengcheng Happy Valley Tourism ThemePark as the research object,and uses the theory of corporate finance to analyze the operation of securitization of tourism assets by combining theoretical analysis and empirical analysis.Mechanism and its effects.Using the market model method(ie,the revised CAPM model)and the Z-value model method,the internal and external motivations of the asset securitization of OCT Happy Valley,the status of various financing entities,and the financing effectiveness and risks are deeply analyzed.The following main conclusions are drawn:(1)Assets securitization of Happy Valley Tourism Theme Park project has four characteristics,namely,high-quality asset quality,stratified credit rating,rich cash flow,and strong liability guarantee.(2)The securitization of tourism assets has certain necessity,feasibility and innovation.Compared with other financing models,asset securitization is a financing channel that is very suitable for the characteristics of tourism enterprises and industry attributes.(3)The securitization of tourism assets has created a precedent for the financing of tourism asset securitization in China.On the one hand,it has promoted the expansion of OCT in the country and effectively enhanced the core competitiveness of the enterprise market.On the other hand,it laid a foundation for the asset securitization of other tourism enterprises.A good foundation and a model of success.(4)The implementation of asset securitization in OCT has achieved good financing results.From the perspective of financial indicators,it has improved the operational capacity and solvency of enterprises to a certain extent,but has a limited effect on profitability.From the perspective of shareholder wealth,asset securitization has a positive impact on the company's stock price,creating value for shareholders'wealth and income.From the perspective of financial risks,OCT A has a healthy financial position after implementing asset securitization,and there is no obvious financial risk problem.In the process of securitization of tourism assets,stable basic assets are the premise,clear asset transfer is the key,diversified credit enhancement is the key point,and sound corporate governance is the guarantee.