Research On Financial Effect Of Assets Securitization In Tourism Enterprises

With the rapid growth of the number of tourists around the world and the continuous expansion of the scale of tourism industry,tourism has become the third largest industry in the world,affecting the development of the global society and economy.As a comprehensive industry,tourism has gradually developed into an important supporting industry for China’s economic development because of its low resource consumption,large coefficient of economic and other industries,and comprehensive benefits.With the rapid development of tourism in recent years,the demand for funds in the entire tourism industry has become more and more vigorous,which has promoted the role of financing in the development of the tourism industry.Nowadays,most domestic tourism enterprises are affected by factors such as industrial characteristics,operation mode and resource form.There are many problems in the financing process.At present,the financing mode of tourism enterprises is relatively simple,and highly dependent on government investment and indirect financing.At the same time,due to the single financing channel,higher financing costs also restrict tourism enterprises.In addition,there is still a mismatch between the financing scale of tourism enterprises and the development of enterprises.In this situation,in order to achieve sustainable and stable development of the tourism industry,it is very important to break through the traditional financing model,expand financing channels,and innovate financing solutions to protect the capital needs of enterprise development.With the continuous development of the domestic capital market,and the continuous innovation of the domestic asset securitization model,and the increasing flexibility of the asset securitization issuance,the innovative financing method of asset securitization has begun to be used in the financing of tourism enterprises.Tourism enterprises have a large number of assets lacking in liquidity,such as ticket revenue charging rights,ropeway income charging rights,hotelcharging rights,etc.These assets are difficult to turn into cash under the traditional financing model,but under the asset securitization financing model,such illiquid assets can be converted into cash for financing purposes through package design.It can be said that the full use of asset securitization by tourism enterprises can provide important financing guarantees for the transformation and upgrading of current tourism and the competitiveness of tourism enterprises.Certainly,when companies make financing decisions,they need to consider specific financing models from multiple dimensions.Because the impact of corporate financing behavior on the enterprise can be reflected to some extent through the financial data intuitively and relatively objectively,when a tourism enterprise makes a decision on asset securitization business,the judgment of financial effect will often play an important role in its financing decision.Therefore,based on the theoretical research results of foreign and domestic scholars on asset securitization,this paper analyzes the specific application of asset securitization in tourism enterprises,and through the analysis and verification of the financial results of the implementation of asset securitization in tourism enterprises;it provides a financial dimension for tourism enterprises to make financing decisions.Tourism enterprises can combine their own actual conditions and make financial decisions based on the analysis and verification of this paper to make decision-making judgments on financing matters.The analysis of this paper is based on the analysis of OCT A,the listed company in the tourism industry that is financing through asset securitization,analyze the influencing factors of the financial effect of the enterprise asset securitization 。 And analyze the asset securitization products issued by OCT A in 2012 from four aspects: corporate profitability,solvency,operational capacity and financing cost.Finally,the financial effect of this financing activity of OCT A is obtained.Through the research of this paper: Tourism companies have their own particularities in the process of asset securitization.And these particularities affect the performance of asset securitization in corporate finance.The asset securitization of tourism enterprises can in fact play a role in saving financial costs,and the direct financing cost is generally lower than the cost of other traditional financing models.In addition,asset securitization also saves the information cost,control cost and transaction cost of the enterprise in the financing process,thuseffectively controlling the actual financing cost;Tourism enterprises can integrate long-term funds through asset securitization,and adjust the corporate debt structure;The implementation of asset securitization can supplement the current assets of tourism enterprises and alleviate the short-term debt repayment pressure.It is hoped that the research conclusions on the financial effects of tourism enterprise asset securitization can provide reference for the domestic tourism enterprises to make financing mode decision-making process,and provide a scientific and effective reference for the financing and development of the domestic tourism industry.