Case Study On Default Risk Of BSP Air Ticket Revenue Asset Securitization Of Hainan Airlines Holding Co.,Ltd

At present,the financing of asset securitization in China is in a high-speed development stage.The financing mode of asset securitization can effectively activate funds,improve the utilization rate of funds,and meet the different financing needs of enterprises.At present,asset securitization in China can be divided into four categories,including credit asset securitization,enterprise asset securitization,asset-backed note and insurance asset securitization.In recent years,the issuance scale of Asset Securitization under the supervision of CSRC has grown rapidly.In 2019,the issuance scale of asset securitization of enterprises accounted for 47.38% of the total issuance scale,ranking the first in four types of asset securitization.With its rapid development,it also gradually exposed the problems of transaction structure design defects,the effect of credit enhancement measures is not obvious and bankruptcy isolation is not complete.In November 2019,there was an event of default in the special plan of BSP fares of Hainan Airlines,which attracted the attention of the industry.This paper analyzes the default risk of the special plan of asset-backed securities of the third phase of Hainan Airlines BSP bond.First,it introduces the basic information of the original equity owner of the special plan,the basic information of the asset-backed securities products and the default of the special plan.This paper analyzes the cases from four aspects of basic assets,credit enhancement measures,bankruptcy isolation and regulatory effectiveness,and concludes that the main reason for the default of Hainan Airlines BSP fares is that the original equity owners intervened and misappropriated the special plan funds,and the credit enhancement effect of credit enhancement measures is not obvious.According to the analysis,this paper reveals the risk of material breach of the due date of the special plan,including the risk that the cash flow generated by the basic assets under the influence of the COVID-19 epidemic does not meet the expected risk,the risk of fund confusion,and the risk of the original equity balance payment commitment.Therefore,according to the three basic principles of Asset Securitization: asset restructuring theory,risk isolation theory and credit enhancement theory,combined with literature analysis and case study method,From the point of view of product designer,this paper puts forward suggestions for product improvement in four aspects: transaction structure design,risk warning,credit enhancement measures and information disclosure;Finally,the paper puts forward some policy suggestions on theproblems of asset securitization of enterprises in China,especially the problems in the development of income right asset securitization.This study can provide evidence for the risk hidden dangers of common problems such as the absence of SPV entity and incomplete bankruptcy isolation existing in asset securitization of enterprises in China;provide in-depth analysis and risk prompt for securities investors;remind all parties involved in asset securitization to strengthen project risk pre-warning,pre prevention and control management;and provide perfect asset securitization for regulatory and legislative departments Reference opinions on the operation system.