Research On Risk Prevention Of Tourism Industry Asset Securitization

In September 2017,President Xi Jinping pointed out in his speech to the 22nd meeting of the World Tourism Organization: "Travel is the main channel for cultural communication between countries and regions,an important means to develop the economy and increase employment,and it is also an important means of developing the economy and increasing employment.A key industry to improve people’s living standards." To develop the tourism industry,it is necessary to strengthen the construction of scenic spots,expand the scale of tourism enterprises,and also need more fuel for the financial market.For example,strengthen support for asset securitization,help Chinese tourism companies increase financing channels,and facilitate their rapid development.In 2014,OCT Group successfully issued the first asset securitization product for the tourism industry,opening the door to asset securitization in my country’s tourism industry.However,it was affected by the continuous explosion of bond default events in my country’s bond market and the default of Dacheng West Yellow River Bridge asset securitization.We have to consider the risks of asset securitization in the tourism industry,do a good job of risk prevention,protect the rights and interests of investors,enhance the credit level of enterprises,and ease the operating pressure of enterprises.Based on the characteristics of asset securitization in the tourism industry,and based on the actual situation of the special plan of ropeway vouchers of Sante Ropeway Group,this paper uses the risk isolation principle,risk management theory,expected income theory and information asymmetry theory of asset securitization to study cases by means of chart data analysis and model analysis.According to the current situation of the risk,the cause of the risk is found,and then the corresponding risk prevention measures are given for the cause of the risk,combined with the actual situation of the three-point ropeway.Through the study of the special plan,the following major risks were found and corresponding preventive measures were given.First,the external environmental risks in the underlying asset management risks,natural disasters and the arrival of the off-season are almost fatal to the revenue of the tourism industry."Cloud tourism" and the introduction of measures to increase off-season revenue can achieve the purpose of mitigation.Secondly,the risks in the internal operation of its underlying assets,the uncertainty of capital flow have a negative impact on the timely cashing of investors’ principal and interest.Setting up a double-layer SPV securitization can solve the problem of unstable cash flow of enterprises.Third,due to the relevant problems of the transaction arrangement of the special plan itself,there are certain hidden dangers in the risk isolation system,and the difference payment setting is unreasonable,and the credit improvement effect of the product is not obvious.It is necessary to strengthen information disclosure,timely discover problems,and eliminate hidden dangers.Set up reserves,coupled with local government policy support,to improve the credit level of products.Finally,in the credit risk of the special plan,the credit risk of the Sante Ropeway Group and the original rights holder runs through the entire special plan,the financial risk of the enterprise will lead to the credit risk of the enterprise,and the decline in the credit level will lead to the failure of the entire special plan.In addition to strengthening the credit supply of enterprises,it is also necessary to establish a financial prevention mechanism to prevent financial risks from triggering credit risks of enterprises.Through the research on the risks and measures in this special plan of Sante Ropeway,the following four conclusions can be drawn from this paper: First,the screening measures of the quality of the underlying assets are very important for asset securitization,and the quality of the underlying assets is very important.Quality and its screening measures are the important cornerstones of the special cableway certificate program of the entire Sante Cableway Group.Second,the main feature of asset securitization is risk isolation,and it is necessary to actively improve the risk isolation system to ensure its effective operation.Third,improving the credit level of core companies is the key guarantee for the success of asset securitization.Improving the credit level of core companies will help reduce the credit risk of asset-backed securities principal and interest payments,thereby improving the credit rating of asset-backed securities,thereby reducing their investment costs and facilitating business development.Fourth,there is a need to add a guarantee for the success of the special plan: tourism companies strengthen their response to natural disasters.This article is mainly aimed at preventing the unique risks of asset securitization in the tourism industry,improving the success rate of asset securitization in the tourism industry,protecting the rights and interests of investors,improving the credit level of enterprises,completing financing,and improving the operation of enterprises.