本文關(guān)鍵詞：五棵松體育館資產(chǎn)證券化的實(shí)證研究　出處：《北京體育大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 五棵松體育館 資產(chǎn)證券化 SPT 收益與風(fēng)險(xiǎn)

【摘要】：我國(guó)證券市場(chǎng)已然走過(guò)了不同尋常的21年。資產(chǎn)證券化作為一種創(chuàng)新融資工具,近年來(lái)雖然歷經(jīng)風(fēng)雨,遭受美國(guó)次貸危機(jī)的沖擊,但不能否認(rèn)其在發(fā)展歷程中對(duì)金融業(yè)所發(fā)揮的重要作用。資產(chǎn)證券化之所以得到迅速的推廣與應(yīng)用,其獨(dú)到之處在于它具有的諸多方面優(yōu)勢(shì)：改善資產(chǎn)流動(dòng)性、加快資金周轉(zhuǎn)率、改善資本結(jié)構(gòu)、節(jié)約融資成本、提高融資效率、分散風(fēng)險(xiǎn)、增強(qiáng)市場(chǎng)活力等。 五棵松體育館作為唯一一家產(chǎn)權(quán)歸民營(yíng)企業(yè)所有的奧運(yùn)場(chǎng)館,采用企業(yè)化運(yùn)營(yíng)、市場(chǎng)化運(yùn)作、專(zhuān)業(yè)化管理的模式,為了滿足場(chǎng)館發(fā)展和活動(dòng)拓展的需要,亟待走出當(dāng)前融資困境�；诖�,本文的研究視角是依托證券市場(chǎng),選擇資產(chǎn)證券化這一金融創(chuàng)新融資技術(shù),為推進(jìn)五棵松體育館資產(chǎn)證券化設(shè)計(jì)可行性運(yùn)作模式,從而達(dá)到改善五棵松體育館的運(yùn)營(yíng)困境的目的,并為此設(shè)計(jì)出可供其他適合條件的場(chǎng)館可參考的模板,這勢(shì)必將成為場(chǎng)館可以考慮采取的正確選擇而邁出的關(guān)鍵一步。 本文采用文獻(xiàn)資料法、定性分析法、實(shí)地調(diào)查法、專(zhuān)家訪談法等研究方法,從資產(chǎn)證券化的基礎(chǔ)理論出發(fā),闡述了資產(chǎn)證券化的定義、一般運(yùn)作流程、核心原理和一般原理以及特點(diǎn)與優(yōu)勢(shì)等,為五棵松體育館資產(chǎn)證券化的實(shí)證研究提供理論支持；緊接著通過(guò)分析五棵松體育館運(yùn)營(yíng)現(xiàn)狀,闡明了五棵松體育館開(kāi)展資產(chǎn)證券化的必要性,并根據(jù)我國(guó)當(dāng)前環(huán)境下以及五棵松體育館自身的條件指出五棵松體育館進(jìn)行資產(chǎn)證券化的可行性；然后設(shè)計(jì)出五棵松體育館資產(chǎn)證券化的運(yùn)作模式,包括資產(chǎn)池的組建、選擇SPT作為SPV、證券的增級(jí)與評(píng)級(jí)、證券的發(fā)行與償付過(guò)程；再者展開(kāi)說(shuō)明五棵松體育館資產(chǎn)證券化實(shí)際操作中還存在著亟待解決的問(wèn)題,包括法律關(guān)系問(wèn)題、選擇合適的金融機(jī)構(gòu)與基礎(chǔ)資產(chǎn)真實(shí)銷(xiāo)售問(wèn)題以及稅收政策；最后從不同角度明確說(shuō)明五棵松體育館資產(chǎn)證券化各參與主體的收益以及與收益并存的風(fēng)險(xiǎn),風(fēng)險(xiǎn)涉及體育館自身的風(fēng)險(xiǎn)、資產(chǎn)質(zhì)量的風(fēng)險(xiǎn)、交易結(jié)構(gòu)與投資風(fēng)險(xiǎn)等,并給出控制資產(chǎn)證券化風(fēng)險(xiǎn)的機(jī)制,即資產(chǎn)重組、風(fēng)險(xiǎn)隔離和信用增級(jí)機(jī)制。
[Abstract]:China's securities market has gone through an unusual 21 years. Asset securitization as a new financing tool, although in recent years after the storm, the United States suffered the impact of the subprime crisis, but can not deny its important role in the course of development of the financial industry to play. Asset securitization has been quickly popularized and applied, the originality is that there are many advantages: improve the liquidity of assets, accelerate the capital turnover rate, improve the capital structure, financing cost savings, improve the efficiency of financing, risk diversification, enhancing the vitality of the market.
Wukesong stadium as the only property rights to private enterprises of all Olympic venues, the enterprise operation, market-oriented operation, professional management mode, in order to satisfy the needs of development and expansion of the venue activities, to be out of the current financing difficulties. Based on this, the research perspective of this paper is based on the stock market, the choice of asset securitization financial innovation financing technology to promote the Wukesong stadium design feasibility of asset securitization operation mode, so as to improve the operation predicament of Wukesong stadium, and designed for other suitable venues may refer to the template, this is bound to become a key step in venues can be considered the correct choice to take towards.
In this paper, using the method of literature, qualitative analysis method, field survey, expert interviews and other research methods, from the basic theory of asset securitization, expounds the definition of asset securitization, the general operation of the process, the core principle and general principle, characteristics and advantages, to provide theoretical support for the empirical study of asset securitization in Wukesong Gymnasium; followed by the analysis of operation situation of stadium Wukesong, explains the necessity of Wukesong stadium to carry out asset securitization, and according to the current situation of our country and points out the feasibility of asset securitization in Wukesong Gymnasium of Wukesong stadium's condition; then design the mode of operation of the Wukesong stadium of asset securitization, including the formation of the asset pool. Select SPT as the SPV, security evaluation and enhancement, securities issuance and payment process; then the thesis illuminates the five pine trees Sports Museum of asset securitization has the actual operation to be solved, including the legal relationship, the choice of financial institutions and the real underlying asset sales problems and appropriate tax policy; finally, from different angles to clear the Wukesong stadium asset securitization in the main body of the income and the risk income risk, the risks involved in their own stadium the asset quality risk, transaction structure and investment risk, and gives the control mechanism of the asset securitization risk, namely asset reorganization, risk isolation and credit enhancement mechanism.

【學(xué)位授予單位】：北京體育大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：G818.2;F832.51

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