國家體育場（鳥巢）的資產(chǎn)證券化實(shí)證研究
發(fā)布時間：2019-01-12 07:12
【摘要】：奧運(yùn)場館的賽后利用問題一直以來都是世界性的難題,高額的維護(hù)費(fèi)用、較長的閑置時間、較低的經(jīng)濟(jì)效益,導(dǎo)致其長期處于虧損狀態(tài)。作為北京奧運(yùn)會標(biāo)志性場館的國家體育場(鳥巢)面臨著同樣的問題與威脅,而所有問題可以最終歸結(jié)為一點(diǎn)：運(yùn)營的過程中缺少資金。因此,如何增加場館收入和擴(kuò)大融資渠道就成了解決場館運(yùn)營問題的關(guān)鍵。資產(chǎn)證券化作為一種新型的融資工具,最基本的功能就是可以增強(qiáng)資產(chǎn)的流動性,能夠?qū)⒘鲃有缘偷馁Y產(chǎn)轉(zhuǎn)化成高流動性的現(xiàn)金,可以嘗試用來解決場館資金短缺的問題。 本文以國家體育場(鳥巢)的資產(chǎn)證券化最佳運(yùn)作模式為研究對象,運(yùn)用文獻(xiàn)資料法、專家訪談法、邏輯分析法、實(shí)地考察等研究方法,分析國家體育場(鳥巢)的經(jīng)營現(xiàn)狀和存在的主要問題,并結(jié)合資產(chǎn)證券化的定義和相關(guān)原理,對國家體育場(鳥巢)的資產(chǎn)證券化進(jìn)行可行性和價值性研究。并根據(jù)我國經(jīng)濟(jì)環(huán)境和法律環(huán)境,對證券化實(shí)施過程中的發(fā)起人與SPV關(guān)系、信用增級過程、風(fēng)險的產(chǎn)生和運(yùn)作流程進(jìn)行研究與分析。以解決國家體育場(鳥巢)資金短缺問題和增加現(xiàn)金流入為研究目的,探索出其資產(chǎn)證券化的最佳運(yùn)作模式。并得出以下結(jié)論：1.國家體育場面臨最主要的問題就是旅游收入呈現(xiàn)出明顯的下降趨勢,這不僅減少了場館的收入,還增加了場館未來收入的不確定性。2.通過對旅游資源收入、場館租賃收入、活動收入、贊助收入和品牌開發(fā)收入的分析,這些資產(chǎn)為國家體育場的運(yùn)營提供穩(wěn)定現(xiàn)金收入,使得場館的收支達(dá)到平衡,符合資產(chǎn)證券化對基礎(chǔ)資產(chǎn)的要求,可以或有可能成為被證券的資產(chǎn)。3.結(jié)合我國現(xiàn)實(shí)情況,SPT的方式可以在法律的保證下實(shí)現(xiàn)“真實(shí)出售”和“破產(chǎn)隔離”,在信用升級和防范風(fēng)險情況下,實(shí)現(xiàn)對國家體育場的資產(chǎn)證券化。 目前中國資產(chǎn)證券化的道路才剛剛開始,很多環(huán)節(jié)并不完善,對體育場館資產(chǎn)證券化的研究也僅僅處于理論研究和探索階段,沒有真正付諸實(shí)踐。但作者認(rèn)為本文的研究結(jié)果可以為場館的經(jīng)營者提供一種解決奧運(yùn)場館經(jīng)營問題的全新思路和實(shí)踐參考。
[Abstract]:The utilization of Olympic venues after the competition has always been a worldwide problem, high maintenance costs, long idle time, low economic benefits, resulting in a long-term loss. The National Stadium, the iconic stadium for the Beijing Olympics, faces the same problems and threats, all of which ultimately boils down to a lack of money to operate. Therefore, how to increase venue revenue and expand financing channels has become the key to solve the problem of venue operation. As a new financing tool, asset-backed securitization can enhance the liquidity of assets, convert illiquid assets into highly liquid cash, and can be used to solve the shortage of stadiums and gymnasiums. This paper takes the best operation mode of asset securitization in the National Stadium (Bird's Nest) as the research object, using the methods of literature, expert interview, logic analysis, field investigation, etc. This paper analyzes the present operating situation and main problems of the National Stadium (Bird's Nest) and studies the feasibility and value of the asset securitization of the National Stadium (Bird's Nest) based on the definition and relevant principles of asset securitization. According to the economic and legal environment of our country, the relationship between promoter and SPV, credit enhancement process, risk generation and operation process in the process of securitization are studied and analyzed. The purpose of this study is to solve the shortage of funds in the National Stadium (Bird's Nest) and to increase the cash inflow, and to explore the best operation mode of securitization of its assets. The conclusions are as follows: 1. The main problem facing the National Stadium is the apparent downward trend in tourism revenues, which not only reduces the stadium's revenue, but also increases the uncertainty about its future revenue. Through the analysis of tourism resource revenue, venue rental income, activity income, sponsorship income and brand development income, these assets provide stable cash income for the operation of the national stadium, so that the stadiums' income and expenditure are balanced. Meeting the requirements of asset securitization for underlying assets, assets that can or are likely to be securitized.. According to the reality of our country, the way of SPT can realize "real sale" and "bankruptcy isolation" under the guarantee of law, and realize the asset securitization of the national stadium under the condition of credit upgrade and risk prevention. At present, the road of asset securitization in China is just beginning, many links are not perfect, the research on asset securitization of stadiums and gymnasiums is only in the stage of theoretical research and exploration, and has not been put into practice. However, the author thinks that the research results of this paper can provide a new way of thinking and practical reference for the operators of Olympic venues to solve the problems of Olympic venues management.
【學(xué)位授予單位】：北京體育大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：G818;F832.51
[Abstract]:The utilization of Olympic venues after the competition has always been a worldwide problem, high maintenance costs, long idle time, low economic benefits, resulting in a long-term loss. The National Stadium, the iconic stadium for the Beijing Olympics, faces the same problems and threats, all of which ultimately boils down to a lack of money to operate. Therefore, how to increase venue revenue and expand financing channels has become the key to solve the problem of venue operation. As a new financing tool, asset-backed securitization can enhance the liquidity of assets, convert illiquid assets into highly liquid cash, and can be used to solve the shortage of stadiums and gymnasiums. This paper takes the best operation mode of asset securitization in the National Stadium (Bird's Nest) as the research object, using the methods of literature, expert interview, logic analysis, field investigation, etc. This paper analyzes the present operating situation and main problems of the National Stadium (Bird's Nest) and studies the feasibility and value of the asset securitization of the National Stadium (Bird's Nest) based on the definition and relevant principles of asset securitization. According to the economic and legal environment of our country, the relationship between promoter and SPV, credit enhancement process, risk generation and operation process in the process of securitization are studied and analyzed. The purpose of this study is to solve the shortage of funds in the National Stadium (Bird's Nest) and to increase the cash inflow, and to explore the best operation mode of securitization of its assets. The conclusions are as follows: 1. The main problem facing the National Stadium is the apparent downward trend in tourism revenues, which not only reduces the stadium's revenue, but also increases the uncertainty about its future revenue. Through the analysis of tourism resource revenue, venue rental income, activity income, sponsorship income and brand development income, these assets provide stable cash income for the operation of the national stadium, so that the stadiums' income and expenditure are balanced. Meeting the requirements of asset securitization for underlying assets, assets that can or are likely to be securitized.. According to the reality of our country, the way of SPT can realize "real sale" and "bankruptcy isolation" under the guarantee of law, and realize the asset securitization of the national stadium under the condition of credit upgrade and risk prevention. At present, the road of asset securitization in China is just beginning, many links are not perfect, the research on asset securitization of stadiums and gymnasiums is only in the stage of theoretical research and exploration, and has not been put into practice. However, the author thinks that the research results of this paper can provide a new way of thinking and practical reference for the operators of Olympic venues to solve the problems of Olympic venues management.
【學(xué)位授予單位】：北京體育大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：G818;F832.51
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
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4 張靜琦,胡旭,朱s，
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