本文關(guān)鍵詞： 影視業(yè) 票房收入 資產(chǎn)證券化 案例研究　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國經(jīng)濟的增長,居民的影視文化消費水平也不斷提高。截至2016年年底,我國影院票房收入一躍成為世界第二,不斷增長的票房收入帶動了影視業(yè)的迅速發(fā)展。各大影視文化公司紛紛進行影院建設(shè)投資,資金缺口較大。而我國影視文化公司中上市公司較少,而且IPO排隊企業(yè)較多;企業(yè)發(fā)行債券又受到發(fā)行額度、發(fā)行條件等限制,影視文化公司通過傳統(tǒng)的股票和債券融資較難。資產(chǎn)證券化作為一種新型的企業(yè)外部直接融資工具,得到監(jiān)管層的大力支持和市場的認可,逐漸被運用到影視業(yè)融資中。影院票房收入資產(chǎn)證券化有其重要性和必要性。本文通過分析星美國際影院信托受益權(quán)資產(chǎn)支持證券專項計劃、平銀華泰大地影院信托受益權(quán)資產(chǎn)支持專項計劃和銀河金匯-今典17.5影院信托受益權(quán)資產(chǎn)支持專項計劃,闡釋我國影院票房收入資產(chǎn)證券化的具體做法,發(fā)現(xiàn)我國影院票房收入資產(chǎn)證券化全部采用的是證監(jiān)會監(jiān)管的企業(yè)資產(chǎn)證券化業(yè)務(wù)模式,基礎(chǔ)資產(chǎn)都界定為信托受益權(quán),均采用了信托計劃和資產(chǎn)管理計劃的雙SPV模式,在信用增級方面都采用了內(nèi)、外部信用增級措施,包括優(yōu)先劣后分層設(shè)置、預(yù)期票房收入對貸款本息的超額覆蓋、設(shè)置加速清償機制和違約事件觸發(fā)機制、應(yīng)收賬款質(zhì)押、保證擔(dān)保等。同時,結(jié)合資產(chǎn)證券化的核心原理,本文論證了我國影院票房收入資產(chǎn)證券化的重點和難點——基礎(chǔ)資產(chǎn)界定、交易結(jié)構(gòu)設(shè)計、信用增級和風(fēng)險管控四個方面,信托受益權(quán)作為基礎(chǔ)資產(chǎn)有其特殊性和必要性,雙SPV結(jié)構(gòu)與基礎(chǔ)資產(chǎn)的界定緊密相關(guān),信托計劃有其重要作用和要求;在信托層面和資產(chǎn)管理計劃層面的信用增級措施以及專項計劃的風(fēng)險管控措施,都是保障影院票房收入資產(chǎn)證券化現(xiàn)金流安全的重要方面。結(jié)合我國資產(chǎn)證券化的最新發(fā)展動態(tài),以及影院票房收入資產(chǎn)證券化的特殊性,影院票房收入資產(chǎn)證券化需要防范信托受益權(quán)作為基礎(chǔ)資產(chǎn)的相關(guān)風(fēng)險,并積極開拓銀行間市場資產(chǎn)證券化業(yè)務(wù)的新模式,為其他影視文化公司以及具有類似收入特征的公司開展資產(chǎn)證券化提供借鑒。
[Abstract]:With the economic growth of our country, the consumption level of film and television culture of the residents is also increasing. By the end of 2016, the box office income of Chinese cinema has become the second largest in the world. The increasing box-office income has driven the rapid development of the film and television industry. The major film and television culture companies have carried on the cinema construction investment, the fund gap is big, but our country film and television culture company in the listed company is relatively few. Moreover, there are many IPO queuing enterprises. Corporate bond issuance is restricted by issuing quota and issuing conditions. It is difficult for film and television culture companies to raise funds through traditional stocks and bonds. Asset securitization is a new type of external direct financing tool for enterprises. By the regulatory level of strong support and recognition of the market. The securitization of cinema box-office income assets has its importance and necessity. This paper analyzes the Star America International Cinema Trust benefit right Asset backed Securities Program. Pingyin Huatai Land Cinema Trust benefit right Asset support Special Plan and Yinhe Jinhui 17.5 Cinema Trust benefit right Asset support Special Plan to explain the specific practices of China's box office revenue asset securitization. It is found that China's box-office asset securitization all adopts the business model of enterprise asset securitization supervised by CSRC, and the basic assets are defined as trust benefit right. Both of them adopt the dual SPV model of trust plan and asset management plan, and both adopt internal and external credit upgrading measures, including priority and then layering. The expected box-office income overcovers the principal and interest of the loan, sets up the accelerated liquidation mechanism and default event trigger mechanism, accounts receivable pledge, guarantee guarantee and so on. At the same time, combined with the core principle of asset securitization. This paper demonstrates the key and difficult points of China's box office asset securitization in terms of the definition of basic assets, the design of transaction structure, credit enhancement and risk control. Trust beneficial right as a basic asset has its particularity and necessity, the dual SPV structure is closely related to the definition of basic assets, and the trust plan has its important role and requirements. Credit enhancement measures at the trust level and asset management plan level, as well as risk management measures for the specific plan. Both are important aspects to ensure the cash flow safety of box office asset securitization in cinemas, combined with the latest development of asset securitization in China, as well as the particularity of the asset securitization of cinema box office income. The asset securitization of cinema box office income needs to guard against the risk of trust beneficial right as the basic asset and to actively develop a new model of asset securitization business in the interbank market. It provides reference for other film and television companies and companies with similar income characteristics to carry out asset securitization.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：J943;F832.51

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