The Strategy Research Of Securitization Financing In A Scenic Spot

As the tourism industry shows a great momentum in the national economy of China, its important role in promoting the growth of national economy has been featured. The government has introduced some related policy to promote the development of tourism industry through financial and policy support, with intention to guide the healthy development of tourism industry. The main participation of tourism industry also accelerate its construction to obtain great economic benefits. In the development of tourism industry, the bottleneck of capital shortage is gradually emerging which is represented in over-reliance on traditional financing channel such as government direct investment and debt financing. The root cause of this dilemma comes from single financing channel and particularity of tourism industry. To solve this problem, this thesis puts forward an innovative financing way of asset securitization by utilizing scenic spot enterprise income right, aimed at reducing the tourism enterprise financing costs, improving the tourism enterprise capital structure, enhancing tourism enterprises financing channels, and providing financial support for tourism by using abundant resources of capital market.Based on the background of residents’ consumption upgrading and the acceleration of tourism industry, the thesis analyzed the current situation of domestic tourism enterprises in terms of financing from the industry perspective, and elaborated the contradictions of the huge financing demand and low efficiency of traditional financing in the development of enterprises. The thesis also analyzed the internal and external cause of this phenomenon, pointed out the importance of innovative financing and put forward proposal to solve the related problems by means of asset securitization financing. At last, the thesis took a domestic scenic spots enterprise as an example and provided the key elements to design it in the application of asset-backed securitization in the domestic tourism enterprise, which took the profit of the ropeway as underlying assets and credit enhancement. The thesis put forward relevant promotion plan and expected benefits to provide reference for related enterprises.According to the analysis above, we find that the market volume of asset-backed securities in China is rather small and the product structure is relatively complex, whereas the traders and investors are in a state of high concentration. Some potential investors are in wait and see mode, thus the secondary market is not active enough. This thesis intends to improve the utilization degree of social capital by choosing asset-backed securitization financing as the breakthrough point. However, at the same time this thesis also pointed out that various social departments should work together to achieve the efficiency of resource allocation, and thus government, investors and rating agencies with a neutral attitude should fully assume their role. Tourism is a very important role in the national economy, but the financial support for the development of the tourism industry should be controlled in a reasonable range, otherwise it will cause enormous waste of resources, and contradict the original intention to drive national economy through tourism.