Reserch Of Asset-backet Security Based In Box Office Of W Film Company

The film industry is the pillar of cultural industry that is booming in China.The box office revenue and cinema investment amount in China have maintained rapid growth in recent years.However,in the current financial environment,due to the high risk characteristics of the film industry,it is difficult for cinema line companies to obtain sufficient funds in the capital market.By the end of June 2018,only a few cinema line listed companies were able to use asset securitization tools for financing.As the nation’s highest box office revenue cinema line company,W Film Company includes subsidiaries such as movie theaters,film and television and other subsidiaries to achieve full-field coverage.In order to keep growing,W film needs to raise a large amount of funds,while both equity and debt financing face strictly limits,the use of asset-backed securities tools can achieve financing goals for W movies,that also provide reference for other companies in the film industry.This thesis uses a combination of case analysis and theory to study how to design W film company asset securitization financing tools.On the basis of studying the relevant theories of asset securitization,this thesis analyzes the main characteristics of W-film company’s box office income and the matching with asset-backed securities products,and then selects the applicable asset-backed securities.Then combined with the current regulatory requirements to design a asset pool that meets the requirements,expounds the main structure of the product;designed the credit enhancement measures to reduce risks of the security and improve the credit rating,by both of internal and external credit enhancement methods;then detailed measured the product’s issuance scale and pricing,and designed response methods to possible risks for the product.Finally,the asset-based securitization products will develop new financing channels for W Film Company to achieve the fundraising goal;Other cinema line companies which needs to design box office income asset-based securitization products can get reference and further optimization of their financing channels.