Case Study On Asset Securitization Of Trust Beneficial Rights Of Singmei Holdings

Thanks to the increasing economic level and the increasing cultural consumption demand of residents,China's film market is booming and developing.Major film and television cultural companies have invested in the construction of the cinema line.However,the demand for funds in the early stage of the construction of the film industry is large and takes a relatively long time.The traditional financing mode can not meet its financial needs.The emergence of asset securitization financing channels has solved the financing difficulties to a certain extent.This new external financing mode has gradually been recognized by the market and applied to the film industry.The dissertation chooses the Singmei Holdings Asset Support Project in China,which takes box office revenue as the research object,as its basic asset,and adopts research methods such as literature research,comparative analysis and case analysis to compare and mine the relevant data of Asset Securitization of Trust Beneficial Rights of SingMei Holdings from 2013 to 2018.This paper analyses the advantages and problems of the case from three aspects: financing motivation,financing effect and financing risk.The issuance of asset securitization products by Singmei Holdings not only effectively alleviates the financing pressure,reduces the financing cost,but also improves the financial structure and raises the profitability level.However,there are also some problems such as the underlying assets failing to generate cash flow as expected,the difficulty of fully achieving risk isolation,and the lowering of credit rating.With the help of basic assets cash flow theory,portfolio theory,risk isolation theory and credit enhancement theory,this paper puts forward the following countermeasures and suggestions for the problems existing in Singmei Holdings: Firstly,companies need to improve the quality of the underlying assets of securities products of film companies,such as enriching the types of underlying assets,selecting high-quality underlying assets to inject into asset pools,and seizing external opportunities to promote development;secondly,establish risk control mechanism,such as guaranteeing the independence of special purpose institutions,keeping track of the operation process of asset securitization and improving the risk isolation of basic assets;Finally,at the credit rating level,enterprises not only need to improve credit enhancement measures,strengthen cooperation with third-party intermediaries,but also formulate scientific and rational business strategies and strengthen the construction of internal control of enterprises.The analysis of Asset Securitization of Trust Beneficial Rights of SingMei Holdings will help the future financing mode of SingMei Holdings to be more scientific and effective,to prevent the adverse effects of liquidity risk,early repayment risk and operation risk on the financing of SingMei Holdings,and to provide some reference value for risk management of other film enterprises adopting asset securitization financing mode.