Research On The Asset Securitization Of Tianrui Tourism

" Tourism is an important channel for different countries and cultures to exchange and learn from each other.It is an effective means to develop economy and increase employment,as well as an important industry to improve people's living standards.",Xi Jinping pointed out in his congratulatory message to the 22 nd plenary session of the United Nations World Tourism Organization in September 2017.The development of tourism industry can not be separated from the development of tourist attractions and tourism enterprises.It urgently needs financial support from the financial market.Asset securitization,as a new financing method,can effectively meet the financing needs of tourist attractions and help the development of tourism industry.Since the OCT Group issued the first tourism Asset Securitization Product in China in 2014 using the admission voucher income of Happy Valley Theme Park,the overall scale of China's tourism asset securitization market is small and its development is slow.In 2018,Tianrui Tourism Asset Securitization Project was even suspended because it failed to raise enough funds under the special plan within the prescribed period.Based on the characteristics of tourism assets securitization and the actual situation of Tianrui tourism assets securitization,this paper uses the basic assets cash flow analysis principle,risk isolation principle,credit enhancement principle,chart analysis and comparative analysis of Tianrui tourism assets securitization,and finds that there are the following outstanding problems in Tianrui tourism assets securitization: firstly,the ownership of the underlying basic assets is not clear,and there is the third problem;secondly,the cash flow forecast is too optimistic and the cash flow is not as high as expected;thirdly,the risk segregation has a big hidden danger,and there is the possibility of embezzlement and misappropriation of funds;fourthly,the improper arrangement of the balance payer has limited effect on the promotion of product credit;fifthly,the guarantor has risks in his own operation and weak guarantee ability;sixthly,the scenic spots lack brand effect,which affects the promotion and sale of asset-backed securities;seventhly,the credibility of credit rating is insufficient and it is difficult to get the recognition of investors.The main reasons for these problems are as follows: firstly,the ownership of scenic spots is a historical legacy,which is not clear in legal form;secondly,the lack of operational ability and self-discipline of intermediaries in the process of asset securitization;thirdly,the difficulty of introducing third-party external guarantees;fourthly,the lack of effective support from local governments;fifthly,the imperfect management of scenic spots affects market recognition.In order to solve the problems existing in Tianrui's tourism asset securitization and provide a reference for other scenic spots to set up asset securitization projects,this paper provides the following suggestions for improvement: first,to define the ownership and definition of basic assets in the form of legal agreements;second,to improve risk isolation through specific ticket vouchers and information disclosure;third,to set up reasonable balance payers and guarantors;fourth,intermediaries should constantly improve their business capabilities on the basis of strengthening industry self-discipline;fifth,local governments should provide policy and credit support;sixth,to improve the operation and management of scenic spots,enhance profitability and cultivate high-quality assets.Throughout the whole process of analyzing and solving the problems,this paper concludes the following conclusions: first,the choice of basic assets is the premise and foundation of Tianrui tourism asset securitization;second,actively improving risk isolation is the inherent requirement of asset securitization;third,rationally setting up credit enhancement measures is an important guarantee for the successful establishment of asset securitization;fourth,the improvement of scenic area management is the foundation of successful establishment of tourism asset securitization.