A Study On Asset Securitization Financing For Tourist Attractions

In recent years,China's tourism industry has developed rapidly,and the total tourism revenue and the number of domestic tourists have continued to grow.At present,the downward pressure on the domestic economy has intensified.Under the circumstances that the growth rate of investment in other fields has been weakening,the growth rate of tourism investment has risen against the trend and has become a new popular investment spot of China's economy.Tourist attractions,as the basis for the development of tourism,are an important source of tourism revenue.However,financing difficulties caused by the large capital investment,long investment cycle and slow investment return of tourism scenic spot of the construction and operation management have become the bottleneck for the further development of tourist attractions.Furthermore,the general existing financing channels cannot fully meet the financing needs of tourist attractions.Under this background,asset securitization with large financing scale,long financing period,low financing cost and less use restrictions has become an important way of financing for tourism scenic spots.Taking the asset securitization financing of Balagezong Scenic Spot in Yunnan as a case,this paper adopts literature research method and case study method,using the theories of future expected cash flow analysis,asset restructuring,risk isolation and credit enhancement to make a detailed study on the asset securitization financing of Balagezong Scenic Spot by five parts.The first part introduces the research background,research significance,research content and research methods of this paper,and briefly introduces the research framework of the thesis.The second part includes the literature review and theoretical basis,and reviews the domestic and international research on the theory of asset securitization,and collates and summarizes the relevant research literature about asset securitization of tourist attractions at home and abroad,provides a theoretical basis for the study.The third part,an overview of the case,reviews the tourism resources of the Balagezong Scenic Spot in Yunnan,the construction of the scenic spot and the surrounding tourism market,etc.,and analyzes the ownership structure of its operation staff,corporate governance structure and financial status of the Balagezong Scenic Spot.The fourth part,case study,analyzes the selection and future cash flow forecast of the underlying assets,the adoption of credit enhancement measures,the establishment of bankruptcy isolation mechanism and related risk management in the asset securitization financing scheme of Balagezong Scenic Spot.The fifth part makes some conclusions and put forward feasible and operational suggestions for asset securitization financing in tourist attractions.Through the case study of Balagezong Scenic Spot asset securitization,the following conclusions and suggestions are obtained: First,the general quality scenic spots can be improved by introducing high-profile scenic spots and utilizing the high-quality scenic spot resources within the enterprise group and it can help scenic spots to be qualified to realize asset securitization.Second,the types of underlying assets should be rich and diverse and with high dispersion,which can help to reduce the systemic risk of underlying assets,and underlying assets should be reasonably and specifically arranged.Third,scenic spots should choose scientific and reasonable future cash flow forecasting methods and make quantitative analysis of influencing factors such as natural disasters,surrounding scenic spots and policy changes.Fourth,a professional tourism financing guarantee company should be set up,and it can improve credit enhancement for asset securitization and protect investors.Fifth,through the dual SPV structure of the trust plan + special plan to achieve the bankruptcy risk isolation between the underlying assets and the original rights holders and plan managers.Sixth,sc enic spots should strictly control the related risks and ensure the successful issuance and existence of asset securitization products.By studying the asset securitization financing scheme of Balagezong Scenic Spot,this paper provides guidance on asset securitization for China's general tourist attractions,which helps them to solve the funding problems and improve their operational management capabilities.