【摘要】：資產(chǎn)證券化于1960年在美國(guó)出現(xiàn)。它的出現(xiàn)是一種融資創(chuàng)新,可以促進(jìn)金融市場(chǎng)的發(fā)展。在發(fā)達(dá)國(guó)家和發(fā)展中國(guó)家,資產(chǎn)證券化在經(jīng)過(guò)40多年的發(fā)展后,規(guī)模實(shí)現(xiàn)了迅速增長(zhǎng)。而在1980年以后,資產(chǎn)證券化的出現(xiàn)是一些機(jī)會(huì)的促成。當(dāng)時(shí)由于信息技術(shù)發(fā)展迅速、金融監(jiān)管體制很寬松,所以促成很多金融創(chuàng)新。由于企業(yè)資產(chǎn)證券化的設(shè)計(jì)結(jié)構(gòu)較為繁雜,涉及的交易主體較多,因此,對(duì)企業(yè)資產(chǎn)證券化的研究目前在中國(guó)還處于初步摸索階段,并沒(méi)有形成一個(gè)相對(duì)成熟的理論體系或觀點(diǎn)。而對(duì)于中國(guó)來(lái)說(shuō),資產(chǎn)證券化雖然早在1992年就曾出現(xiàn),但由于經(jīng)濟(jì)危機(jī)和中國(guó)國(guó)情的發(fā)展,2004年之后資產(chǎn)證券化才得以緩慢發(fā)展。直到2016年,我國(guó)資產(chǎn)證券化才開(kāi)始實(shí)現(xiàn)快速地發(fā)展,證券化的產(chǎn)品種類(lèi)也越來(lái)越多。這幾年,資產(chǎn)證券化在我國(guó)開(kāi)始慢慢地成長(zhǎng)。也出現(xiàn)了很多企業(yè)利用資產(chǎn)證券化來(lái)籌集資金。但是企業(yè)為何要實(shí)施資產(chǎn)證券化?僅僅是因?yàn)閯?chuàng)新融資方式么?以及企業(yè)實(shí)施資產(chǎn)證券化之后的結(jié)果如何?有沒(méi)有達(dá)到公司的需求和目的?這些問(wèn)題都值得我們?nèi)ヌ骄亢头治��；诖吮尘?本文通過(guò)對(duì)華僑城A資產(chǎn)證券化項(xiàng)目進(jìn)行研究,試圖找出華僑城A為何要實(shí)施資產(chǎn)證券化和證券化項(xiàng)目的成果如何這兩個(gè)問(wèn)題的答案。文章剛開(kāi)始對(duì)此次資產(chǎn)證券化的整個(gè)流程做了一個(gè)介紹,使大家了解這個(gè)專(zhuān)項(xiàng)資產(chǎn)管理計(jì)劃。然后從外因和內(nèi)因兩個(gè)方面進(jìn)行研究,總結(jié)了華僑城A實(shí)施資產(chǎn)證券化的可能動(dòng)因。接著,通過(guò)四個(gè)方面來(lái)討論華僑城A資產(chǎn)證券化項(xiàng)目的運(yùn)作效果。華僑城A在進(jìn)行資產(chǎn)證券化項(xiàng)目時(shí),一些關(guān)鍵步驟和措施為行業(yè)提供了寶貴的經(jīng)驗(yàn)。可是,對(duì)于基礎(chǔ)資產(chǎn)還未成熟的旅游企業(yè)來(lái)說(shuō),全面模仿華僑城A這一創(chuàng)新的融資模式有一定難度。他們還需深層次的研究,從而設(shè)計(jì)適合自己的資產(chǎn)證券化產(chǎn)品。在最后,文章研究了資產(chǎn)證券化在旅游行業(yè)中實(shí)施的好處,并結(jié)合案例給出了相關(guān)政策建議。這些結(jié)論和建議都需要我們?cè)诮窈蟮墓ぷ髦屑右灾匾暋?br/>[Abstract]:Asset securitization appeared in the United States in 1960. Its appearance is a kind of financing innovation, can promote the development of financial market. After more than 40 years of development, asset securitization has achieved rapid growth in both developed and developing countries. And after 1980, the emergence of asset securitization is a number of opportunities to promote. At that time, because of the rapid development of information technology, the financial regulatory system was very loose, so it contributed to a lot of financial innovation. Since the design structure of enterprise asset securitization is complicated and the transaction subject is more involved, the research on enterprise asset securitization is still in the initial stage of exploration in China. And has not formed a relatively mature theory system or viewpoint. For China, asset securitization appeared as early as 1992, but because of the economic crisis and the development of China's national conditions, asset securitization developed slowly after 2004. Until 2016, China's asset securitization began to achieve rapid development, securitization products are more and more. In recent years, asset securitization in our country began to grow slowly. Also appeared many enterprises to use the asset securitization to raise funds. But why should enterprises implement asset securitization? Just because of innovative financing? And what are the results of asset securitization? Have you met the company's needs and objectives? These problems are worthy of our exploration and analysis. Based on this background, this paper studies the asset securitization project of overseas Chinese city A, and tries to find out the answers to the two questions: why the asset securitization and the securitization project are carried out by overseas Chinese city A? The article has just made an introduction to the whole process of asset securitization, so that we can understand this special asset management plan. Then, the paper summarizes the possible causes of asset securitization from two aspects of external and internal causes. Then, through four aspects to discuss the operation effect of asset securitization project of overseas Chinese city A. In the asset securitization project, some key steps and measures have provided valuable experience for the industry. However, for tourism enterprises whose basic assets are not yet mature, it is difficult to imitate the innovative financing model of overseas Chinese city A. They also need deeper research to design asset securitisation products that suit them. Finally, the paper studies the benefits of asset securitization in the tourism industry, and gives some policy recommendations combined with a case study. These conclusions and recommendations need our attention in the future work.
【學(xué)位授予單位】：河南財(cái)經(jīng)政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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