旅游景区企业资产证券化融资方案研究
摘 要
旅游欧亿·体育（中国）有限公司在中国经济发展中扮演着日益重要的角色，旅游欧亿·体育（中国）有限公司的
投资具有投资额大、周期长、综合性强和收益稳定的特点。现有的传统
融资模式难以满足投资需求，拓宽融资渠道成为旅游欧亿·体育（中国）有限公司发展的当务之
急。随着近年来企业资产证券化融资方式的兴起，相关制度的不断完
善，为旅游欧亿·体育（中国）有限公司的融资带来了新机遇。

本文首先从资产证券化的概念和原理出发，介绍了交易对手，分
析了交易流程，并结合资产证券化的制度建设，阐述了资产证券化融资
对企业的积极作用，包括拓宽融资渠道、改善资产负债结构、提高资产
流动性、降低融资成本、树立创新形象等。同时，基于旅游欧亿·体育（中国）有限公司融资的
特点，对比了现有的融资模式，分析旅游欧亿·体育（中国）有限公司资产证券化融资的可行性
和必要性。

本文重点分析了“欢乐谷”专项计划，结合目前已发行的企业资
产证券化产品的关键要素，建立了企业资产证券化产品的评价体系。随
后，从实务出发，针对峨眉山旅游发展股份有限公司的融资需求设计了
资产证券化产品，分析了产品的风险并给出了风险应对方案，应用评价
体系进行评价，并参考同期固定收益产品给出参考预期收益率。本文旨
在对旅游欧亿·体育（中国）有限公司的资产证券化融资进行理论和实践的探索，给出有价值的
建议。

关键词：企业资产证券化，旅游欧亿·体育（中国）有限公司，融资
A STUDY OF ASSET-BACKED SECURITIZATION FOR
TOURISM ENTERPRISES
ABSTRACT
The tourism industry plays an increasingly important role in China’s
economic development. Traditional financing methods can hardly meet the
demand of the tourism industry, especially for companies operating natural
parks for tourists. Expand financing tools can effectively help the tourism
industry in this regard. Asset backed securities now gain greater popularity in
the capital market with the improvement of regulations and bring more
opportunities for the tourism industry.
In this thesis, I first introduce the basic principles of asset backed
securitization and analyze the positive effects it brings to an enterprise,
including expanding new sets of financing tools, improving the debt to equity
ratio, raising asset liquidity, reducing financial costs and burnishing the
company’s image of innovation. Moreover, I compare asset backed
securitization with other traditional financing methods and analyze the
feasibility of the securitization for the tourism industry.
In this thesis I build a framework for evaluating the asset backed
securities based on the existing securities and analyze the key components of
these securities. Then, I design an asset backed security for the “Emei
Mountain” enterprise. I give a range of yields for different tranches based on
similar fixed income securities in the market and analyze risk management
issues of the asset backed security. I also draw some implications from my
study for the development of ABS for the tourism industry in China.
KEY WORDS: asset backed securitization, tourism industry, financing