海昌海洋公园资产证券化的财务分析.docxVIP

海昌海洋公园资产证券化的财务分析 PAGE 4 PAGE 21 摘要 我国旅游行业不断发展壮大，但也面临投资大、资金回收周期长、资金不足、融资困难等问题。近几年随着资产证券化运作和相关法律法规逐渐成熟，其应用范围日益广阔，旅游资产证券化项目逐渐发展。 本文借助相关财务理论对海昌海洋公园资产证券化项目进行分析，对比企业可采取的几种融资渠道优劣势、分析企业财务现状以明确海昌海洋公园实行资产证券化的必要性；其次对海昌海洋公园的资产证券化的概况和交易结构分析以及净现值测算研究，分析该融资方式的合理性和可行性，从而探讨资产证券化这一融资方式在满足海昌海洋公园的大额融资需求中的作用。 关键词：海昌海洋公园；资产证券化；财务分析 Abstract Chinas tourism industry continues to grow and develop, but it also faces problems such as large investment, long capital recovery cycle, insufficient funds, and financing difficulties. In recent years, with the asset securitization operation and related laws and regulations gradually maturing, its application scope has become increasingly broad, and asset securitization projects in tourism have gradually developed. This paper analyzes the assets securitization project of Haichang Ocean Park by means of relevant financial theory. First, compare the advantages and disadvantages of several financing channels that enterprises can take, and analyze the financial status of enterprises to determine the necessity of asset securitization in Haichang Ocean Park. Secondly, it analyzes the overview of asset securitization and the analysis of transaction structure and the calculation of net present value of Haichang Ocean Park, and analyzes the rationality and feasibility of this financing method. Finally, explore the role of asset securitization as a financing method to meet the large financing needs of Haichang Ocean Park. Keywords: Haichang Ocean Park; asset securitization; financial analysis 目录 TOC \o 1-3 \h \z \u 摘要 I 1.研究综述 1 1.1研究背景 1 1.2研究意义 3 1.3研究方法 3 2.资产证券化文献综述 4 2.1资产证券化问题 4 2.2旅游资产证券化问题 4 3.海昌海洋公园资产证券化背景分析 4 3.1海昌海洋公园经营现状分析 4 3.2海昌海洋公园资产证券化必要性分析 5 3.2.1其他融资渠道可行性分析 5 3.2.2资产证券化融资Z值模型分析 9 3.3海昌海洋公园资产证券化可行性分析——净现值法 11 3.3.1折现率的确定 11 3.2.2净现值法的结果与评价 11 4.海昌海洋公园资产证券化方案设计 12 4.1海昌海洋公园资产证券化各参与方 12 4.2海昌海洋公园资产证券化运行方案 14 4.2.1交易结构 14 4.2.2增信措施 14 5.海昌海洋公园资产证券化对公司财务影响 16 5.1对公司股价的影响 16