摘要

公路客运作为交通运输行业的重要一环，对于满足人们出行需求意义重大。然而，我国公路客运公司常规融资方式痛点满满，亟待寻求新的融资方式以摆脱原有的单一融资模式。公路客运公司在运营期间，具有极佳且稳定的客票收入，是相对优良的资产证券化标的。本文旨在研究企业资产证券化在我国公路客运公司融资中的应用，逐一分析客票收入资产证券化业务开展过程中的关键难点，提出解决方案和优化建议，试图为我国公路客运公司开展客票收入资产证券化业务添砖加瓦。

本文首先梳理了我国资产证券化业务发展历程及监管体系的演变，对我国当前资产证券化业务监管体系、法律法规、产品原理和发行现状进行了解读。其次，以Y公司在上海证券交易所审核通过的公路客票收入资产证券化产品为例，结合我国公路客运公司和Y公司的经营、融资现状，分析了我国公路客运公司及Y公司发行公路客票收入资产证券化的可行性及必要性。再次，总结Y公司客票收入资产证券化业务开展过程中的主要难题及其解决方案。最后，从基础资产界定、运营路线筛选、现金流归集和现金流预测等关键环节为公路客运公司资产证券化业务提出优化建议：其一、对于公路客运公司，建议提高日常客票收入的系统化归集管理；加强与客运行业主管部门沟通，重视经营许可续期问题；其二、对于产品结构，建议基础资产界定应全面、清晰；运营路线筛选应综合考虑总融资规模、竞争性出行方式等要素；现金流归集频率和分配方式设置应有效规避资金混同和沉淀风险；未来现金流预测应以审慎评估为指导原则，考虑可能影响未来客票收入的各类因素；其三、对于中介机构，建议挑选项目经验丰富、专业度较高的中介机构；其四、对于销售发行，建议把握发行时间窗口，与投资者保持有效沟通。

关键词：公路客运公司，客票收入，资产证券化，运营路线筛选

Application Research on Asset Backed Securitization Financing in highway passenger transport companies

——A case study of Y company

ABSTRACT

Highway passenger transport is an important part of the transportation industry, which is of great significance to meet people's travel needs. However, the conventional financing methods of Chinese highway passenger transport companies are not so suitable, and it is urgent to seek new financing methods to get rid of the original single financing mode. The passenger ticket income of highway passenger transport companies is so stable during operation period, so it's a relatively good asset securitization target. This paper aims to explore the application of asset backed securitization financing in the highway passenger transport companies, analyze the key difficulties in the process of passenger ticket income securitization financing, and solve some solutions and advices. This paper attempts to promote passenger ticket income securitization in highway passenger transport companies.

In this paper we summarize the development course of Chinese Asset Backed Securitization and the evolution of its regulation system, introduce regulation rules, laws, product principle and issuing status of Chinese Asset Backed Securitization. Secondly, this paper takes the approval passenger ticket income securitization of Y company for example, analyzes the feasibility and necessity of issuing passenger ticket income securitization for Y company and Chinese highway passenger transport companies, according to the management state of Y company and the current financing state of Chinese highway passenger transport companies. Thirdly, it summarizes the key difficulties and solutions of issuing passenger ticket income securitization. Finally, it provides some advises about defining underlying asset, screening operation routes, collecting and predicting passenger ticket income.

At last, in this paper we suggest that highway passenger transport companies should achieve systematization management to collect daily passenger ticket income; strengthen communication with government department; pay attention to the period of validity of franchising licenses. Moreover, for the product structure, we suggest the definition of underlying assets should be comprehensive; all influencing factors should be considered when screen operation routes and predict future passenger ticket income ; the risk of passenger ticket income confusion should be avoided. In addition, well experienced and professional intermediary organizations is necessary. Finally, it suggests that intermediary organizations and highway passenger transport companies should grasp issuing time and strengthen communication with investors.

Keywords: Highway passenger transport companies, Passenger ticket income, Asset Backed Securitization, Screen operation routes

基金管理公司养老金业务发展战略研 …	环保行业全面预算管理的应用研究— …	互联网小额贷款的监管问题研究 M …
上市公司债务重组中债转股研究—— …	资产证券化在我国客运公司的应用研 …	我国上市公司大股东股权质押下的掏 …

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