当前，我国民航产业在不断地推动中小民营航空企业参与产业的创新与改 革，鼓励中小民营航空企业加大投资，实现自身发展。但在“去杠杆、防风 险” 的经济政策下，寻找新的融资渠道成为中小民营航空企业必须要解决的难题。随 着10多年来资产证券化在我国起步与实践，资产证券化展现其优势，已经也成 为企业融资的 一个新选择，也成为解决中小民营航空企业的融资需求的新方法。 本文将从L航空公司为例，运用资产证券化来给航空企业融资的新思路。本 文将清晰阐述资产证券化的理论，将 民航产业政策环境可行性研究与L航空内部 资产证券化设计的可行性研究，论证L航空资产证券化的可行性。从资产池构建、 SPV组建、信用增级三个模块分析，提出L航空BSP航空 票款资产证券化的融资 方案。再针对L航空BSP航空票款资产证券化项目，合理地分析预测融资的成本， 与其余融资方式进行对比，结果显示，针对L航空BSP航空票款资产证券化 融资 成本与发行公司债券相当，融资成本有所降低。资产证券化不仅仅对L航空来说 是较好的融资选择。随着资产证券化在我国的蓬勃发展，伴随着的困难与风险也 在逐步暴露 ，本文也将L航空在发行资产证券化项目时会遇到的困难与风险说明 阐述，并且提出建议。最后研究表明，对于L航空BSP航空票款资产证券化是一 种新的融资选择。同样，有效地 缩短了其融资链条，在防范风险的情况下能支持 中小民营航空企业的健康发展。 关键词：L航空公司资产证券化融资BSP票款 昆明理工大学专业学位硕士学位论文L航空公司资产 证券化融资方案研究 V ABSTRACT Atpresent,China'scivilaviationindustryisconstantlypromotingtheinnovation andreformofsmallandmedium- sizedprivateaviationcompaniesparticipatinginthe industry,encouragingsmallandmedium-sizedprivateaviationcompaniestoincrease investmentandrealizetheirowndevelopment.However,undertheeconomicpolicy of"de-leveragingandpreventingrisks",findingnewfinancingchannelshasbecomea problemthatsmallandmediumprivateaviationcompaniesmustsolve.Withthe beginningandpracticeofassetsecuritizationinChinaformorethan10years,asset securitizationhasshownitsadvantages.Ithasalsobecomeanewoptionforcorporate financingandanewmethodtosolvethefinancingneedsofsmallandmedium-sized privateaviationcompanies. ThisarticlewilltakeLAirlinesasanexampleanduseassetsecuritizationto providenewideasforfinancingaviationcompanies.Thisarticlewillclearlyexplain thetheoryofassetsecuritization,thefeasibilitystudyofthecivilaviationindustry policyenvironmentandthefeasibilitystudyofLAviation'sinternalasset securitizationdesign,anddemonstratethefeasibilityofLaviationassetsecuritization. Fromtheanalysisofthreemodules:assetpoolconstruction,SPVformation,and creditenhancement,afinancingplanforLAviationBSPairticketassetsecuritization wasproposed.ThenfortheLAviationBSPairticketassetsecuritizationproject, reasonablyanalyzeandpredictthecostoffinancingandcompareitwithother financingmethods.TheresultsshowthatthefinancingcostofLAviationBSPair ticketassetsecuritizationisequivalenttotheissueofcorporatebonds.Thecosthas beenreduced.AssetsecuritizationisnotonlyagoodfinancingoptionforLAviation. WiththevigorousdevelopmentofassetsecuritizationinChina,theaccompanying difficultiesandrisksaregraduallyexposed.Thisarticlealsoexplainsthedifficulties andrisksthatLAviationwillencounterwhenissuingassetsecuritizationprojects,and 昆明理工大学专业学位硕士学位论文L航空公司资产证券化融资方案研究 VI makesrecommendations.ThefinalstudyshowsthatsecuritizationofLSPBSPair ticketassetsisanewfinancingoption.Similarly,ithaseffectivelyshortenedits financingchainandsupportedthehealthydevelopmentofsmallandmedium-sized privateaviationcompanieswhilepreventingrisks. Keywords:LairlinesAssetsecuritizationFinancingBSPfaret 昆明理工大学专业学位硕士学位论文L航空公司资产证券化融资 方案研究 i 目录 摘要..............................................................................................................................IV ABSTRACT........................................................................................................................V 第一章绪 论..................................................................................................................1 1.1研究背 景.........................................................................................................1 1.2研究意 义.........................................................................................................2 1.2.1理论意 义..............................................................................................2 1.2.2实践意 义..............................................................................................2 1.3国内外研究现 状.............................................................................................2 1.3.1航空企业融资现状研 究......................................................................2 1.3.2资产证券化研究现 状..........................................................................3 1.3.3文献评 述...............................................................................................5 1.4研究内容、研究方法和技术路 线.................................................................6 1.4.1研究内 容...............................................................................................6 1.4.2研究方 法...............................................................................................6 1.4.3技术路 线..............................................................................................7 1.5论文创新 点.....................................................................................................7 第二章资产证券化的概念与理 论..............................................................................9 2.1资产证券化定 义.............................................................................................9 2.2国内资产证券化分类及区 别.........................................................................9 2.3企业资产证券化组 成...................................................................................11 2.4资产证券化原 理...........................................................................................12 2.4.1现金流分析原 理................................................................................12 2.4.2资产重组理 论....................................................................................13 2.4.3破产隔离原 理....................................................................................14 2.4.4信用增级原 理....................................................................................14 2.5小 结...............................................................................................................14 第三章L航空公司资产证券化的可行性研 究.........................................................15 3.1民航产业政策环境可行性研 究...................................................................15 3.1.1国际民航业发展现 状........................................................................15 3.1.2我国民航业的发展现状及未来规 划................................................15 昆明理工大学专业学位硕士学位论文L航空公司资产证券化融资方案研究 ii 3.1.3民航行业重大不利影 响....................................................................16 3.1.4外部政策环境可行性结 论................................................................17 3.2航空企业融资研 究.......................................................................................17 3.2.1航空企业特 点....................................................................................17 3.2.2航空企业资金需求分 析....................................................................18 3.3L航空内部资产证券化设计的可行性研 究................................................21 3.3.1L航空公司基本情况分析.................................................................21 3.3.2L航空 公司融资现状及需求.............................................................22 3.3.3L航空公司企业资产证券化的基础资 产.........................................23 3.3.4L航空内部企业资产证券化设计的可行性.....................................26 3.4小 结................................................