【作者】 李思齐；

【导师】 王锐；

【作者基本信息】 北京理工大学 ， 会计（专业学位）， 2017， 硕士

【摘要】 自我国资产证券化发起正式启动来,虽中间经历停顿,但仍取得了巨大进展,特别是重启后的最近几年。在我国经济发展转型的大背景下,资产证券化能提高企业的资金利用效率、盘活流动性差的资产。在市场条件日渐成熟和政策条件不断完善、政府支持的大环境下,我国资产证券化在未来将保持快速发展的势头,资产证券化必成为大势所趋。随着电商的发展,对线下传统零售业造成了很大的冲击,如何面对宏观环境的挑战,如何进行转型,便是对传统零售业提出的问题。而苏宁云商作为零售业的巨头,正在从线下转型线上,在保有原有线下业务的同时搭建O2O平台,这需要大量的资金来支持,这时苏宁云商通过对自有地产物业进行资产证券化,调整资产结构,获得大量资金。本文选取苏宁云商资产证券化作为案例研究对象,通过对苏宁云商的基本情况、发展历程、融资结构及缺陷进行介绍分析,同时对资产证券化过程进行介绍,在此基础上对苏宁云商进行动因分析和绩效分析。绩效分析采用事件分析法和财务指标分析法。事件分析法是通过对证券市场投资者对苏宁云商资产证券化事件看好程度来反映短期绩效。财务指标分析法是对比分析前后财务绩效来反映长期绩效。还分析了苏宁云商资产证券化后的风险及措施。本文通过对苏宁云商资产证券化动因及绩效的分析,发现资产证券化对苏宁云商的财务绩效起到了正向的作用。本文希望能对其它将要进行资产结构转型的企业提供了一定的参考和启示。更多还原

【Abstract】 Since China’s asset securitization launched a formal start,although the middle of the pause,but still made great progress,especially after the restart in recent years.In the context of China’s economic restructuring,asset securitization can effectively improve the efficiency of capital allocation,revitalize the stock of assets.China’s asset securitization will maintain the momentum of rapid development in the future,and the securitization of assets will become the trend of the times,the market conditions are getting mature and the policy conditions are perfect and the government supports the environment.With the development of electricity providers,the traditional retail industry under the line caused a great impact,how to face the challenges of the macro environment,how to transform,is the traditional retail industry issues.And Suning Yun business as a retail giant,is from the line under the transition line,build O2 O platform,but requires a lot of money,when Suning Yun business through its own real estate property securitization,revitalize the funds.This paper chooses the assets securitization of Suning Yun business as the object of the case study.Through the analysis of the basic situation,the development process,the financing structure and the defect of Suning Yun business,the author introduces the process of asset securitization,and on this basis,Analysis of Drivers’ Motivation and Performance.Performance analysis using event analysis and financial indicators analysis.Event analysis is mainly through the excess returns and cumulative excess rate of return analysis to reflect short-term performance.Financial index analysis is a comparative analysis of financial performance before and after the analysis to reflect long-term performance.At the same time,it analyzes the risks and avoidance measures encountered in the process of asset securitization.This paper analyzes the asset securitization motivation and performance,and finds that asset securitization has played a positive role in the financial performance of Suning Yun businessmen.This paper hopes to provide some reference and inspiration to other enterprises that will carry out the transformation of asset structure.更多还原