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上市公司兴起“花式融资” 这些领域都可成“资金池”

2017-08-27 09:20:46   中国经济网

监管政策收紧及市场风向变化,令上市公司过去信手拈来的传统融资渠道难以再担重任。为了弥补这一缺口,部分公司正探索新的融资方式,以各类预期现金流发行资产证券化计划。

在投行人士看来,大部分上市公司一直有着较为强烈的融资需求,定增等工具受限后,资产证券化等过去颇为边缘的工具逐步受到重视,这有利于盘活公司日常运行中的现金流,有望在上市公司融资过程中发挥更大的作用。

会费、坐票均可证券化

暴风集团8月16日发布公告称,公司拟发起“暴风影音VIP会员费信托受益权资产支持专项计划”(下称“专项计划”)。根据公告,该专项计划发行总规模不超过3亿元,穿透后的底层资产为暴风影音未来五年经营中产生的VIP会员费收入。其中优先级部分向合格投资者发行,次级部分由上市公司全额认购。

对于这一操作,暴风集团坦言,该项目为新型金融项目,是股权融资、债券融资之外的另一种融资形式,可成为公司现有融资方式的有益补充。

除了VIP会员费,索道乘坐凭证也能证券化。三特索道8月24日发布公告称,拟将下属全资子公司贵州三特梵净山旅业公司、庐山三叠泉缆车公司、杭州千岛湖索道公司、海南三特索道公司和珠海景山三特索道公司的5条索道乘坐凭证转让给作为SPV的资产支持专项计划,并通过专项计划发行资产支持证券进行融资。

该专项计划拟发行的资产支持证券总规模不超过8亿元,期限不超过5年,分为优先级和次级资产支持证券。增信措施采用结构化分层和差额补足的信用增级方式,上市公司为第一差额补足义务人,控股股东武汉当代为第二差额补足义务人。

而广汇物流8月15日披露的资产证券化方案则设置了双SPV结构,先由原始权益人以等额资金设立的单一资金信托向基础债务人发放信托贷款,再由中投证券设立专项计划,发行资产支持证券募集资金,以此向原始权益人受让信托受益权。该专项计划的基础资产为美居物流园相关楼座的物业租金等。

购房尾款变成“资金池”

除了将常规的未来现金流证券化,有些公司选择将后续到账的尾款做成“资金池”,以此加快公司的资金使用效率。

新城控股8月11日发布公告称,公司拟作为原始权益人开展购房尾款资产证券化工作,设立购房尾款资产支持专项计划,并通过专项计划发行资产支持证券进行融资。

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