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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

该专项计划的基础资产为依据购房合同对购房人享有的要求其支付购房款所对应的债权和其他权利及其附属担保权益,目标募集总规模不超过20亿元。同时,该专项计划设置“循环购买”机制,即在专项计划存续期间,基础资产产生的现金流将按约定划入指定账户,由专项计划托管银行根据计划管理人的分配指令对现金流进行分配。

新城控股表示,专项计划作为创新型资产运营模式,实施有利于公司优化资产结构,创新融资模式,提高资金使用效率。

就在半个月前,中天金融也拿出了与之类似的“中天金融购房尾款资产支持专项计划”,以原始权益人依据《应收款转让协议》及购房合同对购房人享有的要求其支付购房款所对应的债权及其附属权益为基础资产,募集不超过18亿元资金。

对于这一方案,中天金融表示,可进一步拓宽融资渠道,有利于公司房地产业务更好地开展,提高公司资产使用效率。

“花式证券化”缘何兴起?

“只要有预期现金流,就可以打包成资产,实现证券化。”有市场人士告诉记者,经过多年发展,资产证券化产品在国内已经突破万亿规模,只不过对于融资较为便捷的上市公司来说,这种融资方法并不主流。

该人士指出,资产证券化为了追求收益和风险的平衡,尽可能选择稳定、可靠的现金流来做,比如高速公路的收费权、商业物业的租赁收入等,这些资产流通性较差,但通过资产证券化,变为可流通的证券,便可达到持有方融资的目的。“上市公司过去通过股权融资就能获得足够的资金,无需去做资产证券化项目。现在规则调整,融资难度提高,将部分项目现金流证券化,也不失为提高资金使用效率的办法。”

记者注意到,由于与业务经营活动息息相关,上市公司以往大多选择将应收账款证券化。例如南钢股份6月27日公告称,拟将公司及下属子公司自有的相关应收账款债权作为基础资产转让给专项计划进行融资,募集不超过2.5亿元资金。

与之相比,暴风集团以暴风影音VIP会员费作为基础资产进行证券化、三特索道以5条索道乘坐凭证为基础资产进行证券化,都属于新的资产证券化方向。这一方面体现了公司对现金流管理的重视,另一方面也给予上市公司融资更多启发,即不必过度依赖定增等股权再融资工具。

上述市场人士同时提醒,在选择资产证券化基础资产时,应着重考虑其现金流实现的确定性,并在机制设计上考虑潜在风险。同时,对于资产证券化业务的信息披露也应尽可能完善。

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