华侨城A此次资产证券化产品的成功发行，对公司本身，对中国资本市场的发展都有哪些重大意义？为此，我们采访了深交所相关负责人以及华侨城A的董秘倪征。

Oct A the asset securitization product successfully issued,For the company itself,For the development of China's capital market what are of great significance?therefore,We had an interview with the relevant person in charge of shenzhen oct and A secret NiZheng dong.

　　问：本次华侨城专项管理计划的设立获得了深交所的大力支持，景区入园凭证的证券化作为资产证券化重启以来国内首个非公用企业发行的资产证券化品种，有哪些重大意义？

ask:This special management plan oct the establishment of shenzhen won the support,The certificate in the securitization of asset securitization as a restart of China since the first non public enterprise issue of asset securitization varieties,What are the important meaning?

　　深交所相关负责人：以欢乐谷门票收入为支持的资产证券化产品是资本市场助力文化产业、加速发展民族品牌的有益尝试，拓展了资产证券化产品的标的资产类型，有助于丰富我国资本市场的投资品种，推动证券公司的创新发展。

The relevant person in charge of shenzhen:To happy valley tickets income to support the asset securitization product is capital market power culture industry/Accelerate the development of national brand the beneficial attempt,Expand the asset securitization product underlying asset types,Help to enrich China's capital market investment varieties,To promote the innovative development of securities companies.

　　问：华侨城本次资产证券化融资18.5亿元，将全部投资到旅游产业的发展，这是否意味着公司未来的业务发展重心将更多地向文化、旅游产业倾斜？本次资产证券化融资对公司文化、旅游产业发展的深远意义是什么？

ask:The asset securitization financing oct 1.85 billion yuan,Will all the investment to the development of the tourism industry,Does this mean that the future of the company business development center of gravity will be more culturally/Tourism industry?The asset securitization financing for the company culture/Tourism industry development is of far-reaching significance?

　　倪征：毫无疑问，未来几年文化、旅游产业在中国将迎来一个大繁荣、大发展的历史性时期，华侨城作为全国少数几家以文化产业为主业的央企，以及国内文化旅游的标杆企业，应该担负起这个历史使命。未来，我们会将文化、旅游产业作为华侨城发展的战略重心，公司的重要资源都会持续地投入到文化产业的发展中去。事实上，为加快公司文化产业的发展，去年公司还重组了文化、旅游业务，把公司的文化产业重组为主题景区、文化演艺、文化旅游科技、文化节庆活动、文化酒店等7个板块，目的是提高各板块专业运营能力，也是为了提升公司文化产业的整体实力。

NiZheng:There is no doubt that,In the coming years culture/Tourism industry in China will usher in a boom/Development of historic period,Oct as the national minority several to culture industry as the main renmin,And domestic cultural tourism industry,Should shoulder the historical mission.The future,We will culture/As the development of tourism industry oct strategic center of gravity,The company's important resources will continue to input to the development of cultural industry in.In fact,In order to speed up the development of cultural industry of the company,Last year the company is restructuring the cultural/Tourism business,The company's culture industry restructuring as the theme scenic spot/Cultural entertainment/Cultural tourism science and technology/Culture festival activities/The hotel culture 7 a plate,The purpose of which is to improve the plate a professional operation ability,The company is to enhance the overall strength of the cultural industry.

　　本次资产证券化对华侨城文化、旅游产业的积极影响可以从短期和长期两方面来看。从短期看，此次资产证券化的成功为公司获得了欢乐谷快速发展宝贵的资金支持；从长期来看，有了本次融资创新经验，未来我们在遇到资金需求的时候，就有了更多的融资渠道选择。

The asset securitization oct to culture/The positive influence of tourism industry can be both the short term and long term to see.In the short run,The asset securitization for the success of the company to obtain the happy valley rapid development valuable financial support;In the long run,Have the financing innovation experience,In the future we meet the needs of the funds,There is more financing channel choice.

　　问：目前A股上市公司中符合资产证券化条件的企业和项目非常多，为什么华侨城A能够成为资产证券化重启后的先行者？

ask:At present A share listed companies with asset securitization in the conditions of enterprise and project very much,Why can become oct A restart securitization of forerunner?

　　倪征：我们之所以成为非公用企业资产证券化的先行者，有着多方面的原因。一是一直以来，公司在融资创新方面比较积极，与证监会和深交所充分沟通，监管层对我们的融资创新举动也非常支持；二是因为本次资产证券化涉及的基础资产和资金投向属于国家政策强力支持的文化、旅游产业，这一点非常关键；另一重要原因是华侨城A是国内文化旅游的标杆企业，中国的文化旅游产业处于蓬勃发展时期，对于资金需求较大，尝试创新融资方式对于整个行业的发展具有特殊意义，本次融资创新的成功将对其他企业产生较大示范效应；更为重要的是，华侨城这次资产证券化的成功，体现了监管层对于区别对待金融创新扶持产业发展方面的明确态度，这对涉及多主业的上市公司今后的融资具有一定示范作用。

NiZheng:We are as a public enterprise asset securitization pioneer,With a variety of reasons.One is always,The company in the finance innovation is positive,And the CSRC and shenzhen communicate adequately,The supervisor to our financing innovation behavior is also very support;Secondly because the asset securitization involves basic assets and capital to belong to the state policy strong support culture/Tourism industry,It is the key;Another important reason is that oct A is the domestic cultural tourism industry,China's cultural tourism industry in the rapid development period,For larger capital demand,Try to innovate financing way for the development of the whole industry has special significance,The financing innovation success to other enterprises will have great demonstration effect;More important is,The success of the oct the asset securitization,Reflects the difference between the supervisor for financial innovation effort to support the industry development of clear attitude,The involved in a number of companies listed on the main future financing has certain demonstration effect.

　　问：除了深圳、北京、上海欢乐谷外，华侨城还有众多其他旅游资产符合资产证券化的条件，在此次试水成功以后，华侨城今后是否有可能还会采取相同的融资方式？

ask:In addition to shenzhen/Beijing/Shanghai happy valley the,There are numerous other oct tourism assets conform to the condition of asset securitization,In this test the waters after success,If it is possible to oct in the future will take the same mode of financing?

　　倪征：这是肯定的，除了深圳、北京、上海欢乐谷外，我们还有武汉欢乐谷、成都欢乐谷、世界之窗、文化酒店等非常多的项目都符合资产证券化的条件。实际上，我们这次率先尝试资产证券化包含两个目的，一个目的是为欢乐谷筹集资金，还有一个目的是探索多元化的融资渠道。今后只要有融资需求，这些符合条件的资产都能作为资产证券化的基础资产。当然，未来我们也会考虑信托等多种创新融资方式。

NiZheng:That's for sure,In addition to shenzhen/Beijing/Shanghai happy valley the,We have wuhan happy valley/Chengdu happy valley/The Windows of the world/Culture hotel very much the project meet the condition of asset securitization.In fact,We were the first to try to the asset securitization contains two purposes,A goal is to raise money for the happy valley,There is a purpose is to explore diversified financing channels.In the future as long as there is financing needs,The qualified asset securitization can be as the underlying assets.Of course,The future we will also consider the trust and so on many kinds of innovative financing way.

　　问：相对于股份增发、发行债券等传统直接融资方式，您认为资产证券化融资的主要优点是什么？

ask:Relative to the issued shares of stock/Issue bonds, and other traditional direct financing methods,Do you think the asset securitization financing main advantage is the???????

　　倪征：相对于增发等股权融资方式，资产证券化产品从上报到获准发行的整个时间周期较短。本次资产证券化方案在经历了前期与监管层的充分沟通后，于今年9月17日获证监会受理，10月30日就得到了批复，较增发等方式周期短很多；相对于债券、信托等融资方式，资产证券化的融资成本更低，有明显成本优势。

NiZheng:Relative to the additional equity financing way, etc,Asset securitization from products to report to the issue of the time period is short.The asset securitization scheme after the full communication and regulatory layer after,In September 17, the CSRC was accepted,October 30, get the reply,A shares many methods such as cycle is short;Relative to the bond/Trust financing ways, etc,Asset securitization financing cost lower,Have obvious cost advantage.

　　综合来看，我认为各种融资方式都有自己的优缺点，在一个有多层次融资渠道的资本市场，企业可以在不同的时期、不同的情况下选择对自己最有利的融资方式。（黄丽）（CIS）

Comprehensive to see,I think all kinds of financing ways have their own advantages and disadvantages,In a multi-level capital market financing channels,The enterprise can be in different period/Different situations to choose the best mode of financing.(HuangLi)(CIS)