期刊名称：Petroleum-Gas University of Ploiesti Bulletin : Economic Sciences Series
印刷版ISSN：2284-8576
电子版ISSN：2247-8582
出版年度：2014
卷号：2
页码：21-32
出版社：Petroleum-Gas University of Ploiesti
摘要：Tourism is one of the world's largest industries and a particularly important issue is the financing of its development. Tourism and culture are significant elements of the region's economy and are likely to be major growth sectors. Tourism development in countries in transition ensures revenue growth, employment, development of the hospitality sector and infrastructure. The paper aims to draw attention to the possibility of applying asset securitization in the financing of tourism. State subsidies and bank loans do not provide sufficient funds and require new sources of funding. Securitization of assets enables the bond issue on the basis of specific, isolated assets such as loans. It also allows the bond issue and the collection of cash on the basis of the assets that will arise in the future. Tourism can achieve significant revenue today using securitization of future cash flows, where the collateral may be Vacation Ownership Receivables, tolls, credit card receivables, hotel revenues. There is a particularly important issue to provide funding by REITs and REMICs
关键词：tourism industry finance; agro tourism securitization; future cash flow
