Harnessing Asset-Backed Securities to Solve the Financing Problem of China’s Sports Venues: AHP Risk Analysis Methodology and Empirical Study

Xinyang Li, Zhiyuan Wang


Financing sports stadiums in China is challenging due to government fiscal pressure, market competition, and risk management. This study explores an innovative financing model - Asset-Backed Securities (ABS) - and evaluates its risk factors using the Analytic Hierarchy Process (AHP). The AHP method decomposes the problem into goal, criterion, and indicator layers, constructs judgment matrices by pairwise comparisons, and calculates the weight vectors of each factor, thus obtaining the relative importance of each risk factor for ABS financing. The results indicate that cash flow instability, tax policy, and credit rating are the most important factors in operational risk, policy risk, and financing risk, respectively. This study suggests that ABS financing provides an effective and flexible financing method for China’s sports stadiums, which can alleviate the government’s fiscal burden, enhance the operational capacity of the venues, and promote sustainable development.

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DOI: https://doi.org/10.22158/rem.v9n1p124


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