Research On Green Asset Securitization Of Enterprises In China

To develop green finance to help the environmental protection industry to revitalize is an important way to practice the concept of green development.The environmental protection industry is characterized by large investment,long capital recovery period and quasi-public goods.Therefore,government funds and social capital are needed to support environmental protection industry.The urban subway operation is a typical case.Asset securitization is an innovative financial tool in the global financial market.By effectively combining with green development and taking the future cash income of green basic assets as the debt repayment support,it can enrich the means of raising funds for green enterprises,reduce their capital cost,and guide social capital flow to green industries.This paper takes the "19 Guangzhou railway green ABN" as case study object,a first rail transit green asset-backed bill with passenger ticket revenue right as the basic asset in China.This paper makes an in-depth analysis of its issuance motivation,product plan and effect,summarizes relevant experience,and puts forward suggestions to promote the development of green asset securitization market from the perspectives of enterprises and policies.In the case introduction part,the development of green asset securitization business is firstly summarized from two aspects: system construction and market status.Then the reasons for choosing this case under that background are expounded,and the scheme design of this case is briefly introduced,laying the groundwork for the specific analysis in the following part.This section introduces the operation overview and financing status of the initiator,and leads to the analysis of the reasons for green asset securitization in the following part: the expansion of asset scale and the innovation of financing methods.In the case analysis part,this green asset-backed bill of guangzhou metro group is analyzed in detail in terms of its cause-scheme-effect.First of all,the motivation is to actively align with the guangdong-hong kong-macao greater bay area strategy to expand the scale of assets,break through the current financing difficulties and reduce the dependence on government financial subsidies.Secondly,this section analyzes the design elements of the green asset securitization scheme that satisfy these issuing motivations.It is found that the "three green" green certification of the case also conforms to the domestic and foreign standards.The cash flow of the underlying assets is strong pressure resistance.Combined with internal and external credit enhancement measures,the scheme has certain risk slow-release measures.And the overall design of the scheme is good,which can be used for reference by other enterprises.Then the static spread method was used to investigate the rationality of the pricing results.Finally,the effect of this green asset-backed bill on the initiator is analyzed.It is found that it has certain advantages of low-cost compared with other financing products.It can improve debt structure,improve liquidity and green business profitability,and has considerable environmental protection benefits.Based on the above analysis,this paper summarizes the successful experience and deficiency of this case,provides relevant experience for green enterprises to better conduct green asset securitization financing,and puts forward relevant suggestions for policy makers to promote the development of green asset securitization market.