Research On Pricing Optimization Of Green Asset Securitization In China

After years of rapid growth,China’s social economy began to pursue high-quality growth,which also provides a good growth environment for green finance.As a significant part of the green financial system,green asset securitization helps to improve the investment efficiency of green industries and reduce leverage.However,at present,China has not established a perfect pricing system for green asset securitization,which does not reflect the impact of green attributes.So this paper attempts to put forward a pricing optimization scheme suitable for China’s national conditions.Referring to the research of other scholars,this paper chooses the option adjusted spread model.Firstly,a variety of forward interest rate paths are simulated according to the CIR model;Then establish appropriate quantitative models to evaluate the prepayment rate and default rate,and get the adjusted cash flow path;On top of that,optimization is proposed for the impact of green attributes,and a multiple linear regression model is established according to historical data to predict the spread of green asset-backed securities,and then added with the simulated spot interest rate as the discount rate to calculate the present value under multiple simulation paths,and the average is the estimated value of the green asset securitization.In order to verify the rationality of this pricing scheme,"Three Gorges new energy ABN2021-1" is selected as a case for analysis,and the static cash flow method is used to estimate,compare the results of the two methods,and draw a conclusion.On this basis,this paper puts forward corresponding suggestions to investors,issuers and the government.This paper makes a quantitative study on the impact of green attributes,and puts forward the optimization of the pricing of green asset securitization,so as to provide a certain reference significance for the further improvement of the pricing model.Exploring a reasonable pricing scheme will also help green enterprises make better use of the financing tool of green asset securitization,so as to promote green development.