Study On Green Asset Securitization Of Three Gorges New Energy Corporation

With the continuous consumption of resources,the problem between human development and ecological environment is becoming increasingly prominent.2015,the country proposed "green" as a national strategic development concept and proposed to promote the construction of a green financial system.To promote the green transformation of the energy industry.The renewable energy industry,as the forerunner of the green transformation of the energy industry,requires a large amount of financial support for the development of preliminary projects and has a long payback period for investment.The renewable energy industry has a strong reliance on policy,but government subsidies have an uncertain payback time and there is a policy regression.The renewable energy sector is under increasing pressure to raise capital,and traditional bank financing methods are struggling to continue to raise sufficient funds in the face of rising debt ratios.As a result,the issue of financing for green enterprises,represented by the renewable energy industry,needs to be addressed urgently.With the continuous development of China’s green financial system and the emergence of innovative financial products,green asset securitization is an innovative product in the green financial market,which has widened the financing channels of enterprises and eased the funding difficulties of the renewable energy industry.In this context,Three Gorges Energy,a leading company in the renewable energy industry,has been selected for this thesis.Three Gorges Energy issued the first issue of green asset-backed notes(green ABN)in 2021,the first carbon-neutral green ABN,which kicked off the securitization of green assets for non-financial enterprises and can provide some reference and lessons for other enterprises preparing to issue carbon-neutral green ABNs.This thesis takes the green asset securitization business of Three Gorges Energy as the research object and adopts a combination of literature research and case study methods to conduct an in-depth study of it.In the theoretical part,this thesis first analyses the meaning,operational process and benefit dimensions of green asset securitization and related theories on the basis of domestic and international literature studies.In the case introduction section,this thesis provides a detailed introduction to the company profile,equity structure and financial situation of Three Gorges Energy,a comprehensive introduction to the basic situation of this green ABN,and presents the motivation of the issue from two dimensions:the external motivation is mainly the continuous introduction of green policies and the vast industrial prospect,while the internal motivation is mainly to promote the development strategy of the enterprise,improve the capital structure and broaden the internal motivations are mainly to promote the development strategy of enterprises,improve capital structure and broaden financing channels.In the case study section,this compares the issuance path of Three Gorges Energy based on the process of green asset securitization and identifies the key aspects of the successful issuance of green asset securitization by Three Gorges Energy,including the selection of green underlying assets,risk control system,mechanism to attract and protect investors and the operation and management of funds.The study also analyses the effect of this green asset securitization of Three Gorges Energy in terms of the economic benefit dimension,the environmental benefit dimension and the social benefit dimension,and finds that the issue has formed good economic,environmental and social benefits.The study concludes that green asset securitization is an effective financing method;high-quality green underlying assets are the basis for success;effective capital operation and management as well as internal and external credit enhancement measures are the guarantee of the issue;and risk control and guaranteeing product safety are indispensable aspects.And combined with the case studies,the study has drawn insights: at the enterprise level,it is necessary to continuously enrich the types of green underlying assets,broaden the application scenarios of green asset securitization,and diversify the underlying assets to reduce the risk of policy changes.At the product design level,enterprises need to take into account the difference in investor needs and carry out layered design for the issuance of products.At the government level,it is necessary to continuously improve the information disclosure system to reduce the risk of information asymmetry and improve the green certification system to safeguard the green attributes of the products.