Study On The Motivation And Effect Of TUS-EST’s Green Asset-backed Securitization Financing

In recent years,the government has continuously encouraged the development of green finance,strengthened market supervision and the deepening of deleveraging,which has increased the financing pressure of the environmental protection industry and left a backlog of accounts receivable.The development prospects of the environmental protection industry are broad,and with the development of the economy,the demand for waste electricity treatment in China is constantly increasing.In the process of production and operation,enterprises continuously expand their scale,which requires sufficient financial support.In order to broaden the company’s financing channels and revitalize the company’s existing assets,green asset-backed securitization is gradually favored by environmental protection enterprises,and more and more environmental protection enterprises are issuing green asset-backed securitization for financing.In 2016,only 5 green asset-backed securitization products were issued domestically.As of December 31,2022,a total of 305 green asset-backed securitization products were issued domestically,and the growth momentum is still continuing.This article selects the first state-owned enterprise green asset-backed securitization on the Shenzhen Stock Exchange-Tianfeng Pingyin Tus-Sound Waste Power Product Treatment Fund Subsidy Trust Beneficial Rights Asset Support Special Plan(hereinafter referred to as the Tus-Sound Special Plan)as the research object.Firstly,based on a brief introduction to the current development status of green asset-backed securitization in China,the TUS-EST,and the special plan for green asset support,this paper explores the motivations for implementing asset-backed securitization from the perspectives of policies,industry conditions,and corporate strategies.Secondly,according to the motivation of asset-backed securitization,the actual financing effect after the issuance of green asset-backed securitization products by TUS-EST is analyzed,and the market reaction of TUS-EST financing announcement is analyzed through the event study method;By calculating the financing costs of various financing methods and further analyzing the role of asset-backed securitization in reducing financing costs and expanding financing channels;Using the EVA model to calculate economic value added and analyze the financial performance of enterprises in recent years.Finally,analyze the resource and environmental benefits and resource recovery value that green asset-backed securitization financing brings to enterprises.Through analysis,it was found that the social benefits,environmental benefits,and expanding financing channels brought by it were significant.However,the financing effect in activating the existing assets of enterprises,reducing financing costs,and improving financial effectiveness was not significant,and even brought negative effects.The specific reasons for the negative effects of each financing effect were further analyzed.Finally,countermeasures and suggestions were proposed to improve the financing effectiveness of green asset-backed securitization from four aspects: policy,reuse of green asset-backed securitization financing,information disclosure level,and waste recycling mode.The possible innovation of this article lies in using the EVA model to analyze the financing effect of asset-backed securitization.Through the research on the motivation and financing effect of Green Asset-backed Securitization for TUS-EST,it is expected to pass the case and provide some references for other environmental protection enterprises in the practice of green finance and green asset-backed securitization.