Research On The Credit Risk Of Asset Securitization Of Huadian Fuxin Electric Power's Internet Collection Right

Since 2015,China's macro policies have strongly advocated the development of new energy power industry.With the development and utilization of wind power,solar power and other new energy power,the proportion of new energy power connected to the grid has been increasing day by day.With the continuous expansion of asset-backed Securities(ABS)market scale,asset-backed securitization of power grid fee rights has also been developed rapidly,which provides power generation enterprises with a new way of financing.Charge of remuneration issues underlying asset as the mainstream,the scale at the same time also with several downgrades and product default case happened,and credit risk is the power to get to the Internet transferor asset securitization project is one of the most important risk of default,at the same time is also the key to continual credit rating asset-backed securities reference elements,so you need to plan managers focus on.In this paper,the credit risks of Huadian Fuxin Electric Power's on-grid fee right ABS are firstly identified according to the risk causes of the products that have been breached or the credit rating has been downgraded.In combination with the specific situation of the case,the credit risks of Huadian Fuxin Electric Power's on-grid fee right ABS are identified qualitatively,including the credit quality of the underlying assets,the credit of the core enterprises,the transaction structure,and the policies and laws.Then,an index system of credit risk assessment is established through expert questionnaire survey and analytic hierarchy process(AHP),a judgment matrix is constructed and consistency test is conducted,so as to calculate the weight of each influencing factor,and a credit risk scoring standard is constructed by referring to the practice of previous researchers.Finally,six experts in the field of asset securitization were invited to score the credit risk factors of the products according to the asset securitization products of electric power charging right issued by Huadian Fuxin,and calculate the weighted average of the expert scoring results to obtain the credit risk score of the project of 4.4948.According to the credit scoring standard,the credit risk rating of the asset securitization project of Huadian Fuxin Electric Power charging right is close to medium risk.This case identified four indicators of risk affect the overall credit risk in different degrees,according to the credit risk factor analysis and expert scoring situation,summed up the case of a credit risk points for the main business of core enterprise credit risk management,transaction structure risk in the financial risk of confusion and credit enhancement,policy and law policy risk and quality of the underlying asset credit risk in the risk of the underlying asset risk dispersion.Therefore,in view of this case the risk prevention and control of Suggestions mainly from the above five times of the four elements of risk assessment index layer influence factors,and are proposed for managers focus on core business,specializing in the production to eliminate confusion,pay attention to credit enhancement,risk,continue to focus on industry policy and reduce the concentration of risk assets five Suggestions,to ensure that the Huadian Fuxin grid transferor ABS have enough actual cash flow to pay principal and interest.