Study On Green Asset Securitization Of Huadian Fuxin Energy Corporation Limited

After asset securitization was formed in the United States in 1968,it was quickly promoted to the world as one of the most important financial innovation tools of the 20 th century.As a new financial model with low financing costs,which can trigger market vitality and reduce market systemic risks to a certain extent,it gradually forms an important part of the capital market.Asset securitization,as a financial innovation product in the past 30 years,effectively connects the real economy with the financial capital market,revitalizes corporate physical assets,and promotes the multi-level development of the capitalized market system.Chinese scholars started research on asset securitization business as early as 1992.However,due to the influence of international financial situation and China's national conditions and inadequate laws and regulations,China began to test run asset securitization business in the capital market gradually in 2005.Among them,the development of asset-backed notes is relatively slow,and the types of related products were introduced simultaneously with the promulgation of the 2012 Guidelines for Non-Financial Enterprises' Asset-Backed Notes in the Interbank Bond Market.Subsequently,the “Regulations on the Management of Asset Securitization Business of Securities Companies” promulgated by the Securities Regulatory Commission in 2013 and other systems regulated the implementation of asset securitization business,and also marked the transition of this business from pilot operation to routine work in China.The development of asset securitization projects in China ushered in a climax in 2016,and the types of securitization products,participants,and product structure were diversified.Among them,the China Interbank Market Dealers Association issued the "Guidelines for Asset-Supported Notes for Non-Financial Enterprises(Revised Draft)" which greatly supports the innovative development of asset-backed notes(ABN)and the market has expanded rapidly.And with the "green" rising as one of the national strategic development concepts,the green financial system has gradually improved.In 2016,the 13 th Five-Year Plan proposed to build a green financial system to further implement the requirements of green development.As a new type of green bond,the green asset securitization product can effectively help green industry enterprises to finance,so the green asset securitization market is expanding rapidly.As a new type of green financial product,green asset securitization not only enriches the types of basic assets in asset securitization,but also revitalizes the stock assets of green industries,broadens the financing channels of environmental protection enterprises,and improves the operating efficiency of enterprises.In this context,this article takes Huadian Fuxin's successful issue of green asset-backed note products as an example,and attempts to explore the relationship between corporate capital structure and operations,shareholder wealth and other factors and the implementation of asset securitization.,and find the key points,risks and design advantages in the process.It is hoped to provide reference for the implementation of asset securitization by similar types of enterprises,so that it can better implement the actual operation of asset securitization in the future and promote the development of green asset securitization.This paper uses a combination of theoretical analysis and case analysis to study the issues related to green asset securitization of listed companies.In the theoretical analysis part,this article analyzes the related connotation,operation process and related risks of asset securitization on the basis of related literature research at home and abroad.In the case analysis part,this article takes Huadian Fuxin's successful issuance of green asset-backed notes as a case.Starting from the company's equity,financing status,and scale of green assets,it sorts out the entire process of implementing green asset securitization by the enterprise,and concludes that the underlying assets have green Attributes,stable cash flow and multi-method credit enhancement methods.It analyzes in detail the motivations,risks,countermeasures and effects of Huadian New Energy's implementation of this special plan,summarizes its impact on the company's capital structure and stock price.Finally,five points of enlightenment are put forward: First,companies should enrich the choice of green basic assets,broaden the dimensions of the underlying assets,and at the same time increase the diversification of assets in the pool to improve the quality of asset securitization products and reduce product risks.Second,arrange flexible and diverse credit enhancement measures and reasonable credit rating measures to strengthen the subject's credit ability and strengthen its ability to perform.Third,improve relevant regulations and systems,and clarify the criteria for authentic sale,in order to achieve the effect of risk isolation and achieve true and effective bankruptcy isolation.Fourth,relevant departments need to improve the secondary market transaction mechanism for asset securitization products to improve product liquidity and attract more different investors to participate effectively.Fifth,promote the construction of professional asset service institutions and the qualification training of relevant personnel,with a view to effectively allocating the underlying asset cash flow.