| The financing model of green "Combination of debt,loan and fund" was innovated by the China Development Bank(CDB)and was first introduced in the market.It is mainly used to green construction project financing.Three financing ways of green credit,green bonds,and special funds for industries combined,The China Development Bank adopts the management principle of full fund flow tracking and real-time monitoring of accounts.The CDB coordinated the funding arrangements,supplemented the capital gap for green projects and provided follow-up debt financing services.On October 25,2016,the financing model of green "Combination of debt,loan and fund",which is tailored to the Wuhan Metro Group's rail transit project,formally entered the public's view.On that day,the green mid-term bill was successfully issued.Money from bond will be used for green project construction and green credit repayment.Fund financing will be a source of debt repayment.As the comprehensive financing coordinator of the portfolio financing model,CDB has expanded the sources of funds through bond underwriting,supply of loans,and fund holding,and coordinated the use and repayment of funds to improve the efficiency of the use of funds.This combined financing model has achieved innovation in the green financial model and was beneficial to the development of green economy.The main content of this thesis is to study the actual application of the financing model of green "Combination of debt,loan and fund" in Urban Rail Transit Construction.Taking Wuhan Metro Group's financing as an example,this thesis introduces the running process of the financing model,and try to explore the applicability of the financing model.Thesis attempts to analyze the innovation value of the financing model from the perspectives of companies,banks,and investors.It is concluded that this financing model can not only meet the financing needs of enterprises,but also can provide investors with a stable investment product,which achieves financial model innovation,bank service innovation and investment product innovation.At the same time,it gives suggestions and measures for the promotion of this model.Finally,the conclusions are drawn.And some proposals are put forward.Through the analysis,we can find that the financing model of green "Combination of debt,loan and fund"is suitable for green projects or infrastructure projects;the financing pattern can effectively use the differentiation advantage of funds,loans,bonds and other financing methods to meet urban rail project financing needs.it can improve the proportion of direct financing,reduce financing costs,optimize the financing structure with high efficiency;at the same time,the financing pattern can strengthen the management and control of funds,improve financial service level,reduce the risk of default by improving the credit promotion procedures;for investors,it provides a steady investment tool,realizing innovative of bonds;for the social value,it helps to realize the sustainable development of economy.The financing pattern has certain significance for improving the proportion of social direct financing and promoting the formation of multi-level capital market in China.Based on the case analysis,this article elaborates the case promotion from two perspectives.First,the financing model of green "Combination of debt,loan and fund" can be used in other project areas.Besides,this model can be promoted among financial institutions other than policy banks.It is hoped that through the analysis and discussion of this case,this passage will provide experience for the follow-up of the application of the financing model of green "combination of debt,loan and fund". |
PDF Full Text Request