Research On The Risk Of Jiangsu Leasing Green Asset Securitization

With the emergence of green finance concepts and the continuous introduction of green bond related policies,China’s green bond market has developed rapidly.As an important component of green bonds,green asset securitization products have also experienced explosive growth in the scale of issuance.Green assets The problems faced by the securitization market have also become increasingly prominent.At this stage of the economic downturn and the sluggish manufacturing industry,the risk analysis of green asset securitization products is conducive to issuers to find risks in the process of green asset securitization in advance and manage risks in a timely manner.At present,there are few studies on the risks of green asset securitization products.Special risk research on them has positive significance for exploring the healthy development of China’s green bond market,and has certain research space and research value in the future.This article uses a case study approach.First,the case analysis of Jiangsu Leasing’s first phase of green asset securitization products in 2019 was carried out,and it was found that green asset securitization products have the advantages of national policy support,low issuance costs,and flexible guarantee methods.Second,from the impact of the basic asset cash flow "ability to pay" and "payment barriers" set out to analyze the risks at various stages of the operational process.It focuses on the analysis of the quality risk of the underlying assets,the default risk of the lessee and the credit enhancement risk.Analyze the quality of the underlying assets from both the underlying assets themselves and the lessee,use the conditional repayment model to quantitatively analyze the speed of the tenant’s early repayment,and use the stress test method to measure the cash flow under the situation of rising interest rates and default rates Coverage multiple.The research in this paper found that Jiangsu Leasing Green Asset Securitization Products have a high concentration of basic assets,a low credit rating for pooled assets,a high prepayment rate,and a lack of external credit enhancement measures.To this end,this article proposes the establishment of basic asset screening standards,increasing the lessee’s prepayment costs and moderately increasing external credit enhancement measures.The possible innovation of this article lies in the unique research dimension.The selection of the first green asset securitization product issued in the domestic inter-bank market and analysis from the perspective of risk provide the future issuance and risk management of green asset securitization products in the financial leasing industry.Theoretical support also provides reference and reference for related practical operations.