Research On The Development Of Green Asset Securitization In China

After the Fifth Plenary Session of the Eighteenth Central Committee of the Communist Party of China was held in 2015,the concept of "green" appeared in all aspects of economy,society and culture fields.Both the national government and the public have paid more and more attention to "green development".Green development has become a basic concept of China's economic and social development.As a result,green finance has been mentioned more and more times at all levels,and green finance has entered an era of rapid development.Green asset securitization,an innovative financial instrument that applies asset securitization to the field of green finance,has been applied in recent years.As a structured financing tool that uses the stable cash flow generated by green assets in the future as a payment support,green asset securitization is suitable for large capital investment,long capital recovery period,and continuous cash flow returns in green project construction.It can solve the difficulty of matching the term of green projects with financing funds.However,there are still many problems in the development process of China's green asset securitization.How to make green asset securitization suitable for China's financial market and play a better role requires further efforts.“Teruid Account Receivables Phase I Green Asset Support Special Plan” is the first “double green” certified green asset securitization product in the Shenzhen Stock Exchange and the first green asset securitization product in China 's new energy vehicle charging business.It is a typical case that can provide reference and reference for the issuance of green asset securitization products in related industries.Based on the introduction of the TGOOD Green Asset Securitization case,this article analyzes from four aspects: the remaining asset pool,cash flow,the direction of raised funds,and the method of credit enhancement.Conclusion: Overall,the special plan is designed reasonably,with strong operability,high quality of the underlying asset pool,proper credit risk control,efficient and compliant use of funds,and third-party green certification,and it is operating well.At the same time,there are also inadequacies in the industry distribution of debtors in the basic asset pool,lack of external credit enhancement methods,and incomplete information disclosure.Based on this,three suggestions are proposed to promote the development of China's green asset securitization: actively promote external credit enhancementmethods;establish a strict and comprehensive information disclosure system;enforce and standardize third-party green assessment and certification.