Case Study Of H Company Green Asset Securitization

The renewable energy power generation industry is a basic industry in the green industry.With the promotion of ecological civilization construction and the popularization of the concept of green development,China's promotion of the renewable energy industry continues to increase,and the industry has also ushered in a period of rapid development.In recent years,due to factors such as insufficient financial funds and the expansion of the industry's volume,the gap in state subsidies for the renewable energy industry has expanded year by year,and there has been a situation in which financial funds cannot be allocated in time.High,financial pressure has increased significantly.Therefore,how to meet the financing needs while optimizing the capital structure and improve the cash flow situation of the enterprise has become an urgent problem for many renewable energy power generation companies.As a new type of financial instrument,green asset securitization has the characteristics of optimizing the structure of assets and liabilities and improving the liquidity of assets.At the same time,it also enjoys the advantages of policy support,which provides a new idea for renewable energy power generation companies to solve financing problems.The green asset securitization plan of company H selected in this paper is designed by company H and the plan manager Ping An Securities,together with various intermediaries,and when there is no precedent in the industry,the additional subsidy funds receivable from renewable energy are used as the basic asset design.Release plan.Through unique asset pool structure design and clause arrangement,the plan successfully realized the “listing of assets”;through the use of storage shelf issuance,the financing efficiency was improved and the issuance cost was reduced;the green nature of the product also made the issuance process enjoy the policy Convenience has also triggered a good social response.This article first outlines the important stakeholders involved in the issuance,the background and main process of the issuance,and then focuses on the important motivation of H company 's green asset securitization financing method,which mainly includes the need to optimize the capital structure and the financing method is efficient and low The cost and the company's own advantages in issuing are three aspects,which also clarify the company's issuance purpose;then through a comparative analysis with the industry's typical green asset-backed securities issuance program "Agricultural Bank Suiying",the summary is Basic asset selection,asset pool structure design,cash flow risk and issuance methods have advantages,and there are deficiencies in credit enhancement methods and green certification;finally through the financial effects,financing efficiency and social impact of this issuance Through analysis,it was found that the company's capital structure and cash flow status have been effectively improved,the issue target has basically been achieved,and it has brought good social impact.Finally,based on the above analysis,I summarized the enlightenment of the overall issuance plan and made recommendations for its shortcomings,mainly including the following three aspects: increasing the product maturity level and enhancing the attractiveness to investors;promoting public offering and strengthening the construction of the secondary market;Encourage the use of external credit enhancement methods.