Research On The Financial Effect Of Green Asset Securitization Financing

When debt financing is continuously affected by the country’s "de-leveraging",the scale of corporate credit is limited,while equity financing is costly,difficult,and time-consuming.Asset securitization has become a new channel and option for corporate financing.At the same time,under the background of the 13 th Five-Year Plan emphasizing the concept of green development and the increasingly urgent resource constraints,relevant support policies promote the combination of green finance and asset securitization.Green ABS as an innovative financial tool can inject the necessary funds for the green industry,the green industry overcomes difficulties in financing and solves financial problems such as the large amount of accounts receivable occupies liquidity,which helps China’s sustainable development process.Therefore,green industry enterprises fully understand the green ABS,combined with their own financing needs to correctly understand the financing effect of green ABS and apply it,the future financing choice and sustainable development of green industry enterprises is of great significance.Based on reviewing domestic and foreign literature and green ABS-related theories,this paper selects the first batch of the green asset support plan for accounts receivable(phase I)issued by the Ministry of Industry and Information Technology into the green manufacturing system in 2017 as the object of analysis,introduces the original rights holders and the contents of the special plan.Focus on the analysis of TGOOD accounts receivable green ABS motivation and implementation effect,to judge whether TGOOD can use this special plan to achieve its financing purposes.First,the motivation of The TGOOD’s green ABS of accounts receivable is analyzed from the aspects of policy support,corporate strategy,financing needs and accounts receivable.Then from the cost,income,financial risk,accounting statement processing and financial indicators and other five aspects of quantitative and qualitative analysis of the implementation of TGOOD’s special plan,quantitative analysis,the use of capital cost definition formula to estimate financing costs;Use the Z-Score model to analyze the impact of the program on TGOOD’s financial risk,and compare changes in TGOOD’s solvency,profitability,and operational capability before and after the plan.On this basis,combined with the actual situation of TGOOD and the relevant principles of green ABS to carry out qualitative analysis of the above.Finally,the characteristics of the green ABS of TGOOD accounts receivable is sorted out as a summary review of case analysis.Through the above analysis,the following conclusions are drawn:(1)The motivation of TGOOD to carry out green ABS is similar to the motivation of general asset securitization,and the rapid development of financial operations at the same time has not kept pace with the pace of business operations.Through the accounts receivable green ABS to make full use of national policy support and exchange approval green channel,for new business quickly to finance and help its accurate investment in the field of new energy charging.(2)TGOOD basically achieves its financing purpose through the green ABS of accounts receivable,brings short-term positive wealth effect to the enterprise while reducing the financing cost,increases the wealth of shareholders,and the design of the relevant transaction structure helps to realize the accounts receivable statement,improves the asset and liability structure of TGOOD,and reduces the short-term debt service pressure of the enterprise,Mitigate the problem of short-term debt and financial risk.(3)Green ABS scale will affect the reduction and implementation of financing costs,the need for green enterprises to combine the actual situation of reasonable choice and use.