A Case Study On Green Asset Securitization Based On "20 CR-leasing Green ABN"

In the process of strengthening green construction in China,the development and improvement of green finance occupies a very important position.Moreover,China is in an important period of transition to a green economy,and the economy and ecology need to develop harmoniously and complement each other.However,generally speaking,green enterprises are facing the dilemma of low profitability,large investment and slow payment back,and the green capital gap is obvious.As an innovative financing method,green asset securitization has many natural advantages in solving the capital demand.It can not only promote more social capital to actively participate in the construction of green projects,but also help to improve the low financing efficiency of green industries.This paper takes "20 CR-leasing Green ABN",the first "double green" asset-backed note in Shenzhen market with the most dynamic green economy,as the case study object.The analysis shall be carried out according to the causal connection sequence before,during and after product release,and the advantages and disadvantages of the key links of product design shall be traced according to the conclusion.Provide relevant suggestions to sponsors and policymakers.By expounding the basic theory and development status of green asset securitization,this paper provides a background introduction and theoretical basis for the following "20 CR-leasing Green ABN" case.In the case introduction part,by introducing the industry characteristics and development trend,business scale and business situation of the issuing institution China Resources financial leasing company,this paper leads to the motivation of issuing "20 CR-leasing Green ABN".It also briefly expounds the design overview of the product scheme,the transaction process and the key elements of the product,so as to pave the way for the in-depth analysis of the case below.In the case analysis part,it is analyzed layer by layer according to the causal relationship between the motivation before the product release,the scheme design during the release and the benefit impact after the release.Before the issuance,the motivation is to comply with the development trend of green finance in the first demonstration area externally and expand financing channels internally to alleviate the chronic disease of the industry’s capital structure.During the issuance,the scheme was designed from three perspectives: green certification standard,cash flow compression resistance and credit enhancement effectiveness.It was found that the scheme was well designed in all aspects.After the issuance,the static interest margin method is used to analyze the product pricing results,and the products are comprehensively evaluated from the perspectives of financing cost,financial status and environmental benefits,It is found that "20 China Resources Green ABN" has the advantage of low cost,can also alleviate the leverage level of enterprises,improve liquidity and profitability,and has good environmental and social benefits.Finally,according to the analysis conclusion,the advantages and disadvantages of product design are traced and summarized,and relevant suggestions are provided to the sponsors and policy makers.Then it can provide experience for other enterprises planning to adopt green Securitization Product financing,and play a certain reference significance.