Research On The Motivation And Benefits Of Issuing Green Asset-backed Notes By Enterprises

With the formulation of the national "dual carbon" goal,green development has become an important topic,and green finance can promote the country’s green transformation to a certain extent.As an innovative financing tool in the field of green finance,green asset-backed notes can provide external financial support for the development of green industry projects.This thesis focuses on the causes and benefits of corporate green asset-backed notes.This thesis first introduces the relevant concepts and market issuance status of green asset-backed notes,and then analyzes the problems,feasibility and financing advantages they face.Then,taking "Guodian Green ABN2020-1" as a case study,the issuer situation,issuance information,underlying asset pool,transaction structure,cash flow and income distribution mechanism,credit enhancement measures and green certification of green asset-backed note products were sorted out and expounded.Then,the action factors in five aspects,including relevant policy support,supporting the development of green power business,broadening financing channels for enterprises,reducing financing costs of enterprises,and revitalizing existing assets of enterprises,were analyzed.Then,the issuance benefits of green asset-backed notes are analyzed from three aspects: stock price efficiency,financial benefit and social and environmental benefit.Finally,based on the above market theory research and case analysis,some feasible suggestions are put forward from the perspectives of enterprises,markets and government supervision.The results show that,firstly,the main driving factors for the issuance of green asset-backed notes include the policy background of green finance and the promotion of the construction of green projects for enterprises,while green asset-backed notes have advantages in broadening corporate financing channels,reducing corporate financing costs and revitalizing existing assets of enterprises.Secondly,from the perspective of the benefits of issuing green asset-backed notes: in terms of stock price efficiency,the issuance of green asset-backed notes will have a positive effect on the stock price fluctuations of listed companies;In terms of financial benefits,the issuance of green asset-backed notes can enhance the short-term solvency and a certain degree of operational ability of enterprises.In terms of social and environmental benefits,the issuance of green asset-backed notes can bring carbon emission reduction effects and bring a certain amount of carbon sink income to enterprises.