Research On The Issuance Effect And Risk Of Green Asset Securitization Products In New Energy Enterprises

With the acceleration of human industrialization,the excessive exploitation of energy and the wanton destruction of the environment have led to frequent global natural disasters and continuous deterioration of the Earth’s ecology.The contradiction between humans and the ecological environment is becoming increasingly severe,posing a serious threat to the sustainable development of the Earth.In recent years,the concept of "green" development has gradually taken root in people’s hearts,and the demand for a shift from a high-speed economic development model to a high-quality development model has become increasingly urgent.Finance,as an efficient tool for allocating social resources,has a strong advantage in solving financing difficulties in green industries and promoting the development of green industries.Asset securitization,as a financial tool with a fifty year trading history,can effectively solve a series of problems such as high investment,long payback cycles,and low subject credit of green enterprises,and assist in the development of green industries.This article selects the first phase of green asset backed notes(hereinafter referred to as 21 Three Gorges New Energy ABN001)issued by the new energy industry leader Three Gorges New Energy Group in 2021 as the research object.Its basic assets come from the accounts receivable of renewable energy electricity price additional income held by Three Gorges New Energy Group.This project is the first green asset securitization product in the current domestic market to use the additional income from renewable energy electricity prices as the basic asset.With the further implementation of the national new energy subsidy policy,more and more new energy enterprises can enjoy subsidies.The issuance of Three Gorges New Energy can provide reference for relevant green enterprises to issue green asset support bills,which has a certain representativeness.This article closely combines the current actual situation and introduces the current development status of green asset securitization in China.In the research process,a comprehensive analysis was first conducted on the Three Gorges New Energy ABN001,covering four aspects: issuer information,basic assets,transaction structure,asset backed note issuance methods,and credit enhancement methods.Secondly,qualitative and quantitative analysis was used to analyze the issuance motivation,advantages,and effectiveness of the Three Gorges New Energy ABN001.Finally,research conclusions were drawn and suggestions were provided to relevant departments.Through research,it has been found that the issuance of green asset backed notes by Three Gorges New Energy Group has its advantages as a mature project for new energy enterprises,as well as strong support from relevant national policies.In addition,the issuance of green asset securitization by Three Gorges New Energy has a positive impact on improving debt structure,reducing financing costs,and reducing carbon emissions.This article also conducted risk analysis from the perspectives of basic assets,transaction structure,and other aspects,and found that there are potential risks such as excessive concentration of basic assets and single transaction levels in this case,which may have a certain negative impact on the issuance of the product.Based on the sources of risks,this article proposes certain improvement measures.Finally,based on the above research on green asset securitization,this article concludes that the 21 Three Gorges New Energy ABN001 is a successful case in China’s green asset securitization.High quality basic assets can help enterprises achieve asset securitization smoothly,and green asset securitization can help enterprises achieve low-cost financing and broaden financing channels.In addition,the development of green enterprises cannot do without the implementation of national policies.