Research On Green Asset Securitization Financing Mode Of Urban Rail Transit Project

With the rapid development of our country’s economy and society and the full-speed progress of urban integration construction,more and more people from fourth-tier and fifth-tier cities are pouring into first-tier and second-tier cities.This has put great pressure on the existing public transport in the city and exacerbated the level of air pollution.The construction and operation of urban subway projects has effectively alleviated the problem of current traffic pressure.However,because these engineering projects themselves have the characteristics of large scale of capital investment,long construction period,public welfare,and slow return on capital investment,behind the peak period of investment and construction,the problems of insufficient funds and operating losses are increasingly prominent.How to effectively get rid of the difficulty of financing rail transit projects has become a problem that needs to be studied and solved urgently in the society.As a new financing method,asset securitization financing has the advantages of reducing the financing cost of enterprises,improving the liquidity of assets,and leveraging the financial leverage of enterprises.Green asset securitization is the financial industry that keeps pace with the times.In order to implement the goal of building a beautiful ecology,green financial products derived from asset securitization have the common characteristics of asset securitization.Such enterprises and projects provide a precise,efficient and low-threshold financing model,establish a green and responsible public image of the enterprise,enhance social status,and strengthen the investment confidence of social capital.Based on the theory of capital structure,asset securitization and green finance,this thesis compares the financing methods of rail transit projects at home and abroad,and takes the development status of green asset securitization as the background to explore the implementation of green asset securitization of urban rail transit projects by JG Group.It is believed that the current group financing has such problems as high asset-liability ratio,high long-term debt repayment pressure,and relatively single financing source.And other resources have not been fully exploited and utilized.In order to solve the problems above,a feasible green asset securitization plan is established from the selection of basic assets and the calculation of future cash flow,establishment of SPV,and selection of appropriate credit enhancement methods.The implementation of the plan is guaranteed by taking measures to further improve external credit enhancement measures,increase support for rail projects,and improve the risk disposal mechanism for centralized repurchase.This thesis based on the practical application of green asset securitization scheme,combined with the actual situation of JG Group,to design a targeted,feasible,efficient and convenient financing scheme.It is hoped that it can help broaden the financing channels of enterprises and reduce financing costs,so as to facilitate the development of green asset securitization,and provide a Scheme reference for solving the financing difficulties of rail transit projects.