Motivation And Effect Analysis Of Green Asset-backed Notes Issued By Zhong Zaihuan

With the rapid development of economy,environmental problems have become increasingly prominent,and the sustainable development of economy and environment has become the focus of the country’s work.At the same time,with the proposal of Chinese carbon target and carbon neutral vision,the strategic position of green development becomes more and more prominent.In this context,the development of green finance is helpful to our country’s high quality social economic development and promotes our country’s green economic transformation.As an innovative financing product,green asset securitization has multiple advantages,such as precise support for green industries,matching long-term capital needs and reducing financing costs,and enjoys broad development prospects.In this paper,Zhong Zaihuan,a leading enterprise in the waste electronic comprehensive utilization industry,is selected as the case company,and the motivation and effect of its issuance of green asset-backed notes are studied in accordance with the "financial symbiosis theory".Firstly,the connotation,motivation and effect evaluation of green asset securitization are briefly expounded.Secondly,it briefly introduces China Re-investment Ring and its green asset-backed notes.Furthermore,the motivation of green asset-backed notes financing is analyzed from the perspective of intrinsic motivation and extrinsic motivation.Finally,from the enterprise,market,environment three aspects of the distribution effect.Through research and analysis,this paper draws the following conclusions: first,the issuance of green asset-backed notes by China Zhong Zaihuan has certain advantages in corporate financing,which expands the financing channels of enterprises;At the same time improve the financial effect of enterprises;Finally,it improves the comprehensive solvency of the enterprise;Second,the first phase of green asset-backed notes issued by China Re Resources and Environment Co.,Ltd.in 2020 will have a short-term positive effect on the stock price of the enterprise and improve the long-term value of the enterprise.Thirdly,enterprises engaged in the green industry raise funds through green asset-backed bills,which will promote the development of their green business,generate green environmental performance and environmental effect on the society,thus shaping their green reputation.But at the same time,there is also a bad effect,expand the financing channels of enterprises,but did not reduce the financing cost.Due to the influence of negative events in the same period,the positive effect on the stock price is not lasting and the time to improve the financial effect of the enterprise is not long.According to the conclusion,this paper summarizes the enlightenment from the perspective of enterprises,government and market,hoping to make some contributions to promote the development of green asset securitization.The successful issuance of green asset-backed notes by China Zhong Zaihuan gives many inspirations,which are elaborated from the perspectives of green enterprises,government and market.First of all,green enterprises make reasonable use of green asset securitization to help their own development.At the same time,they choose the appropriate financing mode based on their own development characteristics.They can innovatively try green issuing subject certification to reduce financing costs.Policy makers will improve the policy incentive system,increase the enthusiasm of market participation,and standardize the third-party certification evaluation system to accelerate the orderly development of the green evaluation market.Finally,from the perspective of the market,the market should enhance the influence of green asset securitization in the market,and encourage diversified subjects to participate in green bond financing and cultivate green investors.