Research On The Financing Model Of Green Asset-backed Commercial Paper

Achieving the "dual carbon" goal requires huge financial support,and relying on the financial support provided by the government alone is not enough to support the development of green industries,and at the same time,market funds are required to fully participate and guide social funds to continue to support the transformation of the real economy to green and low-carbon.As an innovative financing tool for asset securitization,asset-backed commercial paper combined with green and low-carbon industries can not only broaden the financing channels of green projects,but also promote the development of green asset securitization.However,asset-backed commercial paper is still in the initial stage of development in China,and the relevant financing models are still gradually explored,and this paper studies the financing model of Datang Leasing Green ABCP,which can provide reference value for other enterprises to develop green asset-backed commercial paper business.Based on the relevant concepts of green asset-backed commercial paper and their issuance in China,this paper first summarizes the basic situation of Datang Leasing.Then,the main product elements of this issue of Green ABCP are introduced,including issuance,transaction structure,asset pool overview,use of raised funds and green certification;Secondly,the issuance plan of Datang Leasing Green ABCP was analyzed.Further study the causes of Datang Leasing’s green ABCP,analyze the issuance plan from the aspects of underlying assets,credit enhancement,cash flow and pricing rationality,and then study the effect of Datang Leasing’s green ABCP from the aspects of issuance cost,financial performance and social benefits.Finally,the advantages of the green ABCP financing model are summarized.This paper mainly draws the following conclusions:(1)Regarding the issuance plan of Datang Leasing Green ABCP,the overall quality of the underlying assets is excellent,but there are shortcomings of high geographical and industry concentration;The use of credit enhancement methods combining internal credit enhancement and external credit enhancement such as priority/subordinated structural arrangements,overcollateralization and differential payment commitments has improved the attractiveness of the product;Asset pool cash flow can better cover the principal and interest of senior notes;The product pricing is higher than the theoretical coupon rate under the nominal spread pricing method,which may be related to the industry characteristics and macro environment of the financial leasing industry.(2)Regarding the effect of issuing green ABCPs,compared with general debt financing,its financing cost has significant advantages,and is conducive to enhancing the solvency,profitability and operating ability of enterprises,and improving their financial position.In order to promote enterprises to better develop green ABCP business,the following suggestions are put forward: enrich the types of underlying assets and improve the stability of cash flow;Make full use of credit enhancement measures to improve the credit rating of products;Improve the information disclosure mechanism and improve the accuracy of pricing;The government has increased support to cultivate green investors.