Research On The Risk And Prevention Of Green Asset Securitization

Under the triple crisis of resource depletion,global warming and environmental pollution,it is the general trend to promote the development of green environmental protection industry.In view of long cycle,large-scale investment and few financing channels of green industry projects,green asset securitization has become a wise choice for enterprise financing.Green asset securitization not only provides a lowcost financing path,but also improves the environmental protection effect,thus promoting green sustainable development.However,due to the late development of green asset securitization,China’s green enterprises still lack the issuance experience and sound rules and regulations,which leads to a variety of risks in the issuance process,thus threatening the interests of investors and the healthy development of the market.Therefore,studying the risk of green asset securitization issuance and corresponding preventive measures has a positive effect on other green enterprises to introduce this financing mode,so as to help the comprehensive development of green industry.This paper takes the first "three green" asset securitization product issued by Guangzhou Metro Group Co.,Ltd.on January 21,2019 as a case study,and analyzes the issuance risk of green asset securitization by combining qualitative and quantitative methods.First of all,the relevant research documents at home and abroad are sorted out;Secondly,it introduces the risk theoretical basis and development status of green asset securitization;Next,it describes the basic situation of the case and the Guangzhou Metro project;Furthermore,Analyze from three aspects of basic assets,product design and market environment risk.The key point is to analyze the risk of future cash flow deviation through the stress test of passenger flow growth rate and expected return rate,analyze the continuing operation risk of green operation project companies by using important financial indicators,and analyze the performance risk of original equity holders by using Zscore model.Finally,Put forward corresponding preventive measures and draw conclusions against the above risks.Based on the case study,the article finally draws the following three conclusions: First,the future cash flow generated by the underlying assets of green asset-backed securities is controllable to a large extent,while the profitability of the project operating company is poor due to the industry characteristics.Second,the original equity holders have strong comprehensive strength,but the product design structure cannot completely avoid the credit risk and capital confusion.Thirdly,the uncertainty of market environment risk is too high,which requires constant attention and pre-control measures,especially to solve the problem of insufficient liquidity.In terms of risk control of green asset-backed securities,the case of Guangzhou Metro has provided the following enlightenment for the development of green asset securitization in the future: the issuance of green asset securitization should first ensure that the quality of the assets in the pool is good,especially the equity basic assets;Enterprises should consider whether the credit enhancement measures taken in product design are comprehensive and effective;The government and other relevant departments need to improve the information disclosure and supervision system;In addition,investors should establish risk awareness and improve investment enthusiasm.