| China's economic growth mode used to be extensive,which has caused serious damage to the ecological environment,especially the water ecological environment for a long time.At present,China has short water resources,serious water pollution and large amount of wastewater discharge,and the task of sewage treatment is arduous,as a result it is urgent to improve the capacity and efficiency of sewage treatment.However,the traditional financing channels are single and the scale of funds is limited,which seriously restricts the development of sewage treatment industry in China.As an innovative financing tool in China's interbank market,ABN has developed rapidly since the publication of New Guidelines in 2016.In 2017,ABN issued 35 units and raised 57.5 billion yuan,which exceeded the scale of five years since the launch of ABN in 2012.In 2018,ABN issued 96 units and 126.1 billion yuan,which exceeded the scale of the past six years.The purpose of this paper is to find suitable innovative financing methods for sewage treatment enterprises.Taking the first green ABN in China in 2017 as an example,to study the ABN financing for sewage treatment enterprises in depth,to analyze the advantages of ABN financing for sewage treatment enterprises.It is hoped that more suitable sewage treatment enterprises can be guided to choose ABN financing to solve the problem of capital constraints under the traditional financing mode,thus promoting the development of water treatment industry,which can provide good water ecological guarantee for the construction of ecological civilization in China.There are 6 chapters in this paper,which focus on the logical thinking of putting forward questions-analyzing problems-and drawing conclusions.Chapter 1 puts forward questions.Through literature review and analysis,it is found that the shortage of funds seriously restricts the development of sewage treatment enterprises in China.The traditional financing channels are single and the scale of funds is limited.In 2017,ABN was used to raise a large amount of funds by BEWG(China)to effectively solve the shortage of funds.Based on this,this paper puts forward the main research questions: Is ABN an appropriate innovative financing mode for sewage treatment enterprises in China?Chapter 2 to Chapter 5 analyses the problems.Chapter 2 introduces the current financing situation of sewage treatment industry in China,and analyses the shortcomings of traditional financing methods,which can be effectively remedied by ABN financing methods.Chapter 3 introduces the general situation of ABN financing of BEWG(China),which provides a case basis for later analysis.Chapter 4 analyses the selection of ABN financing mode for BEWG(China).Chapter 5 makes an in-depth analysis of ABN financing for BEWG(China)from the aspects of transaction structure,cash flow forecast,credit enhancement and risk,and analyses the advantages of ABN financing for sewage treatment enterprises from various perspectives.Chapter 6 is inspiration and suggestions.This paper considers that ABN financing is an appropriate innovative financing method for sewage treatment enterprises,and draws three enlightenments.Firstly,when sewage treatment enterprises choose ABN financing,they should pay attention to the risk related to basic assets,and do a good job of risk response measures from the construction of basic assets pool,the system of repayment of principal and interest,internal and external credit enhancement measures,bankruptcy isolation measures,bottom-guaranteed income of sewage treatment,etc.Secondly,if sewage treatment enterprises plan to choose ABN financing,they should cultivate dispersed basic assets nationwide to avoid excessive concentration of risk in asset pools.Thirdly,when sewage treatment enterprises choose ABN financing,they should choose appropriate internal and external credit enhancement measures according to their own actual situation,make full use of the respective advantages of internal and external credit enhancement measures,in order to achieve the goal of rating at the lowest possible cost.The main innovations of this paper are as follows:Firstly,the research field is relatively new.There are a lot of literatures on sewage treatment enterprise financing and ABN financing in China,but there are few studies on the combination of the two.This paper takes ABN financing of BEWG(China)as an example to study the selection of ABN financing mode,transaction structure,cash flow forecast,credit enhancement and risk of sewage treatment enterprises.Secondly,the research case is relatively new.This paper chooses the first green ABN in China since the New Guidelines in December 2016 as a case study,which is the first time that domestic sewage treatment enterprises use ABN to raise funds,which has strong representativeness.It is hoped to provide some reference for subsequent sewage treatment enterprises to choose ABN financing. |
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