On Application Of Asset Securitization In Green Industry

At present,asset securitization has received unprecedented attention in the capital market.Asset securitization acts as a bridge between the real economy and the capital market.It not only helps enterprises get rid of the liquidity predicament,but also plays an increasingly important role in improving resource allocation efficiency,linking investment and financing parties in the market,and serving the real economy.The development of green economy is important for China to achieve strategic transformation and build an environment-friendly society.Financing difficulties and high costs are important factors that hinder the development of green industry.Green asset securitization relies on asset reorganization,risk isolation and credit enhancement to provide green industry with opportunities to revitalize assets and obtain lower-cost funds.The development of green asset securitization is still at an early stage.There is not much experience in securitization of green assets.This paper selects the green asset-backed securities issued by Xinjiang Goldwind Science & Technology as the research object.The successful implementation of Goldwind's green asset securitization demonstrated the feasibility of green asset securitization and provided some experience for asset securitization of green industry.However,there are still some problems in the implementation of the project.Firstly,this paper studies the former research on asset securitization.Then analyzes the characteristics of green asset securitization and illustrates the advantages of green asset securitization.Goldwind's green asset securitization is mainly to expand financing channels,and meet the huge financing needs brought about by strategic transformation.This paper analyzes the Goldwind's green asset securitization from four aspects: basic assets,related participants,transaction structure and risk control.On this basis,this paper believes that the special plan helps Goldwind to earn electricity income in advance,achieve low-cost financing and improve the company's reputation.However,Goldwind's plan is not perfect,there is still room for optimization.The special plan lacks external credit enhancement.The credit rating system is imperfect.Goldwind purchases secondary securities by itself,the risk is not properly transferred.Investor confidence has not been fully mobilized and the issue cost has not been fully reduced.In response to these problems,this paper puts forward some suggestions.First,add external credit enhancement to improve the actual effectiveness of credit enhancement.Second,create a dual rating system to solve the problem of overrated rating.Third,sell inferior securities to risk-seeking investors.Fourth,increase the maturity diversity of securitized products and improve the information disclosure system to enhance investors' confidence.Fifth,cultivate local green certification institutions to reduce certification costs,and promote the development of “Internet plus” smart energy to use big data to control the risks.The research on Goldwind's green asset securitization provides some guidance for the improvement of Goldwind's financing plan,and it has certain reference value for asset securitization of green industry.