Research On The Motivation And Effect Of Green Asset Securitization

With the rapid development of the world economy,the problems such as climate warming and environmental pollution have become increasingly prominent,and the sustainable development of China's economy has also been seriously restricted.In 2016,the people's Bank of China estimated that China will need 2-4 trillion yuan a year to deal with the environment and climate change,while public funds alone can only meet 15% of the demand,and the related funding gap can only be replenished by social capital.The report of the 19 th CPC National Congress clearly pointed out that we should speed up the reform of the ecological civilization system,build a beautiful China,and take "developing green finance" as one of the ways to promote green development.In 2019,the fourth Plenary session of the 19 th CPC Central Committee made it clear once again to develop green finance and improve relevant policy guidance.Therefore,to develop green finance,attract social capital investment and help the revitalization of low-carbon and recyclable green industry has become the only way to practice the concept of green development.As an innovative green financing tool,green asset securitization can play a role in invigorating existing assets,which is very suitable for green-related industries with large pre-investment and long payback period,and will inject fresh power into the implementation of green finance.In this context,the regulatory level has issued policy guidance on the issuance and operation of green asset securitization,and local governments have actively promoted issuers and intermediaries to participate in the green asset securitization market through various means.The long-term development of the green financial market needs not only the top-level design of "top-down",but also the market practice and innovative exploration of "bottom-up".The issue of green asset securitization of Goldwind Science & Technology is a positive exploration echoing the national concept of green development,which is innovative and typical.By combing the relevant literature,starting from the motivation,combined with the effect of its issuance,on the one hand,we can verify the advantages of green asset securitization in financing,environment and other aspects,and evaluate the gains and losses.on the other hand,as the first green asset-backed securities in Shanghai Stock Exchange,some key steps and beneficial measures in practical operation can provide valuable experience for other enterprises trying to finance through green asset securitization.By combing the relevant literature and using the mainstream research framework of symbiosis theory to analyze the motivation of this issue,it is found that due to the symbiotic relationship between Goldwind Science & Technology and the government,the motivation for Goldwind Science & Technology to choose to issue green asset-backed securities for financing is not only for its own needs of replenishing funds and seeking development,but also,to some extent,implicit political incentives and institutional incentives for regulatory authorities to issue preferential treatment policies.Then,according to the investment concept of ESG,the effect analysis is carried out from the three aspects of issuing enterprise,environment and society,and it is found that green asset securitization can bring positive market effect to enterprises,help enterprises achieve lower cost financing,give full play to the role of interest tax shield and create a good green reputation in terms of Goldwind Science & Technology's own benefits.In terms of environmental benefits,it is reflected in the pollutant emissions reduced by the five wind farms,which are the basic assets of this issue,by using renewable energy to replace traditional high-pollution power generation;in terms of social benefits,it is mainly manifested in helping China's financial market to improve and standardize the green operation of enterprises.As the first green asset-backed securities on the Shanghai Stock Exchange,this issue not only conforms to the national top-level design on green finance,is conducive to promoting the development of the green financial market,but also meets the capital needs of Goldwind Science & Technology itself,but also has a positive impact on the entire symbiotic environment,which has a positive impact on the ecological environment,has achieved mutual benefit and win-win results,and fully embodies the idea of symbiosis.Based on the above research on green asset securitization,this paper puts forward some suggestions for enterprises to issue green asset securitization,including that green enterprises should make use of policy advantages to choose appropriate financing methods,give full play to the benefits of green reputation after issuing green asset-backed securities,and actively adopt the green project evaluation and certification method of double certification.but at the same time,we should also pay attention to take targeted measures to control risks according to the characteristics of green projects.Hope to promote the domestic green asset securitization market from passive to active,improving day by day.