Research On Photovoltaic Power Station's Earning Right Backed Securitization

Photovoltaic power generation has the characteristics of clean,efficient,sustainable development and utilization.In recent years,the photovoltaic industry has achieved rapid development with the support of national policies and industrial scale support,and the domestic installed photovoltaic capacity has expanded rapidly.With the continuous introduction of relevant policies and regulations in China to accelerate the market-oriented layout of photovoltaic power generation "parity access",the difficulties of financing and high financing costs have once again become the focus in this field.As a new type of financing tool,asset securitization has the potential to reduce financing costs,and is a feasible way of financing for photovoltaic power station projects in the future.This article analyzes the characteristics of different financing methods of photovoltaic power plants and their applicability in different cases,summarizes the financing status of domestic photovoltaic power plants and the financing shortcomings,and elaborates the necessity of asset securitization in the field of photovoltaic;at the same time,it analyzes the feasibility of introducing asset securitization mode into the field of photovoltaic from three aspects:policy and regulations,photovoltaic ABS product elements and practical operation.Subsequently,in the study of asset securitization pricing of photovoltaic power plants,this paper builds on the pricing models of several asset-backed securities(ABS),which are commonly used in photovoltaic power plants,and combines previous studies on the pricing of other ABS products,to build a pricing model for ABS products with income rights for PV plant.This paper takes the BOC-Shenneng Nankong Assets Special Plan as an example to design a photovoltaic power station's earning right backed securitization product.It uses data comprised of the income from the on-grid electricity charges of six ground-based photovoltaic power stations,issued by Shenzhen Nankong during the years between 2016 to 2021,as the underlying asset of ABS.Taken the characteristics of PV into account,Monte Carlo model is used to predict the distribution of future cash flow of the asset pool,and the NS model is used to fit the term structure of the interest rate,thereby determining the overall issuance amount of ABS products;then the underlying asset,according to the stability of the cash flow of the asset pool,is divided into three tranches with different credit ratings;finally,the issuance scale and coupon rate of different grades of bonds are determined.In the tax treatment of photovoltaic power station's earning right backed securitization,theoretical level of the asset securitization is to comb the existing tax policy;practical level is to focus on the asset special plan case,and through analysis of the tax treatment of major transaction subjects from the asset transfer part,securities issuance part,income distribution part and the service institutions part,to summarize the tax problems of China's photovoltaic power plant securitization,including unclear definition of the income tax attribute,ambiguous real sales definition,unclear definition of the taxpayer after the transfer of the income right,the lack of SPV taxpayer status problem and the lack of tax policy fairness.Finally,based on the above analysis,this article puts forward corresponding product pricing and tax policy recommendations,with a view to providing some reference for subsequent academic research.