Research On The Impact Of Green Asset Backed Securities On The Value Of Issuing Enterprises

Green financing tools represented by green bonds are in the ascendant in China.As an important financial product in the financial market,asset-backed securities will have a great positive impact by using its characteristics and advantages to support the green industry.Previous studies at home and abroad mainly focus on the design and case analysis of green asset-backed securities,lacking the relevant research on green asset-backed securities and enterprise value.On the basis of previous studies,this paper uses the method of theoretical analysis and empirical research,combined with the relevant theories in asset securitization and the did model commonly used in econometrics,studies the green asset-backed securities by measuring the enterprise value of the explained variable with Tobin Q value and representing the issuance of green asset-backed securities with the cross term of dummy variable.This paper finds that the issuance of green asset-backed securities has a certain role in promoting the value of issuing enterprises.The promotion effect of stateowned enterprises is more obvious than that of non-state-owned enterprises.For different industries,manufacturing industry and power enterprises,the promotion effect is more obvious than that of water conservancy enterprises.Based on the conclusion of this paper,this paper points out that the government should encourage private,foreign and mixed ownership enterprises to issue green asset-backed securities,and give them more convenient issuing conditions;at the same time,it can provide more preferential discount policy for non-state-owned enterprises issuing green asset-backed securities,so as to improve the issuing efficiency of non-state-owned enterprises The enthusiasm of green asset-backed securities.We should further improve the information disclosure mechanism of green asset-backed securities,establish alternative dual disclosure methods,enrich the policy support methods of green bonds,give priority to the examination and approval of green asset-backed securities,and simplify the examination and approval process.In order to encourage more enterprises to issue green asset-backed securities and participate in the green financial system while enhancing their own enterprise value,so to make contributions to the construction of China’s ecological civilization.