Research On Application Of Green Asset Securitization

At present,China’s electric power industry is in the transformation and upgrading stage of old and new driving forces,and the demand for energy structure reform is extremely urgent.Electric power industry is a typical capital and technology-intensive industry,and infrastructure construction is characterized by large amount of investment and long payback period.Therefore,in order to achieve green and low-carbon development,the power industry cannot do without huge capital investment in the process of upgrading and transformation of coal power units and energy transformation.As a new financing tool,green asset securitization can provide a new idea for green enterprises such as renewable energy power generation enterprises to solve financing problems.Through the case study of green asset securitization of Guodian power,this paper attempts to provide experience significance for renewable energy power generation enterprises to achieve off balance sheet financing through the issuance of green asset securitization,which meets the capital demand of enterprises.At the same time,it is conducive to promoting the development of green finance.By summarizing the research status and achievements of scholars at home and abroad,this paper combines the theory of green asset securitization with practical cases,and analyzes the first phase of green asset-backed notes issued by Guodian power in 2020.Firstly,the paper analyzes the development status of China’s green asset securitization market.Secondly,it introduces the development of Guodian Power,and focuses on the implementation plan of green asset securitization in this case,including the participating institutions,product transaction structure,the composition and distribution of basic assets,the investment of raised funds and the green attribute.Next,on the basis of combing the above implementation plan,the paper deeply studies the issuing effect of green asset securitization,the reasons for its success and the shortcomings.It can be concluded that green asset securitization has obvious advantages in the four aspects of broadening financing channels,improving asset liquidity,reducing financing costs of enterprises and establishing green image of enterprises.In this case,the reasons for the success of green asset securitization is to realize assets true sale and bankruptcy isolation effectiveness,internal and external credit promotion measures can effectively slow release risk,excess cash flow coverage to provide payment security,strict and orderly collection and distribution of cash flow,the introduction of a third party green assessment agencies and guodian power company performance ability.At the same time,in this case,green asset securitization also has shortcomings,including high concentration of basic assets,insufficient layered product design,and imperfect information disclosure mechanism.Finally,in view of the shortcomings in the development of green asset securitization,this paper puts forward the following suggestions: the issuer should broaden the basic assets as much as possible,enhance the diversification of the basic assets,carry out hierarchical design of the products,and at the same time,take internal and external credit enhancement measures to effectively prevent risks;Relevant government departments should strengthen system construction,including policy incentive system,information disclosure system and improve green certification standards;Financial institutions should strengthen product innovation,deepen service levels and do a good job in building professional personnel.