Research On The Financing Mode Of Green Industrial Asset Securitization

In recent years,as China vigorously advocates the concept of sustainable development,the importance of ecological protection in China has gradually increased,but also highlighted many deepening environmental problems.In this case,the concept of green development has gone deep into all walks of life,and the social value played by green industries has gradually increased.While most of the green industry is belongs to the capital-intensive industries,such as hydroelectric power,the green industry in the aspect of technology and infrastructure construction of energy efficiency need to invest a lot of money,and money payback period and the period is longer,at the same time the construction project of accuracy compared with other enterprise more strict,especially with large infrastructure in power generation industry,the traditional financing model due to reasons,such as enterprise credit,financing regulation cannot meet the needs of the development of enterprise,its development stalled due to financing difficulties,be badly in need of a more appropriate financing,promote the development of green industry.As a relatively new financing method,asset securitization can be better used in green industry.This paper by reviewing the previous literature,fully understand and master relevant theory of asset securitization and its distribution,release conditions,structure,etc,and in the gezhouba green asset securities as example,the analysis of the basic situation and the financing situation,through the measure of the cost of financing,compared with other financing mode,it is also from the financial indicators,risk control,credit enhancement and so on analysis of asset securitization the effects of this way of financing for companies,and comprehensive analysis the advantages and disadvantages of the financing mode,and explore for green industry financing model of this kind of special industry,In the hope of providing reference for other green industry enterprises.Through the analysis in this paper,the following conclusions: the gezhouba power assets to support the transferor online special plan in the same amount of bank loans,bonds compared two kinds of financing mode,lower the cost of financing,cash flow generated by its underlying asset in the future period is stable,predictable,and because the transferor asset securitization future cash flows generated by assets is the foundation of gezhouba as balance payment commitment to people and hierarchical mechanism as the guarantee,so the risk control ability is good.It is worth noting that,compared with equity financing,the advantages of Gezhouba Power Grid Charge Rights Asset Support Special Plan need to be based on a certain range of dividend payout rate,so as to have a lower financing cost.However,from the perspective of financing conditions,it is generally advantageous to implement it in green industry,and enterprises can hedge the financing cost difference by increasing the financing amount.