| As resource and environmental problems become more and more serious,taking a green development path is of great significance to promoting China’s economic transformation.Since the beginning of 2016,the concept of green finance has gradually appeared in our vision.In March 2016,the "13th Five-Year Plan" mentioned "establishing a green financial system and cultivating green bonds".In August of the same year,seven ministries and commissions jointly issued The "Guiding Opinions on Building a Green Financial System" encourages and supports the investment of more social capital in green industries,so as to avoid investment in polluting projects.In September,green finance issues were also included in the G20 summit.Following the first year of China’s green finance in 2016,with the vigorous development of the green industry,the demand for funds has become more and more urgent,and a large number of innovative green finance products have followed one after another.Green asset securitization came into being,not only enriching the types of basic assets in asset securitization,but also revitalizing existing assets for green companies,broadening corporate financing channels,and improving corporate operating efficiency.In this context,this article takes the successful issuance of green asset-backed notes by the State Power Investment Group as a case,and analyzes and studies the financing models and effects of green industry asset securitization,so as to provide reference experience for other companies engaged in similar financing activities to promote green The development of asset securitization business promotes the promotion and application of these innovative financing methods in my country.The case selected in this article,the State Power Investment Group,has the highest proportion of clean energy installed capacity among the five major power groups in my country,and has distinctive renewable development characteristics.The additional subsidy funds for renewable energy power prices in the basic asset pool of its issued asset-backed bills reached 26.91 Billion,the amount involved is huge and quite representative.At the same time,this issuance is also the first attempt by SPIC for green asset-backed notes,which is of exploratory significance.This article uses a combination of theoretical analysis and case analysis to study the green asset securitization business of listed companies.This paper analyzes the connotation,operation process and mechanism of green asset securitization in detail based on the research of relevant domestic and foreign documents.Then analyze the background and current situation of the green asset securitization system,and look at the characteristics of the financing model from the overall situation.Next,we will introduce the basic situation of SPIC’s companies and financing,and analyze the financing model from the perspectives of basic situation,financing process,basic assets,and credit enhancement system.Then analyze the financing effect after the issuance of the asset-backed notes from the financial and non-financial perspectives,and get the implementation effect of the financing model.Finally,it is concluded that green asset securitization can lower the financing threshold and improve the availability of financing in the renewable energy power generation industry;increase the liquidity of corporate assets and reduce the dependence of industrial development on finance;the design of a structured credit enhancement mechanism can reduce financing costs and improve Capital Structure.At the same time,suggestions are made from the three perspectives of the government,regulatory agencies,and green enterprises.The government needs to work hard to guide green orientation,adopt some positive preferential measures to control the speed of change;regulatory agencies can build a green investment system,supervise information disclosure,and attach importance to publicity and training.Etc.;green enterprises must ensure the quality of basic assets to enable enterprises to transform into green. |
