| Today,with the increasingly serious resource and environmental problems,it is particularly important for China to implement the green development strategy.In 2016,"green finance" officially stepped into the vision of the society,and the "13th five year plan" proposed the strategy of "building a green financial system and cultivating green bonds".In September,2020,the state put forward a new instruction of "carbon peaking and carbon neutralization",which indicates that the future development of China’s energy industry will reach a new level.In recent years,due to the increase of new energy installation projects,the gap of renewable energy subsidies has become larger and larger,resulting in a serious lag in the government subsidy policy,which has seriously affected the company’s capital balance and adversely affected the company’s overall operation and development.The traditional bank financing model has been unable to meet the development of new energy enterprises,and it is urgent to seek new financing channels.In this context,this paper takes the successful issuance of green asset-backed notes by Huadian Fuxin group as an example.The product is lower than the issuance price of the same type of products in the market in the same period,which has certain reference significance.This thesis adopts the method of combining theoretical analysis and case analysis to explore how new energy companies solve the financing needs of enterprises through green asset securitization.Firstly,through the research on green asset securitization at home and abroad,this thesis makes an in-depth study on the connotation,operation process and related theories of asset securitization,so as to lay a theoretical foundation for the later case analysis.Next,this thesis introduces the basic situation of Huadian Fuxin Company,expounds the reasons for choosing this case,and introduces the design scheme of asset securitization of the case,which paves the way for the specific analysis later.In the case analysis,it makes an in-depth analysis from four aspects: motivation,basic assets,risk control and effect.It is considered that Huadian Fuxin chose the way of green asset securitization for financing based on the purpose of strategic expansion,reducing financing costs and improving asset liquidity.It is found that the selected renewable energy subsidy of the basic asset has the characteristics of green attribute and stable cash flow.In terms of risk control,Huadian Fuxin realized bankruptcy isolation through the design of special purpose vehicle,and took reasonable credit enhancement measures to mitigate risks.In terms of issuance effect,green asset securitization has the advantage of low cost compared with other financing products of the company.It can also improve the capital structure and liquidity,and has a positive impact on the company’s stock price and environmental protection;The first is to make full use of the preferential policies of the government;Second,the selection of high-quality green assets is an important basis.Government credit endorsement and good coverage prediction can ensure stable cash flow in the future;Third,a reasonable risk isolation system can realize off balance sheet financing,and the real sale through trust can improve the ability of risk control;Fourth,effective internal and external credit enhancement measures are an important guarantee to speed up the issuance of asset securitization and attract investors,so as to reduce credit risk;Finally,it puts forward suggestions to enterprises and regulators that enterprises can introduce professional asset management institutions and enrich the basic asset pool;Legislation should clarify the conditions of real sale;Regulatory agencies should regulate information disclosure more strictly;The status of rating agencies should be improved to play its supervisory role and prevent the occurrence of asset securitization default. |
