Study On The Impact Of Background Differences Of Underlying Asset On The Financing Cost Of Green Asset Securitization

As an important guarantee for achieving the "3060" dual carbon goals and "2035 Vision Goals",green finance will be placed in a more prominent and important position in the era of green development.As an important part of green finance and one of the main financing methods of green industry,green asset securitization has few relevant research results.This paper takes the financing cost as the analysis object and the background difference of underlying assets as the entry point to analyze the influence of the latter on the former.The research problems are in line with the practical needs,and it is expected to provide some reference for reducing the financing cost of financing subjects,promoting the deepening development of green asset securitization and the overall development of green finance.Based on the research background and significance,this paper firstly reviews the relevant researches of Chinese and foreign scholars on the impact of background differences of basic assets on the financing cost of Green Asset Securitization,and then analyzes the development status and financing cost status of Green Asset Securitization in China.Again based on stakeholder theory and information asymmetry theory,this paper proposes the mechanism that the background difference of basic assets affects the financing cost of Green Asset Securitization.Then the data of green asset securitization products listed and issued in China by July 31,2021 are selected for empirical test.Finally,conclusions are drawn and relevant recommendations are put forward.Based on the research on the relationship between the background difference of underlying assets and the financing cost of Green Asset Securitization,This paper draws five conclusions: Firstly,the state-owned nature of the background of underlying assets’ property rights has the effect of reducing financing cost,and the stronger the state-owned nature is,the lower the financing cost of Green Asset Securitization issuers.Secondly,The regional background of underlying assets will affect the financing cost of green asset securitization,and the background of eastern region has more advantages in financing cost than the background of central and western regions.Thirdly,when asset-backed securities are issued,when the underlying asset contract claim is the deterministic contract claim,it helps to reduce the financing cost of green asset securitization.Fourthly,in the case of securities without balance payment commitment,the background of deterministic contract claim of underlying assets is more helpful to reduce the financing cost of green asset securitization.Fifth,there is heterogeneity in the impact of claim background of underlying asset contract on financing cost of green asset securitization under different green certification conditions.