Case Study Of Green Asset Securitization Of China Three Gorges Renewables Group

At present,in order to achieve the "30·60" goal of China’s carbon peak and carbon neutrality,the government has successively introduced relevant support policies,and various financial institutions have also innovated financial products to help.In this context,as one of the important financing tools in the field of green finance,the innovation and improvement of green asset securitization have important theoretical and practical significance for the realization of the dual carbon goal and the improvement of the theoretical system of green finance.Based on green finance theory,asset securitization theory and risk management theory,this paper uses case analysis,literature review,data analysis and qualitative analysis to analyze the first green asset-backed notes(carbon neutrality bonds)of China Three Gorges Renewables Group in 2021,and focuses on the financing effect and risks of green asset securitization on the basis of the development theory of green asset securitization that scholars have studied in the past.This paper is divided into seven chapters,focusing on the analysis of the financing effects and risks of green asset securitization products based on case studies.For the analysis of financing effect,this paper observes the effect of revitalizing the existing assets of enterprises by calculating financial indicators,and analyzes the role of green asset securitization in reducing financing costs and broadening financing channels.From a non-financial point of view,the financing value of green asset securitization products is analyzed at different subject levels:for Three Gorges Renewables Group,the first is to raise construction and operating funds and broaden financing channels;The second is to revitalize the stock of subsidized electricity assets and optimize the asset structure.The third is to establish a green reputation of enterprises.For the social environment,the first is to actively contribute to the realization of the dual carbon goal and improve the green financial system;Second,energy conservation and emission reduction,with significant social and environmental benefits.In addition,this paper will elaborate,analyze and summarize the risks of Green Asset Securitization Products issued by Three Gorges Renewables Group mainly from three important aspects:financial risk,underlying asset risk and external environmental risk.The last chapter of this article summarizes the following problems and puts forward targeted suggestions through the analysis of this case:for enterprises,the concentration of underlying assets is high,the stability of cash flow is low,and there is a lack of external credit enhancement methods;From the perspective of the external environment,there are still problems such as imperfect relevant laws and policies,incomplete information disclosure,non-standardized market,low investor participation and insufficient capacity building of market participants.The suggestions made in this regard are:enterprises should improve the quality of basic assets and actively adopt external credit enhancement methods;The government should improve relevant laws and policies,establish and improve information disclosure mechanisms,actively guide green orientation,and increase publicity;The market should continue to improve the market system,cultivate green investors and strengthen the capacity building of market participants.