Research On The Application Effect Of Enterprise Green ABS Under The Goal Of Carbon Neutrality

As global warming and other ecological and environmental problems have increasingly caused serious harm to human society,improving energy efficiency,optimizing energy structure and upgrading industrial structure have become more and more important driving forces to achieve high-quality economic development.China has actively implemented the strategy to respond to climate change,and has issued policies to support the development of green industries.At the 75 th Session of the United Nations General Assembly in 2020,China solemnly proposed the "dual carbon" strategic goal of achieving carbon peak by 2030 and carbon neutral by 2060.Then in 2021,carbon peak and carbon neutralization were written into the Government Work Report for the first time,and China’s carbon peak and carbon neutralization work moved from the strategic decision-making stage to the system deployment stage.The development of green industry cannot be separated from the support of capital market.As the vitality of the green financial market gradually emerges,various green financial instruments,such as green bonds and green credit,have been developed to guide social capital to facilitate green transformation.As a green financial tool,green asset securitization can not only provide support for low-carbon green projects,but also has the advantage of low cost financing.However,as green asset securitization is still in the early stage of development,it is not widely used.The characteristics of green industry naturally coincide with the green attributes of green asset securitization products.If it can be used reasonably and effectively,green asset securitization will become one of the important financing tools to promote the development of green and low-carbon economy.In this situation,this paper hopes to conduct a multi-angle case study on the application of enterprise green asset securitization,investigate its application effect,try to discover and expose the existing problems,analyze their causes,and provide solutions.First of all,this paper systematically reviews the research background,theoretical basis and relevant literature involved,summarizes the proposal and realization path of China’s carbon neutrality goal,summarizes the current development status of green asset securitization,and summarizes its policy environment and market status quo.Then,this paper adopts the research method of case analysis to discuss the first green asset securitization project of Goldwind Technology as an example.In the first step,it introduces the financing motivation,basic assets,transaction structure,layered design,green certification and other basic information about the project.Step 2 from the cost of financing,financial status,environment,enterprise reputation,social benefits and so on different Angle of view,the evaluation of application effect of the third step is to summarize the specific problems found during the study,such as credit,the main body is relatively single,financing cost advantage is not obvious,the market mechanism play a limited,environmental information disclosure is not standard,the secondary market liquidity is weak,etc.The analysis of its reasons lays a foundation for the summary of the following research.Through scientific research,this paper finally draws the corresponding conclusions and gives policy suggestions.As the first green asset securitization product of wind power industry in Shanghai Stock Exchange,the case studied in this paper has important demonstration significance.It not only exports advanced experience of green industry financing to Chinese society,but also exposes some specific problems,which are worth studying.This paper considers that green asset securitization plays a unique financing advantage in supporting the transformation of energy structure and industrial structure,but it also has some problems,such as insufficient means of credit enhancement,insufficient market independent function,insufficient reduction of financing cost,and non-standard disclosure of environmental information.In addition,this paper puts forward corresponding suggestions,including strengthening external credit enhancement,improving green certification system,cultivating local independent third-party green certification institutions,and improving the information disclosure system of green asset securitization.