Research On The Motivation And Financing Effect Of Green Asset Securitization Of Longyuan Power

The new energy industry is facing new opportunities for development under the promotion of green low-carbon transformation and ecological civilization construction.In recent years,with the progress of electric power technology,the market-oriented orientation of the renewable energy industry has become more clear,and the government’s financial subsidies for it have gradually narrowed.At the same time,enterprises should continue to promote the continuous progress of new energy technology,continuous enhancement of efficiency,continuous reduction of cost,so as to get rid of the dependence on financial subsidies.Therefore,power enterprises need to relieve their own financial pressure,meet the financing needs,improve the cash flow situation.As a new financing tool,green asset securitization can improve the asset liquidity of enterprises and has certain policy advantages,which provides a new idea for the financing of electric power enterprises.In this paper,the concept and identification,characteristics and advantages,and basic operation process of green asset securitization are firstly sorted out,and the theories of priority financing,social responsibility and financing efficiency are introduced to lay a theoretical foundation for the following analysis.Secondly,the development status of green assets securitization in the electric power industry is analyzed,including the system construction and issuance of green assets securitization and the analysis of green assets securitization in the electric power industry.Thirdly,it introduced the basic situation of the enterprise,sorted out the previous issuing process and specific issuing plan of the enterprise,and analyzed the motivation of green assets securitization of Longyuan Power from both external and internal aspects.Then,the financing effect of green asset securitization is analyzed from the short-term market level,financial level and non-financial level.The research shows that the green asset-backed securities issued by Longyuan Power in 2018 and 2021 have positive excess returns after the announcement,but the bonds in 2021 have a more obvious positive fluctuation effect on the stock price.After green assets securitization,Longyuan Power has brought positive financial impact to the company,alleviating the pressure of debt repayment,improving corporate profitability,reducing corporate financing costs,and exerting positive financial leverage effect.After the green assets securitization financing of Longyuan Power,the efficiency of green technology innovation has been continuously improved;Investment in wind power projects can effectively reduce the use of coal,reduce the emission of air pollutants,and save part of the environmental protection tax;Actively fulfill the responsibilities of green enterprises,meet the needs of stakeholders,and enhance the green reputation of enterprises.Finally,this paper puts forward enlightenment from three aspects,improve policies and regulations,guide the development of green assets securitization market,power enterprises to actively participate in,use green financing methods to expand financing channels,strengthen the disclosure of green assets securitization information,reduce information asymmetry,hoping to provide reference for the green assets securitization financing of power enterprises.