Research On Motivation And Effect Of Green Asset Securitization Of China Resources Power

As ecological and environmental problems become more and more prominent,the report of the Party’s 20 th National Congress proposed that we must keep in mind and practice the idea that lucid waters and lush mountains are gold and silver mountains,so as to promote more social capital to enter green industries and establish a sound green,low-carbon and circular economic system.China’s green finance system will be further improved,and we will actively yet prudently promote carbon peak and carbon neutrality.At the same time,our country also put forward the "14th Five-Year Plan,to help energy saving environmental protection industry and clean energy industry green industry development,the future development of energy industry will certainly on a new stage.However,the development of the industry relies heavily on financial funds,which makes the power enterprises with high asset-liability ratio fall into financing difficulties in the path of low-carbon transformation.Electric power enterprises urgently need to solve the problem of capital shortage in the process of green transformation and broaden their own capital source channels.Green asset securitization,as a financing method emerging recently,has a low threshold for project establishment,which effectively improves the financing availability of green industries and conforms to the development goals of green economy of enterprises.Therefore,for renewable energy power generation enterprises,green asset securitization can be regarded as a bridge to build the capital market and green industry projects.Based on this,this paper conducts a case study on the issuance of renewable energy subsidized asset-backed securities by China Resources Power to explore how enterprises can use green asset securitization to guarantee normal operating cash flow and revitalize existing assets.First of all,this paper combs domestic and foreign literature from three aspects of asset securitization,the motivation of green asset securitization and the financing effect of green asset securitization,and introduces the relevant concepts and theoretical basis of asset securitization in detail.Secondly,it introduces the basic situation of China Resources Power and the first phase of directional asset-backed notes issued by China Resources Power in 2020.Thirdly,based on the above analysis,the motivation of green asset securitization of China Resources Power is analyzed from both external and internal factors,its financing effect is evaluated from financial and non-financial perspectives,and the possible risks of this issue of green asset-backed securities are introduced.Finally,the paper summarizes the effect of green asset securitization on the financing of electric power enterprises,puts forward reasonable suggestions on the possible risks in the issuance,and looks forward to the development of green asset securitization of electric power enterprises under the "two-carbon" goal.This paper finds that: first,green asset securitization can lower the threshold of enterprise financing and improve the possibility of obtaining funds;Second,green asset securitization revitalizes the stock assets of enterprises,and this financing mode does not increase financial leverage,which is conducive to improving the capital structure of enterprises.Third,compared with ordinary bonds,green securities have lower financing cost,which can smoothly withdraw financial subsidies and reduce the dependence of energy enterprises on financial funds in the development process.Through the case analysis of China Resources Power,this paper explores how power enterprises solve financing problems and help green development,in order to provide theoretical reference for other enterprises to carry out green financing activities and provide reference for power enterprises to continue financial innovation.