Research On Financing Methods And Economic Consequences Of Green Asset Securitization

In the new era,the sustainable development of green economy is the core of China’s high-quality development,green finance in the ecological environmental protection at the same time,so that the economy has been rapidly developed,promote the green industry and the financial industry common progress,it can be said that the development of green finance is an important way to practice the concept of green sustainable development.Because the metro rail transit industry has the characteristics of large investment and long cycle,social capital is reluctant to enter the industry,and rail transit enterprises can often only be financed through government investment and bank loans.However,in recent years,due to the greater financial pressure of the government,the bank credit review has been strengthened,and in order to implement the requirements of energy conservation,carbon reduction and green environmental protection,many rail transit enterprises have begun to actively explore green financing channels.As a new financing tool of the green financial system,green asset securitization has many advantages in financing and can provide great help for the capital turnover of rail transit enterprises.In this context,in 2019,due to the need for subway line expansion and high operating costs,Guangzhou Metro Group Co.,Ltd.,as the original equity holder,issued the first phase of the green asset-backed special plan based on the passenger toll revenue right of Guangzhou Metro Line 5.Guangzhou Metro Group successfully obtained financing of 3.158 billion yuan through this special plan.The green asset securitization products issued this time realize the "double green" of the underlying assets and the issuer,which is typical and representative.Based on this,this paper selects the first phase of the green asset-backed special plan of Guangzhou Metro in 2019 as the research object,and explores the feasibility of asset securitization for rail transit enterprises through case analysis.This paper first analyzes the financing motivation,underlying assets,financing process and credit enhancement method of the special plan,and then studies the economic consequences of the green asset securitization from both non-financial and financial dimensions.The study found that Guangzhou Metro Group’s issuance plan relied on high-quality underlying assets and adopted measures such as tiered issuance of securities,excess coverage multiples,and differential payment commitments to protect the rights and interests of investors.From a financial point of view,the issuance of green ABS can not only broaden the financing channels of enterprises,effectively reduce financing costs,but also improve the short-term solvency of enterprises and optimize the capital structure,but it will also bring certain financial risks to Guangzhou Metro Group.From a non-financial point of view,the issuance of green ABS can shape the green reputation of enterprises,have positive environmental effects on society,and optimize the industrial structure and improve the green financial system.general,the green asset-backed special plan issued by Guangzhou Metro this time is a relatively successful practice of green financing tools,which can provide a new idea for solving the financing problem of urban rail transit.In order to better promote the development of green asset securitization,the concluding part of the paper also puts forward constructive suggestions for securities issuers and policymakers.