金融学院知识库

 我国的绿色资产证券化从2014年开始提上国家经济发展日程，“十三五”规划明确了绿色金融与绿色经济建设中政府的支持态度，加速了绿色资产证券化的发展进程，各部门对会议文件的快速响应，也帮助市场能够快速接受这种创新型的融资工具。绿色资产证券化是发展绿色金融的重要工具之一，能够引导社会资金流向绿色环保企业并落实到具体的绿色项目中。对于绿色环保企业，尤其是新能源汽车行业，存在前期资金需求巨大，资产结构不适用于传统股权融资或债券融资的情况，绿色资产证券化可以帮助当前拥有未来可产生稳定现金流资产的绿色环保企业，获取低成本的融资，还能因此增加企业资产的流动性。

本文结合绿色资产证券化相关的基础理论，立足于我国现阶段资本市场上绿色资产证券化产品的发行现状与政策导向，发现了我国现行的关于绿色资产证券化政策法规尚未完备、市场也还有很大的成长空间以及产品本身的一些问题。以新能源行业充电领域的龙头公司特锐德2017年发行的“特锐德应收账款一期绿色资产支持专项计划”为例，通过分析特锐德选择资产证券化作为融资工具的动因，实施绿色资产证券化时的交易结构及产品要素，发现该产品存在资金混同风险、集中度风险、财务管理风险及循环购买风险，最后归纳了案例的优缺点并针对我国绿色资产证券化的发展提出了建议，为国内企业特别是绿色环保企业利用绿色资产证券化盘活存量资产发行相关金融产品提供指引。 

China's green asset securitization has been put on the schedule of national economic development since 2014. The 13th Five-Year Plan has been clarified the government's supportive attitude in green finance and green economic construction has accelerated the green asset securitization development administration. Markets where conference documents to the sector respond quickly can also receive such innovative financing tools quickly. Green asset securitization is one of the significant means to develop green finance and can guide social funds to flow to green and environmental protection companies and enter into concrete green items. For green enterprises, especially the new energy vehicle industry, there is a huge demand for capital in the start-up stage, and the asset structure is not suitable for traditional equity financing or bond financing. Green asset securitization can increase the liquidity of corporate assets by providing low-cost loans to companies with long-term green funds that can stably create cash liquidity in the future.

In this paper, based on the basic theory related to the securitization of green assets, based on the current state and policy orientation of the issuance of green asset securitized products in China's current capital market, the related policies and regulations of China We found deficiencies, market deficiencies, and problems with the product itself. As a leading company in the field of new energy industry charging, Tgood published the "TGOOD ACCOUNT RECEIVABLES 2017 SERIES 1 ASSET-BACKED SPECIFIC PLAN". Taking this product as an example, based on the analysis of the reasons for the selection of green asset securitization by elite, the transaction structure and product elements during the implementation of green asset securitization, it is found that there are risks of capital mix, concentration, financial management and revolving purchase in the special plan. Finally, the advantages and disadvantages of the case are summarized, and suggestions for the development of green asset securitization in China are put forward, especially for domestic enterprises. It provides guidance for green environmental protection enterprises to utilize green asset securitization to activate the stock assets and issue related financial products.