金融学院知识库

2021年全国两会上，“双碳”概念首次被写入政府工作报告中并引起热议。随着兰州向“西北中心城市”的目标迈进，人口将实现倍增计划，城市对运量大、效率高、污染小的新型交通工具的需求快速增加。在这双重压力的作用下，大力开发修建地铁、城市轻轨等轨道交通设施势所必须。

然而，由于城市轨道交通建设分为地上、地下两个部分，导致城轨项目存在技术难度大、建设周期长等问题。通常情况下，基础设施类项目多以政府财政支持的方式筹集资金，但对于财政收入匮乏的地区来说，这样单一的融资渠道显然无法满足基础设施类项目所需要的资金体量。而且，如果因为资金不到位造成城市轨道交通项目暂停搁置，则会影响整个城市的可持续性发展。所以，能否找到更好的融资渠道以及如何设计城市轨道交通项目的融资方案已经成为影响我国城市轨道交通发展的关键点。

本文的主要内容如下：首先通过阅读国内外文献，结合我国轨道交通的发展背景，以兰州市轨道交通一号线为例，对兰州市轨道交通绿色资产证券化融资的必要性和可行性进行分析；其次，通过对资产池构建、现金流测算、特殊目的实体设立以及信用增级方式选择等核心环节的研究，设计出一套适合兰州市轨道交通一号线的绿色资产证券化融资方案；最后，对兰州市轨道交通绿色资产证券化方案进行归纳总结并对方案进行财务、风险的评估。

基于以上研究可知：兰州市轨道交通一号线绿色资产证券化方案是可行的，相较于传统融资模式，资产证券化融资可以充分调动社会资本的力量。资产证券化方式能够起到风险隔离、降低发起人融资成本的作用，从而降低城市轨道交通企业资产负债率，优化财务结构。另外，从政府及监管机构角度提出建议：政府应加强绿色导向，采取一些正向的优惠措施；监管机构需要完善信息披露制度等。希望本方案能为二、三线城市轨交企业扩宽融资渠道提供思路，解决融资难题，实现“轻债务低成本绿色化”融资，让我国城市轨道交通的发展登上一个新台阶。

At the National Peoples Congress and Chinese People' s Political Consultative Conference in 2021,"carbon dioxide emission and carbon neutrality"were written into the government work report for the first time and aroused hot discussion.In addition,as Lanzhou moves towards the goal of “northwest central city”,its population will realize the plan of doubling,and the city’s demand for new modes of transportation with large volume,high efficiency and low pollution increase rapidly.Under the dual pressure,it is necessary to vigorously develop and build metro.urban light rail and other rail transit facilities.

However, due to the construction of urban rail transit is divided into two parts, above-ground and underground, there are many problems such as technical difficulty and long construction period. Therefore, raising funds for urban rail transit projects has been a problem. Under normal circumstances, infrastructure projects are mostly funded by government financial support, but it is undoubtedly worse for areas lacking in fiscal revenue. Moreover, if urban rail transit projects are suspended due to insufficient funds, the sustainable development of the whole city will be affected. Therefore, whether we can find a better financing way and how to design the financing scheme of urban rail transit project has become a key point in the development of urban rail transit in China.

The main contents of this paper are as follows: Firstly, through reading domestic and foreign literature, combined with the development background of China's rail transit, taking Lanzhou rail transit Line 1 as an example, the necessity and feasibility of green asset securitization financing of Lanzhou rail transit are analyzed; Secondly, a set of green asset securitization financing scheme suitable for Lanzhou rail transit Line 1 is designed by studying the core links of asset pool construction, cash flow measurement, special purpose entity establishment and credit enhancement method selection. Finally, the paper summarizes the green asset securitization scheme of Lanzhou rail transit and evaluates the financial and risk of the scheme.

Based on the above research, it can be concluded that the green asset securitization scheme for lanzhou rail transit Line 1 is feasible. The financing method of asset securitization can effectively relieve the financial pressure of the government and use social forces to participate in urban construction. Asset securitization can isolate risks by setting up SPV, and reduce financing costs of initiators through credit enhancement, so as to reduce asset-liability ratio of urban rail transit enterprises, optimize their financial structure, and improve their asset quality and their own credit accordingly. In addition, from the perspective of the government and regulators, the government needs to strengthen the green orientation and take some positive preferential measures; Regulators can build a green investment system and supervise information disclosure to promote green transformation of enterprises. With the help of this plan, we hope to help rail transit enterprises in the second and third-tier cities expand financing channels, solve financing problems, achieve "light debt, low cost and green" financing, so that the development of China's urban rail transit to reach a new level.