会计学院知识库

经济的快速发展往往会带来生态环境的破坏，轨道交通由于其环保、快捷等特点，在助力城市发展的同时，对环境带来的污染较少。地铁企业在建设和运营过程中需要大量资金，但由于资产负债率高、盈利能力差等原因使得地铁企业融资渠道少、融资成本高，需要新的融资方式来补充资金。随着“双碳”目标的提出以及国家对绿色金融领域发展的大力支持，绿色资产证券化可以帮助地铁企业获得稳定、低成本的资金。广州地铁作为地铁行业的龙头企业，首次以地铁客票收益权为基础资产进行绿色资产证券化融资，通过对此次发行的动因、过程以及产生的效应进行研究，可以为广州地铁和利益相关者带来启示和建议。

以广州地铁发行2019-绿色ABN为研究对象，首先在梳理现有文献与理论的基础上，通过演化博弈模型探究了广州地铁绿色资产证券化的必要性和可行性。其次介绍了此次发行的流程、发行方案与内外部增信手段等。最后从经济效应、社会效应和环境效应三个角度分析了广州地铁绿色资产证券化带来的融资效应。研究发现，广州地铁此次发行实现了自身、中间机构以及投资者三方利益的最大化，具有可行性。在经济效应方面，广州地铁2019-绿色ABN可以提高公司的融资效率，有效降低融资成本。在社会效应方面，此次融资可以提升乘客的乘坐体验，为其他地铁企业融资决策与规范绿色融资市场提供可能的借鉴与启示。在环境效应方面，广州地铁在建设和运营环节通过科技加管理的手段，为保护生态环境做出了贡献。

Rapid economic development often brings damage to the ecological environment. Rail transit, because of its environmental protection and speed, helps urban development while bringing less pollution to the environment. In the process of construction and operation, metro enterprises need a lot of capital, but due to the high gearing ratio and poor profitability, metro enterprises have few financing channels and high financing costs, so they need new financing methods to supplement their capital. With the introduction of the "double carbon" target and the strong support of the state for the development of green finance, green asset securitization can help metro enterprises to obtain stable and low-cost funds. Guangzhou Metro, as a leading enterprise in the metro industry, has for the first time used the revenue rights of metro tickets as the underlying assets for green asset securitization financing. By studying the motivation, process and effects of this issuance, we can provide insights and suggestions for Guangzhou Metro and stakeholders.

Taking Guangzhou Metro's issuance of 2019-Green ABN as the research object, the financing motive, issuance process and financing effect of this issuance are studied. Firstly, based on combing the existing literature and theories, the necessity and feasibility of Guangzhou Metro's green asset securitization are explored through the evolutionary game model. Secondly, the process, issuance plan and internal and external credit enhancement instruments of this issue are introduced. Finally, the financing effect of Guangzhou Metro's green asset securitization is analyzed from three perspectives: economic effect, social effect and environmental effect. The study finds that Guangzhou Metro's issuance maximizes the interests of itself, intermediaries and investors, and is feasible. In terms of economic effect, Guangzhou Metro 2019-Green ABN can improve the company's financing efficiency and effectively reduce financing costs. In terms of social effect, the financing can improve the riding experience of passengers and provide possible reference and inspiration for other metro enterprises' financing decisions and regulation of the green financing market. In terms of environmental effect, Guangzhou Metro contributes to the protection of ecological environment by means of technology plus management in the construction and operation process.