2012年8月资产支持票据在我国正式面世，然而目前其发展仍处于初级阶段。随着2020年“双碳”目标的提出，我国能源结构转型迫在眉睫，新能源发电行业肩负重任。在新能源发电企业发展过程中，较强的融资需求与面临的融资困境之间的矛盾使得企业需要更多融资工具。绿色资产支持票据作为创新融资工具，在盘活存量资产的基础上缓解企业融资压力，具备独特优势。在此背景下，本文选取新能源发电行业领军企业中国三峡新能源（集团）有限公司（简称三峡能源）为案例研究对象，该公司于2021年发行两期绿色资产支持票据产品，是第一批公开发行碳中和资产支持票据的绿色企业，具有代表性与典型性。通过案例探究绿色资产支持票据的发行动因及产生效应，让更多的企业充分了解绿色资产支持票据这种创新融资工具，同时针对产品目前的不足提出建议，进一步推广绿色资产支持票据在新能源发电企业及其他绿色企业的应用。
本文紧贴时政，结合“双碳”背景，重点探究21三峡新能ABN002的发行动因及产生效应。首先从本文涉及的概念、资产支持票据的运行流程及相关原理出发并梳理相关文献。其次从我国绿色资产证券化市场现状及新能源发电行业现状出发，为后文对公司介绍及21三峡新能ABN002的发行提供时代背景。发行动因方面主要从外部和内部两个角度着手：外部主要从政策角度分析，内部主要从公司自身发展需求方面分析。之后，从融资成本、财务效果、财务风险、市场效应、环境效应及社会效应多角度分析发行效果。研究结果表明：21三峡新能ABN002实现了低成本拓宽公司融资渠道，能够改善公司的偿债能力、盈利能力，还能够通过改善公司资本结构缓解了财务风险。21三峡新能ABN002短期对公司股价产生了一定正向影响，但影响作用不大。21三峡新能ABN002满足绿色认证要求，具有显著的碳减排效果，产生良好的环境效应。同时21三峡新能ABN002的成功发行体现公司的社会责任感，提升企业形象，提高企业社会声誉。通过研究发现21三峡新能ABN002存在基础资产集中度高、信用增级措施不够丰富及信用披露不够全面的不足。
综上，21三峡新能ABN002的发行是绿色资产支持票据的一次成功的实践，或可为新能源发电行业及其他绿色企业提供融资新思路。同时针对产品目前存在的不足从发行企业及政府两方面提出改进建议。企业要从自身融资需求出发，积极拓展融资渠道，丰富绿色资产证券化的基础资产，同时需要把控基础资产质量。在产品发行中，可以利用产品分层等措施丰富绿色资产支持票据的内外部增信措施，提高产品信用等级。政府要从法律法规层面完善顶层设计，完善绿色金融体系。采取各种具体措施加大激励政策，同时要完善信息披露机制，提高信息披露的透明度。在推动我国绿色资产支持票据市场发展的进程中，各方主体需携手并进，共同发力，以助力实现“双碳”目标，为我国的环境保护和可持续发展贡献力量。
 

 The Asset-backed Notes were officially introduced in China in August 2012, yet the development of ABN in China is still in the primary stage. With the announcement of the " Carbon Peaking and Carbon Neutrality Goals" in 2020, China's energy structure transformation is imminent, and the new energy generation industry shoulders a significant responsibility. The new energy generation industry are faced with the contradiction between strong financing demands and the financing dilemmas, so the enterprises urgently need more innovative financing tools. Green ABN alleviate financing pressure for enterprises by revitalizing existing assets and possess unique advantages. On this background, the study selected a case company as a leading enterprise in the renewable energy power generation industry-China Three Gorges Renewables (Group) Co., Ltd., referred to as CTGR. The company issued two ABN in 2021, and is also the first green enterprise to publicly issue carbon neutral ABN, making it representative and typical. Through the case study, the paper explores the issuance motivations and effects of 21 CTGR ABN002 to enable more enterprises to fully understand this innovative financing tool. Additionally, recommendations are made to address current shortcomings and further promote the application of ABN in new energy generation and other green enterprises.
This paper is close to the current politics, combined with the background of "Carbon Peaking and Carbon Neutrality Goals", to explore the motivation and effect of 21 CTGR ABN002. Firstly, the study introduces the related concepts and the operational processes and principles of ABN and review relevant literature. Subsequently, the current status of China's green asset securitization market and the new energy generation industry provide a contextual background for the company's introduction and the issuance of 21 CTGR ABN002. The issuance motivations are analyzed primarily from external and internal perspectives: external analysis mainly focuses on policy, while internal analysis centers on the company's own developmental needs. In addition, the effect of 21 CTGR ABN002 is analyzed from six aspects: financing cost, financial effect, financial risk, market effect, environmental effect and social effect. The research findings indicate that 21 CTGR ABN002 broaden the company's financing channels in low cost. 21 CTGR ABN002 significantly improves the company's debt paying ability and profitability ability. 21 CTGR ABN002 mitigates financial risk by improving the company's capital structure. Besides, 21 CTGR ABN002 has a positive effect on the stock price in the short term, but the effect is not large. From the perspective of environmental benefits, 21 CTGR ABN002 meet the requirements of green certification, have significant carbon emission reduction effects and have good environmental benefits. What’s more, from the perspective of social benefits, the successful release of 21 CTGR ABN002 reflects the company's social responsibility, enhances the corporate image, and improves the corporate social reputation. Through the study, it was found that 21 CTGR ABN002 suffers from high concentration of underlying assets, inadequate credit enhancement measures, and incomplete credit disclosure.
To sum up, the issuance of 21 CTGR ABN002 is a successful practice of green ABN, which may provide a new financing idea for the renewable energy power generation industry and other green enterprises. Meanwhile, green ABN also exposes certain problems that need to be solved urgently. This paper also puts forward suggestions from enterprises and the government. Enterprises should take their own financing needs into full consideration, actively expand financing channels and innovate financing tools; Enterprises should enrich the basic assets of green asset securitization and control the quality of basic assets; Enterprises should use product layering and other measures to enrich the internal and external credit enhancement measures of green ABN to improve the product credit rating. The government should promulgate relevant laws and regulations to improve the green financial system; The government should adopt various concrete measures to increase incentive policies and improve the support system of green asset securitization; Besides, the government should improve the information disclosure mechanism and improve the transparency of information disclosure. To promote the development of the green ABN market, all parties need to go hand in hand and work together to help realize "Carbon Peaking and Carbon Neutrality Goals" and contribute to environmental protection and sustainable development.