摘要发展绿色金融和供应链金融是践行绿色发展理念，推动我国绿色经济转型的
重要途径，将环保理念融入供应链各环节中，以实现企业由经济效益向经济社会
协调创收的转变。中小型绿色企业作为绿色供应链中的重要参与主体，往往因其
自身规模小、资信低而面临资金约束问题，资产证券化作为绿色供应链金融的创
新融资工具，以绿色核心企业信用水平作为保障，对供应链上绿色企业优化资本
结构、缓解资金压力与风险控制等都起到重要助推作用。但由于我国绿色供应链
金融资产证券化尚处于探索阶段，仍存在较大的不确定性与风险，因此防控项目
开展过程中的风险仍是重中之重。首创股份创新性地发行绿色供应链金融资产证
券化产品，弥补了我国绿色供应链金融资产证券化领域的空白，在提升自身供应
链水平的同时也解决供应链上下游中小企业的融资问题，但其作为一种全新的融
资方式亟待进一步的改进。
本文首先介绍了该项研究的背景与意义，基于国内外研究成果，对绿色供应
链金融资产证券化的相关概念与理论基础进行相关梳理，并且论述了目前我国绿
色供应链金融资产证券化的发展背景、主要风险及其成因。其次，基于以上理论
基础与实践现状引出本文案例首创股份绿色供应链金融资产证券化产品，分析该
绿色项目的基本情况与特殊性，并按照基础资产形成阶段、资产证券化发行阶段、
项目后续运行阶段的发行流程分析其主要风险，同时针对风险防控措施中存在的
问题与成因进行剖析，主要涉及入池资产层面、信用增级层面与绿色信息披露层
面。最后，结合案例风险防控中的经验与不足对绿色供应链金融资产证券化风险
防控提出建议，包括建立严格的基础资产入池标准来加强基础资产质量，并注重
选择信用评级较高的绿色核心企业；并且丰富外部信用增级手段，结合金融科技
技术建立信息传递体系以优化供应链交易结构设计；同时引入第三方绿色评估认
证，完善绿色信息披露制度，便于加强投资者对绿色项目的了解；此外，通过加
强政府政策激励力度、健全市场规范及监管体系两种方式完善我国相关的法律法
规与政策。本文旨在通过探索绿色供应链金融资产证券化的实践运用与风险防控
的对策建议，为我国绿色核心企业及中小企业的融资带来新的启示与思路。
关键词：绿色供应链金融；资产证券化；首创股份；风险防控
I
Abstract
Abstract
The development of green finance and supply chain finance is an important way
to practice the concept of green development and promote the transformation of my
country's green economy.The concept of environmental protection is integrated into all
aspects of the supply chain,so as to realize the transformation of enterprises from
economic benefits to economic and social coordinated income generation.As an
important participant in the green supply chain,small and medium-sized green
enterprises often face financial constraints due to their small scale and low credit.Asset
securitization,as an innovative financing tool for green supply chain finance,is
guaranteed by the credit level of green core enterprises,which plays an important role
in promoting green enterprises in the supply chain to optimize their capital structure,
ease financial pressure and risk control.However,since China’s green supply chain
financial asset securitization is still in the exploratory stage,there are still great
uncertainties and risks,so the risk prevention and control project is also the top priority.
Beijing Capital Co.,Ltd.innovatively issued green supply chain financial asset
securitization products,which filled the gap in my country's green supply chain
financial asset securitization field.But as a new financing method,it needs further
improvement.
This paper firstly introduces the background and significance of this research.
Based on the research results at home and abroad,it sorts out the relevant concepts and
theoretical basis of green supply chain financial asset securitization,and discusses the
current development background,main risks and the causes of green supply chain
financial asset securitization in China.Secondly,based on the above theoretical basis
and practical situation,the case of this paper,"Beijing Capital Green Supply Chain
Financial Asset Securitization"product is introduced,and the basic situation and
particularity of this green project are analyzed.And according to the basic asset
formation stage,asset securitization issuance stage,and the subsequent operation stage
of the project,the main risks and the causes are analyzed,and the problems existing in
the risk prevention and control measures are analyzed,mainly involving the level of
assets entering the pool,the level of credit enhancement and the green information
disclosure level.Finally,based on the experience and deficiencies in the case risk
prevention and control,it puts forward suggestions on the risk prevention and control
II
Abstract
of green supply chain financial asset securitization,including establishing strict basic
asset pooling standards to strengthen the quality of basic assets,and focusing on
selecting green supply chains with higher credit ratings.core enterprises;and enriching
external credit enhancement methods,combining financial technology to establish an
information transmission system to optimize supply chain transaction structure design.
At the same time,the introduction of third-party green assessment and certification to
improve the green information disclosure system is convenient for investors to
understand green projects.In addition,China's relevant laws,regulations and policies
should be improved by strengthening government policy incentives,improving market
norms and regulatory systems.This paper aims to bring new inspiration and ideas to
the financing of green core enterprises and small and medium-sized enterprises in my
country by exploring the practical application of green supply chain financial asset
securitization and the countermeasures and suggestions for risk prevention and control.
Key words:Green Supply Chain Finance;Asset Securitization;Beijing Capital;
Risk Prevention and Control
III
目录
目录
摘要................................................................................................................................I
Abstract .........................................................................................................................II
第1章绪论..................................................................................................................1
1.1研究背景与意义.............................................................................................1
1.1.1研究背景..............................................................................................1
1.1.2研究意义..............................................................................................2
1.2国内外相关文献.............................................................................................2
1.2.1绿色供应链金融方面的研究..............................................................3
1.2.2绿色供应链金融资产证券化方面的研究..........................................5
1.2.3资产证券化风险及防控方面的研究..................................................6
1.2.4文献评述..............................................................................................7
1.3研究内容与方法.............................................................................................8
1.3.1研究内容..............................................................................................8
1.3.2研究方法............................................................................................10
1.4创新点与不足...............................................................................................10
1.4.1创新之处............................................................................................10
1.4.2不足之处............................................................................................10
第2章相关概念与理论基础....................................................................................12
2.1相关概念界定...............................................................................................12
2.1.1绿色供应链金融................................................................................12
2.1.2绿色供应链金融资产证券化............................................................13
2.2理论基础.......................................................................................................14
2.2.1信息不对称理论................................................................................14
2.2.2交易费用理论....................................................................................15
2.2.3风险隔离理论....................................................................................15
2.2.4信用增级理论....................................................................................16
第3章绿色供应链金融资产证券化发展背景与风险分析....................................17
3.1绿色供应链金融资产证券化的发行背景...................................................17
3.1.1政策背景............................................................................................17
3.1.2市场背景............................................................................................18
3.2绿色供应链金融资产证券化的发行动因...................................................22
3.2.1降低绿色中小企业融资成本............................................................22
3.2.2提升绿色核心企业供应链水平........................................................23