绿色信贷资产证券化案例研究
——以“工元致远2021”为例
研究生姓名：张明凯
导师姓名：张诚
学科：金融
研究方向：金融市场与投资
年级：2020级
中文摘要
随着气候变化日益严重，我国曾经粗放的经济发展方式无法再继续维持。“十九大”
习总书记提出“加快生态文明体制改革，建设美丽中国”，将绿色金融作为推进绿色持
续发展的重要路径之一，提倡发展绿色金融就目前而言已经成为我国新时期重要的国家
战略之一。而绿色信贷资产证券化是一种有助于绿色产业融资的创新型金融工具，是绿
色金融的重要组成部分，不仅有助于银行业的良性发展，还能充分协调生态与金融的关
系。但是由于发展时间较短，我国商业银行对于绿色信贷资产证券化这个新产品还缺乏
发行经验。未来，在各类政策利好和市场需求的刺激下，绿色信贷资产证券化发展定会
有光明的前景。正是在此背景下，本文运用案例分析的方法对“工元致远 2021”绿色信
贷资产证券化产品进行了详细的研究。
本文首先介绍了绿色信贷资产证券化的概念、特点、优势，并梳理了绿色信贷资产
证券化发展的历史沿革、制度安排以及产品概述，接着对“工元致远 2021”的基础资产
质量、交易结构及绿色认证三方面做了全面、深入的分析，发现其在信息披露方面，不
仅披露投资风险提示，还披露风险缓释措施。在绿色认证方面，达到了第三方机构的绿
色评估标准，充分证明其具有绿色属性。在产生的效益方面对工商银行的安全性效益、
流动性效益、环境效益及社会效益得到提升。与此同时也存在一些问题，如基础资产池
中借款人行业集中度较高，增信措施缺乏外部增信造成有效性不足等。鉴于此研究结果，
得出商业银行发展该业务的三点启示。此外，对于我国绿色信贷资产证券化的市场发展，
从政府部门和监管机构两个角度提出了四点建议，分别是加大政府扶持力度、提升投资
者绿色意识、优化监管要求和健全相关法律法规。
关键词：“工元致远 2021”；绿色信贷；资产证券化；案例分析
I

Case study on Green Credit Asset Securitization
—Taking "Gongyuanzhiyuan 2021" as an example
Graduate student: Zhang mingkai
Supervisor: Zhang cheng
Major:Finance
Research direction:Financial market and investment
Grate:2020
Abstract
With the increasingly severe climate change,my country's once extensive economic
development mode can no longer be maintained. At the 19th National Congress of the
Communist Party of China, General Secretary Xi Jinping proposed to "accelerate the reform
of the ecological civilization system and build a beautiful China", and regarded green finance
as one of the important paths to promote green sustainable development. one of the national
strategies. Green credit asset securitization is an innovative financial tool that contributes to
green industry financing. It is an important part of green finance. It not only contributes to the
healthy development of the banking industry,but also fully coordinates the relationship
between ecology and finance. However, due to the short development time, Chinese
commercial banks still lack experience in issuing green credit asset securitization as a new
product. In the future, under the stimulation of various favorable policies and market demand,
the development of green credit asset securitization will surely have bright prospects. It is
against this background that this paper conducts a detailed study of "Gongyuan Zhiyuan
2021" using the method of case analysis.
This paper firstly sorts out the historical evolution, current situation analysis and product
overview of green credit asset securitization, and then makes a comprehensive and in-depth
analysis of the basic asset quality, transaction structure and green certification of “Gongyuan
Zhiyuan 2021”. In terms of information disclosure, it not only discloses investment risk
warnings, but also discloses risk mitigation measures. In terms of green certification, it has
reached the green evaluation standards of third-party institutions, fully proving that it has
green attributes. In terms of the benefits generated,the security benefits,liquidity benefits,
environmental benefits and social benefits of ICBC have been improved. At the same time,
there are also some problems, such as the high industry concentration of borrowers in the
underlying asset pool, and the lack of external credit enhancement measures resulting in
insufficient effectiveness. In view of the results of this research, four suggestions are put
II

forward for the market development of green credit asset securitization in my country from
the perspectives of government departments and regulatory agencies. They are to increase
government support, enhance investors' green awareness, optimize regulatory requirements
and improve relevant laws and regulations.
KeyWords:“Gongyuanzhiyuan2021”;Green Credit;Asset Securitization;Case Analysis
III
。。。以下略