摘要
绿色融资租赁是当前租赁业发展的一个新趋势，也是我国发展绿色金融的重要动力。
就融资租赁行业而言，正是转型升级的重要关头，绿色融资租赁是目前我国行业加速实现
高质量转变和更好“以融促产、以融强产”、更好服务实体经济的必然抉择。由于融资租
赁是融资和融物的结合，公司可以根据租赁物的价值来进行融资，与此同时，融资租赁的
期限长、具有一定的规模、业务流程简单、偿还方式灵活，可以有效地解决绿色项目由于
担保条件不充分、盈利方式不明晰等问题带来的融资难的情况。因此，融资租赁公司实施
绿色资产证券化能够以较低成本拓宽公司的融资渠道，改善资产流动性。
但是，我国的绿色融资租赁行业存在着认定标准难、项目认定难、融资难、激励政策
不完善等问题，导致融资租赁公司在开展绿色租赁业务时受到一定的限制。资产证券化能
够有效地缓解融资租赁公司的资金短缺，促进其健康发展，同时资产证券化还具有门槛低、
增加融资来源、筹资成本低、提高资本流动性、改善资本结构的优点。
本文采用案例分析法、统计归纳法和文献研究法，以融和租赁绿色资产证券化作为研
究对象，选取 17融和绿色 ABN作为案例，在展开介绍 17融和绿色 ABN的基础资产情况、
发行情况、信用增级方式和资金投向的基础上，从自身融资需求和国家政策支持对融和租
赁绿色资产证券化的动因进行研究，进而从财务角度、环境经济效益和社会角度分析其效
果。论文的主要研究结论为：在财务角度，绿色资产证券化能够改善融和租赁的财务状况，
使公司以低成本拓宽融资渠道；降低公司的资产负债率，改善资产流动性，优化资本结构；
降低财务杠杆率，财务风险降低，盈利能力和偿债能力得到提升。在环境经济效益角度，
融和租赁绿色资产证券化利用清洁能源发电节约标准煤使用，减少二氧化碳排放，带来隐
性效益。在社会角度，本次票据发行树立绿色公司形象，提高社会声誉；强化公司环境责
任意识，推动我国绿色债券发展。最后，得出启示，促进绿色资产证券化在融资租赁行业
更好地发展。
本文的创新点在于选取的案例为我国首单纯双绿性质且以租赁债权为基础资产的绿
色资产支持票据，选取的角度为融资租赁与绿色资产证券化结合。通过对本案例的动因及
实施效果进行分析，可以为其他融资租赁公司实施绿色资产证券化融资提供借鉴。
关键词：
绿色资产证券化；融资租赁；融和租赁
I

Abstract
Green financial leasing is a new trend in the development of the leasing industry and an
important driving force for the development of green finance in China. As far as the financial
leasing industry is concerned, it is an important juncture for transformation and upgrading, and
green financial leasing is an inevitable choice for China's industry to accelerate the high-quality
transformation and better "promote production with financing, strengthen production with
financing" and better serve the real economy. Since financial leasing is a combination of
financing and financing, the company can carry out financing according to the value of the
leased objects. At the same time, the long term, certain scale, simple business process and
flexible repayment method of financial leasing can effectively solve the difficult financing
situation brought by green projects due to insufficient guarantee conditions and unclear
profitability. Therefore, the implementation of green asset securitization by financial leasing
companies can broaden the company's financing channels at low cost and improve asset
liquidity.
However, China's green financial leasing industry is plagued with problems such as
difficult identification criteria, difficult project identification, difficult financing and imperfect
incentive policies, leading to certain restrictions on financial leasing companies in carrying out
green leasing business. Asset securitization can effectively alleviate the capital shortage of
financial leasing companies and promote their healthy development, while asset securitization
also has the advantages of low threshold, increased financing sources, low financing costs,
increased capital liquidity and improved capital structure.
This paper adopts the case study method, statistical induction method and literature
research method, takes the green asset securitization of Ronghe Leasing as the research object,
selects 17Ronghe Green ABN as the case, and introduces the underlying assets of 17Ronghe
Green ABN, the issuance situation, the credit enhancement method and the investment direction
of funds, and studies the motivation of the green asset securitization of Ronghe Leasing from its
own financing needs and national policy support. The paper then analyzes the effects from the
financial perspective, environmental and economic benefits and social perspective. The main
conclusions of the paper are: from the financial perspective, the securitization of green assets
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