绿色资产证券化动因及效果文献综述

A Literature Review on the Motivations and Effects of Green Asset Securitization

摘要: 在“双碳”目标引领下，我国绿色金融体系建设加速推进，绿色资产证券化作为盘活存量资产、优化融资结构的重要工具，已成为企业绿色转型的关键支撑。本文系统梳理了国内外资产证券化研究脉络，聚焦绿色资产证券化的理论与实践进展。研究表明：政策驱动与市场扩张依托“双碳”(碳达峰、碳中和)政策红利，绿色资产证券化(涵盖绿色ABS、绿色ABN等)规模快速增长，2024年存量达3.82万亿元。其“资产绿”“投向绿”“主体绿”三大标准，精准对接《绿色产业指导目录》，助力清洁能源、节能环保等低碳产业融资。企业参与绿色资产证券化的动因集中于融资成本优化、风险隔离、资产流动性提升及信号传递。绿色资产证券化兼具“金融创新”与“生态价值”双重属性，但面临认定标准不统一、信息不对称加剧、发行成本高企等瓶颈，亟需政策与市场协同破局。绿色资产证券化有利于企业降低融资成本，转移风险及提高资产流动性，需要进行更多可行性实践来证明其作用。

Abstract: Under the guidance of the “dual carbon” goals, the construction of China’s green finance system has been accelerating. As an important tool for revitalizing existing assets and optimizing the financing structure, green asset securitization has become a key support for enterprises’ green transformation. This article systematically reviews the research trends of asset securitization at home and abroad, and focuses on the theoretical and practical progress of green asset securitization. The research shows that driven by policy and market expansion, and relying on the policy benefits of “dual carbon” (carbon peaking and carbon neutrality), green asset securitization (including green ABS and green ABN, etc.) has seen a rapid growth in scale, reaching 3.82 trillion yuan in 2024. Its three major standards of “green assets”, “green investment direction”, and “green entities” precisely align with the “Green Industry Guidance Catalogue”, facilitating financing for low-carbon industries such as clean energy and energy conservation and environmental protection. Enterprises pursue green asset securitization to: optimize financing costs, isolate risks, enhance asset liquidity, and signal commitment. Green asset securitization possesses dual attributes of “financial innovation” and “ecological value”, but it faces bottlenecks such as inconsistent recognition standards, intensified information asymmetry, and high issuance costs, which urgently require coordinated solutions from policies and the market. Green asset securitization helps enterprises lower financing costs, transfer risks, and improve asset liquidity; more practices are needed to prove it.