中国绿色ABS市场的洞察与展望——基于经济效益和环境效益的视角  

Insights and Prospects of China s Green ABS Market—Based on the Perspective of Economic and Environmental Benefits

作　　者：张义斌 ZHANG Yibin(China Securities Pengyuan Credit Rating Co.,Ltd,Beijing 100000,China)

机构地区：[1]中证鹏元资信评估股份有限公司,北京100000

出　　处：《中国证券期货》2023年第5期48-63,共16页Securities & Futures of China

摘　　要：受政策支持、投资偏好和市场机制等多方面因素共同影响,近年来中国ABS市场萎缩但绿色ABS迅速增长。虽然中国绿色ABS发展迅速,但仍然存在绿色认定标准差异、绿色产业信用水平较低、绿色ABS透明度较差、投资者缺乏绿色投资理念和基础资产风险识别与定价尚不成熟等问题和挑战。本文基于定性和定量分析,总结了中国市场绿色ABS的认定标准和产品特征,归纳了绿色ABS的核心优势和风险关注,基于面板数据和渐进双重差分模型实证分析绿色贴标的经济效益和环境效益,进一步分析绿色REITs和绿色ABS的差异,最后提出中国绿色ABS的未来展望和评级建议。Affected by various factors such as policy support,investment preferences,and market mechanisms,the Chinese ABS market has shrunk in recent years,but green ABS has grown rapidly.Although China s green ABS has developed rapidly in recent years,there are still some problems and challenges,such as the difference in green identification standards,the low credit level of green industry,the poor transparency of green ABS,the lack of Eco-investing ideas for investors,and the immature risk identification and pricing of basic assets.Based on qualitative and quantitative analysis,this paper summarizes the identification criteria and product characteristics of green ABS in the Chinese market,summarizes the core advantages and risk concerns of green ABS,empirically analyzes the economic and environmental benefits of green labeling based on Panel data and progressive double difference model,further analyzes the differences between green REITs and green ABS,and finally puts forward the future outlook and rating suggestions for China s green ABS.

关 键 词：绿色ABS 产品特征 核心优势 环境效益 经济效益 

分 类 号：F83[经济管理—金融学]