电网企业基于产融协同的资产证券化业务应用性研究——以AB电网公司为例

Research on Asset-Based Securitization of Power Grid Enterprises Based on Business and Finance Collaboration:Taking AB Power Grid Company as an Example

长期以来,电网企业资产规模大、流动性差。电网建设主要依靠银行贷款和企业债券等融资渠道解决,资金来源比较单一。“十四五”期间,随着重大电网工程的持续推进,电网建设资金缺口将进一步扩大,现有单一化、传统化的融资模式因受国家降杠杆、减负债、防风险政策制约,融资空间有限,已无法满足输变电工程建设资金的需要。依托系统内金融单位新的产业链融资业务模式,充分发挥电网企业现金流持续稳定的优势,利用资产证券化这一现代融资工具,不仅可以盘活企业资产,解决电网企业建设资金紧张问题,而且可以促进产融协同发展,实现集团价值的最大化。本文以AB电网公司为例,通过对电网企业基础资产分析,列示了电网企业可以进行证券化的资产,并针对售电收益权、输电线路收费权和应收电费三种具体的业务场景,设计了三种不同的资产支持专项计划,对电网公司资产证券化的可行性进行论证,为电网企业通过资产证券化融资提供参考,推动资产证券化业务在电网企业中开展。

For a long time,power grid enterprises have large assets and poor liquidity.Power grid construction mainly depends on bank loans and corporate bonds and other financing channels,and the source of funds is relatively single.During the"Fourteenth Five-Year Plan"period,with the continuous improvement of major power grid projects,the funding gap of power grid construction will be further expanded.The existing single and traditional financing mode is limited by the national policies of reducing leverage,reducing debt and preventing risks,and the financing space is limited,which can no longer meet the financial needs of power transmission and transformation projects’construction.Relying on the new industrial chain financing business model of financial units and giving full play to the advantages of continuous and stable cash flow of power grid enterprises,the use of asset-based securitization,a modern financing tool,can not only revitalize enterprise assets,solve the problem of capital shortage,but also promote the coordinated development of industry and finance,and maximize the value of the group.Taking AB Power Grid Company as an example,this paper lists the assets that can be securitized by the analysis of their basic assets,and designs three different asset support special plans for three specific business scenarios,namely,the power sale revenue right,the transmission line charge right and the electricity charge receivable,to demonstrate the feasibility of asset-based securitization of power grid companies,to provide reference for power grid enterprises to finance through asset-based securitization and to promote the relevant business of power grid enterprises.