| China’s inter-bank bond market has been growing since its establishment in 1997.The issuance of the Equator Principles in 2003 requires the financial institutions to accept the principles and to include corporate social responsibility in their chosen investment projects in accordance with the principles and environmental assessment,green finance came into being.Green finance as part of the green bonds,is a new financing tool to provide a new low-cost financing channels to help transform the business model and the traditional business philosophy will be a good mitigation of China’s economic restructuring the process of facing the environment and resource pressures in China’s green financial system occupies an important position in the "The Belt and Road" to play a leading role in international development.In recent years,in order to encourage enterprises to actively issue green bonds,the National Development and Reform Commission,the People’s Bank of China,CSRC Holds Work Conference for different issuers were introduced a series of preferential policies to support the green bond varieties continue to enrich,China’s green bond market was blowout development.As the issuance of the first domestic label green bonds,China’s credit market first green permanent debt,the Shanghai Stock Exchange’s first green asset-backed securities.GW company,in the forefront of China’s green bond market development.Therefore,this paper uses the case analysis method to GW Co.,Ltd as the object of the select the 2015-2016 two years issue of three varieties of green bonds to study.The case study is based on the logical process of the full preparation process of the issuance of the bonds,that is,from the financing process-the issue of issuing the debts-the ability of their own evaluation-the issuance of green debt.First of all,it introduces the basic situation of GW issuance of green bonds,analyzes the development of green bonds by GW company’s development strategy,financing decision choice and own business performance,and finds that GW company chooses to issue green bond financing according to enterprise development strategy combined with their own development characteristics,fully consider their own business ability to make the choice.Second,the issuance of green bonds is the incentive for enterprises to develop financing channels,reduce financing costs,additional funding need,reduce asset-liability ratio,consolidates the core competitiveness of low-cost financing enterprises.Finally,the results of the implementation of the case are studied based on the analysis of the effects of financial cost,market reaction,strategic motivation and green benefit.It shows that the issuance of green bonds satisfies the financing needs of enterprises,saves the financial cost,conforms to the enterprise development strategy,is favored by the majority of investors and contributes to the environmental protection cause of our country.Its successful experience has certain reference significance.As the green bond is essentially a bond,there is a risk to the bond.Therefore,on the basis of fully combining the research on the multi-species green bond financing of GW Company,it is concluded that enterprises must be careful when choosing to issue green bonds and fully analyze the special situation of the enterprises themselves.Make full use of the advantages of the policy of the green bonds,closely follow the pace of development of the capital market;actively carry out green bond varieties and green financial system innovation,improve the green financial financing system,help China’s green economic transformation of the revelation. |
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