| Since entering the new normal,the mode of economic growth has changed from extensive high-speed growth to intensive quality growth.in the face of increasingly serious eco-environmental problems,it is more important to realize economic green development.Mobilizing social funds through green finance can reduce the financial burden and promote the development of green economy.In the field of green finance,green bonds are developing rapidly.This paper mainly uses the method of literature study and case analysis to make an in-depth analysis of G19 Lujin 1,a green bond issued by Shandong Gold Mining Co.,Ltd.This case study is mainly divided into three steps: before analysis,during analysis and after analysis.Before the analysis: first of all,this paper makes an in-depth understanding of green finance from the equator principle,makes a comparative analysis of the definition of green bonds by domestic and foreign scholars and institutions,and gives a concept of green bonds,which is most accepted by domestic scholars and institutions.Then,the first-order financing theory,trade-off theory and portfolio theory are selected as the theoretical basis of the case study.Finally,the industry of Shandong Gold Mining Co.,Ltd.,the issuer,is briefly introduced,and the basic situation of the issuer is divided into four aspects: ownership structure,assets and liabilities,income and profit status and cash flow status.and this green bond G19 Lujin 1 is introduced in detail to prepare for the following case analysis.In the analysis: first of all,the operation of the green mine and the comprehensive recovery and utilization project of gold concentrate belong to the content of the green industry resource conservation and recycling project defined in the Green Bond support Project Catalog(2015 Edition).It meets the feasibility of the policy.According to the three financing methods of stock issuance,bank credit and bond financing selected by Shandong Gold Mining Co.,Ltd.,and compared with green bond financing,this paper analyzes the reasons for choosing green bond financing.Then,it analyzes the conditions for the success of this green bond issue and the reasons for the low interest rate.Finally,the repayment ability of this green bond is analyzed.Due to the good debt repayment index and bank credit line of Shandong Gold Mining Co.,Ltd.,this green bond can be repaid on schedule.Finally,it is analyzed that the successful issuance of green bonds has had a good effect on the issuer,including: solving the company’s shortage of funds and widening the company’s existing financing channels.Lock in financial costs,improve the debt structure of the company,and establish a green image of the enterprise.After the analysis: based on the above analysis,this paper summarizes the experience of the successful issuance of green bonds for other companies from the point of view of the company,and puts forward some policy suggestions which are beneficial to the issuance of green bonds by non-financial enterprises in China.The case of green bonds issued by Shandong Gold Mining Co.,Ltd.illustrates the role of green bonds in promoting economic development.Green bonds have the characteristics of long maturity,low cost and cleanliness,which enables green bonds to provide stable financial support for the development of green economy and help the development of energy-saving and environmental protection industries with the help of capital market financing.We will restrain industries with excess capacity and promote supply-side structural reform. |
PDF Full Text Request