| Since the Reform and Opening,the extensive economic development model has caused serious environmental pollution and waste of resources in China’s development.The sustainable development of society,economy and environment has become the focus of attention of all sectors of society.How to give play to the mechanism of financial resource allocation,guide capital investment to projects with positive environmental benefits,reduce pollution investment,and promote economic green transformation and industrial upgrading have become a major issue on the road of development in China.In 2015,the Central Committee of the Communist Party of China and the State Council issued the "Overall Plan for the Reform of the Ecological Civilization System",clearly proposing the establishment of the top-level design of China’s green financial system.The report of the 19th National Congress also pointed out that "the construction of a market-oriented green technology innovation system and the development of green finance."Green bonds are an important branch of green finance.To develop the green corporate bond market,from a micro perspective,it can broaden the financing channels for green enterprises and alleviate the financing pressure of green enterprises.From a macro perspective,it is also promoting industrial upgrading and economic development.An important step in the transformation of the model.However,due to the late start of the domestic green bond market,enterprises lack understanding of green bonds and lack the endogenous power to issue green bonds.In this context,it is of great theoretical and practical significance to explore the motivations and stock price effects of issuing green bonds through case studies.This paper starts with the definition of green finance and green bond,analyzes the concept,characteristics and standards of green bonds.At the same time,it introduced the case of green bond issued by Beijing Enterprises Water Group Ltd.,analyzing why the companie should choose green bond financing,and how the issue of green bonds affects the company’s stock price.Based on the analysis of the capital requirements of Beijing Enterprises Water Group Ltd.,the motivation for the issuance of green bonds by Beijing Enterprises Water Group Ltd.is to reduce financing costs,speed up the approval process and gain green reputation benefits.Then,using the event research method,an empirical study on the stock price effect of issuing green bonds shows that the issuance of green bonds will have a significant positive impact on the company’s stock price.The research in this paper proves that the issuance of green bonds is an innovative financing method that green enterprises can choose.For issuers,the issuance of green bonds is a manifestation of their balanced economic interests and social responsibilities,and has a positive impact on the promotion of corporate value.For investors,green bonds reflect their sense of responsible investment and provide investors with sustainable participation.An effective way to develop.On this basis,this paper gives suggestions on accelerating the development of green bond market from the market and government levels,in order to help promote the development of China’s green economy. |
