| The government,enterprises and financial institutions should work together to build a community of Shared future in the world,implement China's five major development concepts,and pursue sustainable economic development.In view of the research on the green transformation of China's economy,it is necessary to systematically and comprehensively analyze the economic development situation,and to accurately and efficiently identify the starting point of the research,establish the research objectives from point to area,and form a cognitive and theoretical system of green economic development in line with China's economic environment.From the perspective of enterprises,participating in green economic development should bear social responsibility,and should also transform the business model and optimize the concept of financing,operation and development of enterprises.According to the data analysis of green bonds issued by enterprises from 2016 to now,it is found that there is a huge demand for investment funds and a wide variety of financing channels in urban rail transit industry,which contributes greatly to China's green development and is representative of China's large state-owned enterprises,and meets the basic conditions for the study of the financing effect of green bonds.Therefore,Wuhan Metro Group,the first enterprise in the domestic urban rail transit industry to issue green bonds,has become the main research object of the case study.Based on the understanding of the background of bond financing of Wuhan Metro Group and the analysis of the motivation of issuing green bonds,green bond financing is an effective way to broaden the financing channels,adjust the capital structure and improve the financial environment.Based on the analysis of cases,this study finds that there are still some problems in the process of green bond financing.This paper analyses the specific problems in the financing process from three aspects: the decision-making of enterprise financing mode,the performance evaluation of financing to finance and the expected financing effect,and explores whether green bond issuance by enterprises is the best financing behavior and whether the financing mode can be used for reference by rail transit industry in an all-round way.Comparing various debt financing methods with the data of relevant financial indicators in the past five years,it can be seen that enterprises should rationally plan financing strategies and sources of funds to reduce financing risks;continuously improve the capital structure and financial environment of enterprises,understand the approval procedures;prudently judge the actual value of enterprises' participation in the green economy,and actively use the state's support policies for the green environmental protection industry.As can be seen from the financing behavior of Wuhan Metro Group,although the cost of green bond financing is not the lowest,it may also affect the liquidity ratio and quick ratio of enterprises due to the restriction of enterprise fund management,but the advantages of green bond financing are reflected in good economic effects and social benefits of energy saving and emission reduction.The "green" feature remains the constant theme of green bonds.It is hoped that this study will provide some reference for optimizing the financing management of large-scale projects,promoting the diversification of financing channels and even promoting the healthy development of China's green economy. |
PDF Full Text Request