Study On The Offshore Green Bonds Issued By ICBC

Environmental problems have become a major problem in the world.Governments and people are increasingly vocal about protecting the environment.Green sustainable development has become the consensus of green finance trend.Green bonds play an important role in solving current environmental problems around the world,and the green bond market is conducive to attracting domestic and foreign private capital and institutional investors.The issue of "Belt and Road" green bonds is of positive significance for the construction of clean energy in the first countries along the Belt and Road.This paper analyzes the efficiency of the overseas issuance of green bonds by ICBC,and provides a reference for other enterprises in China to issue green bonds abroad.By using CAPM model,MM theorem,excellent sequence financing theory and social responsibility investment theory,this paper makes a benefit analysis of green bonds issued outside ICBC,mainly from investor income,financing cost benefit,financial benefit and environmental benefit.This paper mainly aims at the "Belt and road" Green climate bonds issued by ICBC abroad as the analysis object.In terms of investor income,comparing the income and risk of green bond index at domestic and foreign,it is found that the traditional return risk is not applicable but the reverse change of risk income.In terms of financing costs,industrial and Commercial Bank of China's green bonds issued outside China have a clear low interest rate advantage over the issuance rates of other enterprises in the country,and comparative advantage is still applicable to green bond issuance.In terms of financial benefits,this paper analyzes the solvency,operation capability and profit from the historical data,and introduces the tax shield effect in detail.In terms of environmental benefits,the emission reduction effect is obvious by raising funds for green bonds issued by ICBC,based on the calculation of capital replacement emissions.Through the exploration of Environmental information disclosure system,it is concluded that Chinese enterprises should implement the inversion system of environmental information disclosure.This paper holds that China should pay attention to the construction of China's green financial standard system and strengthen international cooperation.Actively guide and encourage domestic subjects to issue green bonds abroad,and promote the improvement of green bond information disclosure system.At the same time,attract "belt and road" countries along the way to China to issue green bonds,strengthen the unified standardization of green bonds certification construction.