The Case Analysis Of Green Bonds Issued By The XinTeNengYuan

Since entering the age of industrialization,environmental problems have continued to emerge at an increasing rate.The vast territory,large population,quick development in industrial and serious problem of natural environment,which have great influence on production and people’s life.In recent years,More and more attention has been paid to environmental issues in China.According to the Central Economic Work Conference held in 2020,In "30·60" target,that is,the carbon dioxide manage to achieve its peak by 2030 and to achieve carbon neutrality by 2060.To achieve this goal,financial support from government and banks for green industries should be provided and green finance also need to be developed.To do all of things above,government,banks and enterprises have to work closely to achieve this goal for green industry.This article takes the issuance of green bonds by Xin Te Neng Yuan as an example to analyze the whole process in detail,and offer guidance for the issuance of green bonds for the future.Xi Te Neng Yuan Co.,Ltd.is at leading place in the green bond insurance and issued the first domestic green debt financing plan in 2018.Among them,the green debt financing plan is a type of green bond.This article uses the case study method,setting the case of Xin Te Neng Yuan Co.,Ltd.issuance of green bonds as the research object,based on the concept,types,feature,and relevant theorem of green bonds.First,the motivation for the company to issue green bonds is studied.Secondly,cost of company was saved due to issuance of green bonds both in the short-term and long-run perspective.Thirdly,empirically analyzes method the benefits of the green bond issuance by Xin Te Neng Yuan.In the empirical analysis method,it consists of three stage.The first stage is to construct an indicator system from the enterprise and the government.The second stage uses the analytical hierarchy process to determine the weight of each indicator.The third stage adopt the fuzzy comprehensive evaluation method to issue green to the enterprise The effectiveness of the bond is evaluated.Finally,discuss the possible risks of the company’s issuance of green bonds.In addition,to further promote the development of China’s green bond market,we put forward specific countermeasures and suggestions.The research in this paper noticed that the issuance of green bonds by Xin Te Neng Yuan is necessary,and it can both bring profits to the company and to externalities.(1)As for motivation,the issuance of green bonds is the general trend for the future development of enterprises.One is that green bonds are a form of corporate financing,which can raise funds for companies and meet their funding needs.The second is the future guiding role of the policy.The photovoltaic industry still has huge room for development,and changing enterprises into a more energy-saving and environmentally friendly company is in line with the government’s future policy direction.The third is that it can establish a green image for the company,improve its company reputation,and keep up with the future strategic development direction.(2)For the cost,the issuance of green bonds by companies can save costs and increase corporate profits.First,because green bonds can obtain government support,the issuance process takes a relatively short time,thereby saving corporate financing costs to a certain extent.Second,the issuance of this green bond will provide financial support for the company’s energy-saving transformation technology projects,which can not only reduce the company’s coal consumption every year,but also increase the company’s polysilicon production,thereby bringing profits to the company.The increase in profit is about 58 million yuan.(3)As for the benefits,the comprehensive evaluation of the green bonds issued by Xin Te Neng Yuan by the model comprehensive evaluation method is 0.7438,and the evaluation result is good.The use of empirical analysis methods further shows that Xin Te Neng Yuan can offer benefits to the company itself and also to the society after issuing green bonds,although improvement may still be needed..(4)As for the risk,Xin Te Neng Yuan Co.,Ltd.hired a third-party certification agency to qualify the "greenness" of the bonds in the issuance of this green bond,and it has clear internal rights and responsibilities of the company.Therefore,it is believed that the credit risk caused by its "green factor" is relatively small.However,due to the particularity of the investors it faces,transactions in the secondary market are more difficult and liquidity risks are greater.