| Environmental pollution problem gradually emerged with the improvement of economic strength,So the concept of clean energy and transportation came into being.Green corporate bonds as a new mean which different from traditional financing,it sets bond special tax shield advantage and low cost together and it has opened a new door for financing in the new energy vehicle industry.However,in our country,only BAW and BYD Automobile Company have used this way to gain capital,so what effect the issuance of green corporate bonds in the new energy vehicle industry will bring to the enterprise and risks the enterprise will face in the issuance process should be considered under the background of new policy issuance.This paper by case analysis、comparative approach and event study method to analyzes the main body of "19Yadi G1",from the market development bond issue effect and risk to analyze and summary.Firstly,analyze the distribution market and the internal and external environment of the "19Yadi G1";Secondly,from the financial effect and the effect of stock price to analyze the effect of bond issuance;Then from the identification of the main three types of bond risks to start detail analyze;Finally,the paper puts forward some suggestions on how to expand the issuing effect of green corporate bonds and reduce the issuing risk.The main conclusions of this paper are as follows:(1)Through the study on the issuing motivation of "19Yadi G1" green corporate bonds from different levels,it is concluded that four main reasons,such as green project capital demand,reducing the financing cost of issuing bonds,improving audit efficiency and gaining green reputation,lead to the issuing motivation of green corporate bonds of BYD Automobile Company.(2)By using event study analysis of byd auto company issued "19Yadi G1" price effects,within10 days before the announcement effect on stock price is small,but within 10 days after releasing brings more obvious positive excess return,at the same time,also analyzed before and after the issuance of financial indicators but get conclusions that it did not significantly be affected.(3)Using AHP to identify the three main risk types of "19Yadi G1" and conduct specific analysis.In terms of analyzing interest rate risk,the interest rate risk is low from the comparison of benchmark interest rate,convexity and duration analysis.In terms of Credit risk analysis,the value at risk of "19Yadi G1" in one year is 22.59 by using the Credit Metrics model.When measuring liquidity risk,"19Yadi G1" is compared with similar bonds,and the conclusion is that the overall liquidity risk is controllable.(4)Based on the above issue effect and risk issues to give some suggestions about expanding distribution effects and reduce the risk,from "increasing investor green concept" 、 "speed up the secondary market liquidity" 、 "standardize the issuance of enterprise environmental information disclosure standards" 、 "standardizing intermediary institution and perfect the third party certification" 、 "support regulatory policy" to perfect the future green and provide a new way to build healthy development of the corporate bond market.This article is to explore the green on the basis of enterprise bond issue effect and risk to byd auto company "19Yadi G1" as the research object,analyze the green enterprise bond issue before and after the problems and put forward the corresponding suggestion,for the new energy automobile companies issuing corporate bonds offer green ideas,in order to a healthier green corporate bond market. |
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