Research On Green Bond Financing Of New Energy Vehicle Enterprises

In recent years,as China continues to promote green economic transformation,the new energy automobile industry has gradually become an important strategic industry for China to achieve the goal of economic transformation.As a financing tool for green development,green bond has the dual properties of financing and environmental protection.At present,when the financing demand of new energy vehicle industry is large and the competition is fierce,the rise and development of green bond provide a new financing idea for new energy vehicle enterprises.Byd is the first new energy vehicle private enterprise to take the lead in issuing green bonds in China,and its green bond issuance has certain reference significance for other new energy vehicle enterprises in China.Therefore,this paper chooses green bonds issued by BYD as the research object.The paper firstly clarified the basic concept and theoretical basis of green bonds,and summarized the development status of China’s green bond market and the issuance of green bonds in the new energy vehicle industry.Secondly,the case background and basic information of green bonds are briefly introduced.Thirdly,a specific study is made on the case of green bonds,which is analyzed from the four aspects of issuance conditions,issuance costs,issuance effects and issuance credit risks,and the issuance cost advantage of BYD is analyzed by using relevant issuance interest rate data.Using financial data,capacity of projects raised by enterprises,energy conservation indicators and other data to explore the effect of BYD green bonds in improving debt structure,promoting industry development,energy conservation and environmental protection.In addition,the traditional debt repayment indicators and z-Score credit scoring model are used to analyze the credit risks of enterprises.Finally,the advantages and disadvantages of BYD’s issuance of green bonds are summarized,so as to provide relevant experience for other enterprises in the industry.Through case analysis,it can be seen that BYD’s strong competitiveness,good credit rating and many green bond support policies are the main factors for its successful issuance of green bonds.In terms of issuing cost,BYD has no obvious cost advantage in issuing green bonds.In effect,byd expanded the company capital source green bonds,help to improve the corporate debt structure,enhance the enterprise competitive advantage,as the development of new energy automobile market power,but also a more positive impact on environment,and according to the analysis of credit risk,the credit risk is small,but its short-term debt paying ability should be further improved.In general,BYD’s green bond financing has advantages in many aspects,such as fund management,but there are also some problems,such as low issuance cost advantage and lack of third-party certification of green bonds.Based on the above analysis,this paper finally summarizes the enlightenment of BYD’s issuance of green bonds to new energy vehicle enterprises,and puts forward reasonable policy suggestions for the shortcomings in the process of issuing green bonds based on relevant situations.