Analysis On The Investment Value Of Green Corporate Bonds ——Taking G1 Of 19 Yadi As An Example

Since 2011,there has been a significant increase in global sustainability projects to address climate change,and the corresponding funding needs have also increased.The concept of green finance has emerged along with the trend.The concept of green bonds was first mentioned by the World Bank in 2007,followed by several years of small fluctuations,with issuance growing rapidly from 2011.The development of the domestic green market was late,and the research on green bonds began to rise gradually since 2015.The G20 summit in the next year also set the agenda on green finance,and mentioned that it would vigorously promote the development of the green bond market.A total of 2,177 green bonds were issued from 2016 to 2021,totaling 2411.2 billion yuan.For issuers,issuing green bonds to raise funds can help improve their own operating efficiency,and investors’ judgment of investment value determines the actual financing effect of issuers.For investors,the development of green bonds can provide more investment possibilities,and a richer market is also conducive to promoting the development of the whole market.Starting from the standpoint of investors,the author sorted out the relevant concepts of securities,studied the current situation of China’s green bond market,summarized the relevant theories of bond investment and green bond related research,and finally established the evaluation framework of investment value of green corporate bonds.Further taking 19 Yadi G1 as a case,this paper uses KMV risk measurement model to evaluate its credit risk,and uses binary tree model under real option to analyze its issue pricing.This paper finds that the green bond market develops rapidly,and its rise can not only increase the new financing direction of the company,but also strengthen the initiative of the issuers of green corporate bonds to the development of their own green projects.At the same time,when analyzing the investment value of green corporate bonds,green attributes should be considered,such as the development and profitability of enterprises’ green project-related businesses,third-party certification.At present,BYD’s overall operation and financial condition is good,and its risk is generally low supported by the sound corporate fundamentals.However,its issuance spreads are relatively large,mainly affected by the decline of the company’s overall financial condition in successive years and the relatively prominent liquidity risk at the time of issuance.Based on the above conclusions,this paper puts forward targeted suggestions from the perspectives of investors,issuers,government and regulatory authorities.