Study On The Risk Of Green Bond

Green financial prospects,conforms to our country by the high-speed development to quality development plan,to help "carbon neutral","carbon peak" has an important and irreplaceable role,compared with the traditional financial,green finance in the traditional financial characteristics,on the basis of pay more attention to the role of financial instruments for environmental protection.Among them,as an important green financial tool,green bonds can guide capital flow to the green environmental protection field and promote the gradual development of the green field.Green bonds appeared relatively late in China,and the first green bond was issued in 2015.However,China’s green bonds have developed rapidly in recent years.This paper will take THE G17 wind power green bond issued by China Energy-saving Wind Power Generation Co.,Ltd.as the research object,use some financial indicators and risk analysis model to analyze the possible risks of China Energy-saving Wind Power Generation Co.,Ltd.after the issuance of green bonds,and put forward relevant countermeasures to provide reference for investors to invest.This paper mainly consists of four parts.The first part mainly introduces the basic concepts,theoretical basis,development history and status quo of green bonds.The second part is a case introduction.Taking G17 green bond issued by China Energy-saving Wind Power as an example,it introduces the basic information of energy-saving wind power among the product issuers,the reasons for green bond issuance,the basic information of the project and the current operation of the project,paving the way for the specific risk analysis.The third part is case risk analysis.This part analyzes the credit risk,interest rate risk,financial risk and policy risk of "G17wind power".Among them,bond interest rate risk is analyzed by calculating company duration and convexity.Credit risk is analyzed mainly by KMV model.The financial risk is mainly analyzed by the indicators of solvency,profitability,operating capacity and development capacity,and the possibility of bankruptcy is further analyzed by z-Score model.The above financial indicators and the calculated Z-value are compared with 31 companies in the wind power industry horizontally,which is mainly analyzed by TOPSIS model.Policy risks are mainly analyzed from three aspects: subsidy policy,"wind curtailment and power restriction" policy and green bond support policy.The fourth part is the case risk prevention analysis,according to the third part of the case risk analysis,put forward the corresponding prevention measures.According to the analysis in this paper,in terms of credit risk,in 2019 and 2020,the credit risk level of China Energy Saving Wind Power Co.,Ltd.has increased compared with previous years.In terms of interest rate risk,through the comparative analysis of companies in the same industry,it can be seen that the interest rate risk of medium energy saving wind power company is higher.In terms of financial risk,the company’s solvency is strong,its profitability and development ability is relatively stable,while its operation ability is not strong.In terms of policy risk,the company is greatly affected by industry subsidy policy and "wind curtailment and power restriction" policy.