Research On The Financing Risks And Performance Impact Of Green Bonds Of Listed Companies Under The Background Of Dual Carbo

In recent years,the environmental problems brought about by the development of the industrial economy have become increasingly prominent,and environmental factors have now become an important factor restricting the further development of the national economy.To this end,the Chinese government put forward the goal of "carbon peak and carbon neutrality" in 2020,aiming to find a balance between economic development and environmental protection.With the continuous advancement of the "double carbon" goal,the pressure of green transformation,energy conservation and emission reduction of enterprises has also increased,which has forced enterprises to increase the demand for green funds,bringing unprecedented opportunities for the development of carbon neutral green bonds.In the past,most scholars have studied green corporate bonds and green financial bonds,but carbon-neutral green bonds are new green bond sub-varieties derived from the background of "double carbon" in 2021,and emerging markets may have certain problems.In addition,public data show that carbon dioxide generated by energy consumption in the power industry accounts for the highest proportion of all industries in the economic market,which shows that power companies need to increase investment in renewable energy power generation,respond to the call of national energy conservation and emission reduction,and accelerate the green transformation of enterprises.Based on this,this paper selects Longyuan Power Group,the "first share of wind power generation",as the research object,to explore whether its financing through carbon neutral green bonds has higher risks than other bond financing methods,and how the financing behavior will bring performance to the enterprise.The case study found that in terms of the risks of carbon-neutral green bond financing: from the credit risk perspective,the wind power industry is currently heavily supported by the state,and has a good development prospect,the main body of the issuer has a high rating and strong profitability to ensure timely debt service in the later period;Data from the China Bond-carbon-neutral Green Bond index show that interest rates are stable in the market as a whole,and there is no significant difference between the duration of this carbon-neutral green bond and that of comparable bonds for the same period,the interest rate is stable;from the perspective of liquidity risk,the green bond market is active at present,the bond liquidity is sufficient,and the strong long-term solvency of enterprises has weakened the liquidity risk.In terms of the performance of carbon neutral green bond financing,first,Longyuan Power Power's bond financing has boosted the company's share price in the short term from a market performance perspective,and second,from a financial performance perspective,the initial issue of carbon-neutral green bonds optimizes the capital structure of enterprises,and achieves the effect of reducing the financing cost of enterprises,meets the financing needs of enterprises,and to a certain extent ensures the operation ability of enterprises,from the perspective of environmental performance,the carbon neutral green bond raised funds to invest in wind power projects,carbon emission reduction is considerable,effectively contribute to the national“Double carbon” goal.Finally,based on the problems found in the case study,this paper puts forward some suggestions to enrich the market of carbon neutral green bonds.