Case Study On Green Bond Financing Of Real Estate Enterprises

As a new financing tool,green bonds are committed to environmental protection and climate change while meeting the financing party’s demand for green development funds.They have been widely recognized by countries around the world,and their issuance has increased sharply in recent years.In 2016,green bonds entered China and developed rapidly.By 2021,China has become the world’s second largest issuer of green bonds.Due to its large carbon emissions and high capital demand,real estate enterprises are facing more and more difficulties in financing under the background of "three red lines",continuous epidemic and industry downturn,so they turn to green bond issuance in succession,looking forward to finding a new way out.This paper takes the Hong Kong listed companies that first issued green bonds in 2020 and 2021,Xuhui Holding Group and COSCO Group,as the case study objects,and comprehensively uses the empirical research method and case comparison method to study and analyze the similarities and differences of the motivation,cost,effect,risk and other issues of green bond issuance in the two cases.First of all,this paper combs and comments on the domestic and foreign green bond theory,industry application and research methods,and then introduces the overview,theoretical basis and application of green bond.Based on the introduction of the case,the case study of the issuance of green bonds by Xuhui Holding Group and COSCO Group was carried out in detail,and the reasons,costs,effects,risks and other issues of the issuance of green bonds were analyzed in depth,and the similarities and differences between the two were found.The following conclusions were drawn: 1.The reasons for the issuance of green bonds are the common needs of the macro situation and the internal strategy of the enterprise,and each situation has its own emphasis;The nature of the enterprise,the certification rating,the number of projects and the amount of issuance will all affect the cost of green bonds.2.The stock price effect of private enterprises that issue green bonds early is better than that of state-owned enterprises that issue green bonds late;The improvement effect of green bonds on the financial effect of private enterprises is obviously better than that of state-owned enterprises,while the environmental effect and social effect are the opposite.3.After the issuance of green bonds,there are risks caused by macro factors and exchange rate fluctuations.The financial risk of state-owned enterprises is greater than that of private enterprises;The issuance of green bonds has limited effect on improving the overall operating conditions of enterprises,which is difficult to offset the continuous impact of their respective strategies and bad conditions in the past,and the information disclosure is not uniform.Finally,this article puts forward a total of 12 suggestions from the three levels of real estate enterprises,the real estate industry,and the government,with a view to providing reference for real estate enterprises’ green bond financing,and providing reference opinions for China’s green bond policy and management.