Research On Motivation And Benefits Of Green Bonds Issued By Energy And Chemical Enterprises

China’s green financial system is becoming more and more perfect,and the scale of China’s green bonds has also developed rapidly,which has also promoted the development of green financing in China.Due to the particularity of the energy and chemical industry,if green energy conservation and environmental protection projects are reasonably planned,green bonds will become one of the important financing channels.This paper selects Jiahua Energy as a case company,and analyzes the motivation for issuing green bonds based on the relevant national policies and the issuer’s corporate strategy,financing status,debt structure,etc.At the same time,the financing benefits of green bonds are analyzed from three levels,namely market effects,financial effects and environmental effects.Finally,combined with the analysis of Jiahua Energy green bond cases,possible suggestions and countermeasures are given from the three levels of government,market and enterprise.The study found that Jiahua Energy’s motivation for using green bond financing is as follows: 1)enjoy the benefits of national and local policies;2)Meet the capital needs and adapt to the overall strategic planning of the enterprise;3)Broaden financing channels and reduce financing costs;4)Optimize the debt structure and solve the limitation of capital maturity;5)Shape the green image of the enterprise and attract investors.The financing effects of green bonds include: 1)Green bonds significantly increased the company’s share price before and after the SFC’s approval announcement,but they were maintained for a short time and did not have a significant impact on the duration.Green bonds have a stimulating effect on enterprises’ R&D capabilities and green technology innovation capabilities,and have been sustained.2)The issuance of green bonds inhibits the rapid growth of short-term borrowing,optimizes the debt structure of enterprises,and effectively reduces financing costs.At the same time,the financial effect is significant,and this effect is most pronounced in the second year of green bond issuance;3)Green bonds can support clean heating and power supply and improve the social environment,but the impact on the environmental performance score of enterprises is not significant.