Research On The Motivation,Path And Financing Effect Of Creen Bond Issuance

With the progress of science and technology,the idea of sustainable development is increasingly accepted by people,and green finance and green economy are gradually emerging in the world.The development of green finance abroad has made remarkable achievements.With the increasing emphasis on ecological civilization construction in China,China has begun to vigorously develop green finance.However,due to the high threshold for issuing green bonds and inadequate policies,many private enterprises have been unable to raise funds through issuing green bonds.Therefore,this article studies the first private enterprise to issue green bonds-Beijing SPC Environment Protection Tech Co.,Ltd.-and analyzes the reasons for its successful issuance,providing corresponding reference experience for future enterprises planning to issue green bond financing,and injecting new vitality into green bond financing cases in China.This article takes the issuance of "20 Fresh G1" by Fresh Environment as an example,and uses relevant theories such as pecking order financing,information asymmetry,and agency costs to analyze the motivation,path,and financing effects of issuing green bonds by Fresh Environment.Firstly,when analyzing the issuance motivation of the bond,it is mainly analyzed from external and internal factors;Secondly,when analyzing the transmission path of the bond,it includes two parts:introducing the basic situation of the bond and analyzing the transmission mechanism of the bond;Finally,based on the analysis of the financing effect generated by the bond’s transmission path,this article compares the fresh environment with other similar companies and the industry average,Using event analysis to analyze stock price effects and financial indicators to analyze financial effects.This study found that firstly,the issuance motivation of "20 Fresh G1" is:national policy support;Relieve financing constraints;Enhance the company’s green reputation,etc.Secondly,analyzing the transmission path of the bond,it is found that:firstly,the bond issuance process mainly includes three steps: obtaining approval from the company and national regulatory authorities first,and then negotiating the bond issuance terms with the bond underwriting agency;Secondly,the issuance of this bond can to some extent: meet the funding needs of green projects and increase working capital;Expand financing channels and reduce financing costs;To enhance the company’s green reputation.Finally,the financing effects generated by the bond include: enhancing the investment value of stocks;Increase corporate profits to a certain extent;Reduce the debt burden of enterprises;Reduce financial risks.The study of this case not only enriches the theories of pecking order financing and information asymmetry,but also enriches the research case of green bonds in China,providing corresponding suggestions for relevant government departments and other issuers.Therefore,it has certain theoretical significance and practical value.