Research On The Impact Of Green Bond Issuance On The Enterprise Value Of New Energy Vehicles

With the deepening of economic globalization and the development of financial markets,the wave of economic development transformation and financial innovation has reached China,and the emerging concept of green finance has emerged in China.In recent years,along with the "Carbon neutrality" and "Carbon peaking",green finance has seen rapid development in China,and projects related to green finance have emerged in the domestic financial market.The new energy automobile industry is one of the emerging green industries.Compared with the traditional automobile industry which has high energy consumption and high pollution,the new energy automobile industry has lower carbon emission and better environmental friendliness.The production and promotion of new energy vehicles need a lot of financial support,which requires the intervention of green finance.Green finance includes issuing green bonds and providing green loans,which can not only provide rich financing channels for the new energy vehicle industry,but also improve the social responsibility and environmental awareness of enterprises and promote the sustainable development of the new energy vehicle industry.This paper will focus on green bonds,which are representative of green finance,and explore the impact of green bonds on the new energy vehicle industry,an important green real economy industry.Through the method of case study,this paper selects BYD Company Limited,a leading company in the new energy automobile industry,as the research object to explore the impact of its issuance of green bonds on the value of new energy automobile enterprises.BYD,as a company involved in the new energy field earlier and with a wider business scope in the traditional automobile industry,issued green bonds in 2018 and 2019,and BYD has become a model of applying green financial products in the new energy automobile industry by virtue of these two green bond issuances.Therefore,the study of BYD’s case of issuing green bonds has a certain representative significance,which can not only provide a realistic reference for the expansion of financing channels and the choice of corporate strategies for enterprises in the same industry,but also provide new ideas for the road of green development in China.This paper firstly adopts the literature analysis method to summarize the relevant research findings,analyze and elaborate the basic theories,and lay the foundation for the subsequent research;secondly,it explores the influence path of green bonds on corporate value and its effect from four perspectives,namely,corporate financial performance,financing cost,capital market value and investor sentiment,based on specific data from enterprises,capital market and investors.The results of the study show that BYD’s green bond issuance has improved its operating income,profit level and created good corporate performance;it has effectively boosted its share price in the capital market and given positive feedback to investors.Therefore,the issuance of green bonds can effectively enhance corporate value.However,the policy of issuing green bonds in China is not perfect,and the utilization of green bonds by private enterprises is still insufficient,so there is still much room for improvement.Finally,based on the above research findings,this paper gives different suggestions from BYD,other auto enterprises and regulatory policy levels respectively.On the part of enterprises,BYD should continue to maintain its innovation ability and actively participate in the green financial market to seek new paths for the company’s future development;other automobile enterprises should learn from BYD’s successful issuance of green bonds to strengthen their own green industrial development,cultivate green innovation awareness and expand new channels for corporate financing.On the part of the government,relevant regulatory authorities should improve the recognition criteria of green bond projects and strengthen the information disclosure system to promote the sustainable and healthy development of the current domestic green bond market.