Study On The Economic Consequences Of The Issuance Of Green Bonds By Electric Power Enterprises

With the progress of industry,the public began to pay attention to the issue of environmental protection,and the government has begun to emphasize saving energy and reducing pollutant emissions.Traditional power generation enterprises are characterized by high energy consumption and high pollution.Under the proposal of the "double carbon" goal,they need to be transformed and upgraded.Due to the characteristics of long construction period and high investment cost of power projects,the traditional financing methods are difficult to meet their construction needs.The green bonds with the dual attributes of green and financing are pointing out a new financing direction for them.With the help of green bonds,power enterprises can develop and use clean energy,which is of great significance to change the energy utilization mode and production efficiency of power enterprises,and to improve the current ecological environment.This paper uses case analysis to study the impact of green bonds on the economic consequences of Guodian Power.Besides,this paper analyses financial effects in detail with the help of comparative analysis and the stock price with that of event study.First of all,this paper summarizes domestic and foreign literature related to the development,issuance motivation and economic consequences of green finance and green bonds,defines the relevant concepts,and then determines the research ideas.Secondly,it analyses the development of green bond market and electric power industry,as well as the issuance of green bonds in China’s power industry.Then,this paper introduces the general situation of Guodian Power,sorts out its issuance of green bonds,and analyzes the specific reasons for its issuance of green bonds,including responding to national policies,achieving strategic development goals,broadening financing channels,reducing financing costs,and building green reputation.Finally,on the basis of clarifying the impact path of green bond issuance on the economic consequences,this paper studies the impact of green bond issuance on the economic consequences of Guodian Power.Through the research above,the conclusions are: First,the issuance of green bonds by enterprises will have a positive impact on stock prices.Second,in addition to the negative performance of long-term solvency,green bond financing has brought a certain positive impact on debt structure,short-term solvency,profitability,operating capacity and financing costs.Third,the funds raised by green bonds have been invested in clean energy power generation projects to help save energy and reduce emissions and improve the social environment.Fourth,from the perspective of ESG rating,the social effect of green bond financing is not obvious,but it is more prominent in E,which has a certain positive effect on the capital market,investors and society.Fifth,green bond financing can bring positive reputation to enterprises and enhance their social influence.From the perspective of the government and enterprises,it gives some advice,providing reference for the enterprises that have passed the green bond financing and will pass the green bond financing.