Research On The Effect Of Enterprise Issuing Green Bonds

In the "Overall Plan for Ecological Civilization System Reform" issued by the CPC Central Communist and the State Council in 2015,the government clearly put forward the goal of building a green financial system for the first time.The subsequent report of the 19 th National Congress,also pointed out the guidelines for realizing the rapid development of green finance in China.By 2020,Chinese President Xi Jinping made a solemn commitment to the world at the United Nations General Assembly,proposing that China will achieve the goal of peak carbon dioxide emission by 2030 and achieving carbon neutrality by 2060.At present,the development of a green economy has become a key goal of our country.As an important financing method for green finance,green bonds are also an emerging financing tool in the capital market.What effect enterprises have after issuing green bonds also attracted the attention of the market and relevant issuers.The main reasons for choosing CECEWind Power as a case study are based on two points: firstly,it is in the wind power industry,which itself is very suitable for the issuance criteria of green bonds;secondly,it has been listed for a shorter period of time and has fewer financing means,so it can better highlight the role of green bonds.The main research content of this paper is as follows: First introduce the situation of case enterprises,and then deeply expanded the environmental background of green bonds,study the motivation of enterprises;Then,studied the effect of the case enterprise issuing green bonds,and confirmed the enterprise achieves the corresponding effect by combining with the analysis of the enterprise issuing motivation.Firstly,analyze the completion of strategy,the effect of capital,and the change of financing channels,and analyze whether the motives of the enterprises achieve the expected effect,and then study the market effect,other effects,and credit effect.Finally,we summarize the experience related to the successful issuance of green bonds by Energy-Saving Wind Power for the reference of other companies.This paper results are as follows: The main reasons for choosing green bonds as financing tool are that they can help companies achieve their expansion strategy and low-cost strategy,provide them with long-term funding outside of equity,and help them achieve self-sufficiency as soon as possible by acquiring a green reputation.In the short term,the green bond issue effectively reduces the financing cost of CECEWind Power and meets the capital needs of its expansion.In the long term,there is no significant improvement in the operating capacity of enterprises after the issuance of green bonds,but there is a positive effect on the debt service and profitability of enterprises;by issuing green bonds,enterprises can reduce environmental pollution at a lower cost and set an example for the market.In conclusion,issuing green bonds has certain benefits for enterprises,and enterprises can contribute to social environmental protection and set an example for the market.