Case Study Of Capvision Technology Group Issuing Carbon Neutrality Green Bonds

In recent years,climate problems caused by excessive carbon dioxide emissions have become prominent,and carbon emission reduction has become the primary goal of global climate governance.China put forward the "3060" dual-carbon goal in 2020,and built a "1+N" policy system around the dual-carbon goal in 2021,committed to promoting low-carbon economic development.In order to promote finance to better serve the dual carbon goal,China has launched a carbon neutral green bond variety,which is a bond financing tool specifically used for projects with carbon emission reduction benefits.As a new thing in the bond market,the issuance scale of carbon-neutral green bonds has experienced a blowout growth in the past two years.However,from the scale of its share in the entire bond market,many investors still hold a wait-and-see attitude towards the investment in carbon neutral green bonds,and enterprises are still in the exploratory stage of how to make good use of the financing tool of carbon neutral green bonds.Therefore,it is necessary to explore why enterprises issue carbon-neutral green bonds,what effects they can produce and the effective path.Kaisheng Technology Group is the first enterprise in the building materials industry to issue carbon-neutral green bonds.Compared with the super-large enterprises issued in the same period,Kaisheng Technology has more obvious issuance motivation and issuance effect.Exploring the motivation,effect and specific practices of Kaisheng Technology in issuing carbon-neutral green bonds can help other enterprises choose and use carbon-neutral bonds for financing in the future Provide reference and suggestions for promoting the development of carbon neutral debt market.This thesis is divided into five parts: The first part is the introduction.This thesis introduces the background and significance of the thesis,reviews the academic research on the motivation and effect of green bond issuance,expounds the research ideas and methods of this thesis,and builds the framework of this thesis.The second part is the theory of carbon neutral bonds.Firstly,the concept and characteristics of carbon-neutral green bonds are described,the motivation of issuing carbon-neutral green bonds is explained from the theoretical level,and the evaluation methods of issuing effects and the relevant theoretical basis of green bonds are summarized,providing theoretical support for case analysis.The third part is the case statement of Capvision Technology’s issuance of carbon neutral debt.First,it introduces the basic situation of Kaisheng Technology Group,and then analyzes the reasons for Kaisheng Technology to issue carbon neutral green bonds in combination with the group situation and external environment,mainly including policy promotion,photovoltaic industry development demand,capital demand and the need to reduce financing costs.Finally,it analyzes the basic terms of bonds The use of raised funds and the certification of green projects will give a detailed introduction to the issuance of "GC Kaisheng 01" carbon neutral bonds.The fourth part is the effect of carbon neutral debt issued by science and technology.In terms of the stock price effect,the event study method is used to observe the change of the excess return rate.It is found that the announcement of the issuance of carbon-neutral bonds can have a positive impact on the stock market,and the impact intensity is small,and only exists in the short term.In terms of financial effect,through horizontal and vertical comparison,it is found that the issuance interest rate of carbon neutral green bonds is low,which can improve the debt maturity structure,alleviate the problem of capital maturity mismatch,and improve the short-term solvency of enterprises.In terms of other effects,this is due to the use of raised funds,including environmental effects,social effects and reputation effects.Based on these effects,it is also found that Capvision Technology can reasonably use the raised funds,design reasonable bond terms,and pay attention to the disclosure of bond-related information and media publicity during the issuance and existence of carbon neutral bonds.It is these good practices that make carbon neutral bonds produce the above effects.The fifth part is the case conclusion and enlightenment.On the basis of summarizing the research results of the case study on the issuance of carbon neutral bonds by Kaisheng Technology,several enlightenments are obtained on how enterprises arrange financing and how to promote the carbon neutral debt market: First,when selecting whether to conduct carbon neutral debt financing,enterprises should comprehensively consider the advantages of carbon neutral debt interest rates,policy advantages,and higher evaluation and certification costs and fund management costs;In case of carbon neutral debt financing,it is also necessary to reasonably design bond terms and use plan of raised funds;At the same time,attention should be paid to multi-channel and diversified financing.The second is to improve investors’ recognition of carbon neutrality,cultivate real green investors,accelerate the economic transformation of carbon emission reduction benefits,and improve the income of carbon neutrality debt investors.Third,issuers and regulators should jointly strengthen the disclosure of carbon neutral debt.