Therefore,the green economy has now developed into a powerful force in China ’s economic transformation and upgrading.In 2021,China has entered a new era of green development,lowcarbon development and circular development.At the same time,green bonds have also entered a period of prosperity.Because of its dual advantages of ecological environmental protection and economic development,green bonds have gradually entered the vision of many energy companies.The Yangtze River Three Gorges Group is a large clean energy enterprise in China.It has rich experience in issuing bonds in the field of green bonds and is a leader in the innovative development of domestic green bonds.The ’ G Three Gorges EB1 ’ is the first exchangeable green corporate bond issued by the Yangtze Three Gorges Group.In view of the particularity of this bond,the green bond of the Yangtze Three Gorges Company was selected as an example for case analysis.This paper mainly adopts the case analysis method,taking the Yangtze River Three Gorges Group as an example,introduces the basic issuance of bonds,sorts out the process and results of bond issuance,and analyzes the motivation,causes and risks of green bond issuance.The main motivations for the Yangtze River Three Gorges Group to issue green bonds include actively responding to the country ’s call to comply with green development,obtaining green reputation benefits,reducing the financial pressure on corporate green projects,and meeting corporate financing needs.In terms of the causes of issuance,the reasons for the successful issuance of the green exchangeable corporate bonds are summarized,including the good main business of the issuer,the good market performance of the underlying stock company and the policy support of the national government.In terms of risk,the Yangtze River Three Gorges Group itself has a good operating and financial situation and a high bond rating,so the liquidity risk,credit risk and interest rate risk of the company ’s issuance of green bonds are relatively low.Finally,based on the case analysis,the corresponding suggestions are put forward for the case enterprises and other issuers of green bonds,hoping to improve the green bond risk management mechanism of the case enterprise Yangtze River Three Gorges Group,and hope to strengthen the information disclosure degree of the case enterprises;for other enterprises in the industry,it is suggested that the issuance of green bonds can broaden the financing channels of enterprises,and can also obtain reputation benefits in response to green financial policies.At the same time,it puts forward some enlightenment from the three levels of investors,enterprises and banking supervision departments.Investors should clarify the motivation of issuing bonds,improve risk awareness and protect their own rights and interests when investing in green bonds;enterprises pay attention to risk control,develop green projects in combination with their own needs,and obtain green reputation benefits;through clear guidelines and incentives,the CBRC will continue to develop the green bond market,improve the supervision and management mechanism of the green bond market,and strengthen the monitoring,reporting and verification system. |