Research On The Motivation And Effect Of Shenzhen Energy Issuing Green Bond From The Perspective Of Transformation And Upgrading

Green bonds are an indispensable prat of promoting the construction of green financial system in China,and also promote the construction of Green,low-carbon and circular development economic system in China.During the 14^thfive-year Plan period,according to the goal of sustainable development,the state actively guided market institutions to participate in the construction of Green bond market.Shenzhen Energy is a large power group,which plays an important role in the power market of Shenzhen and Pearl River Delta region.The local government has given it good external support in the daily operation and project resources acquisition.Because the power assets of issuers are economically developed in the region,they have obvious location advantages.Shenzhen Energy successfully issued the“19 Shenzhen Energy Green debt 01”,becoming the first mainland enterprise to finance simultaneously in the demostic and foreign capital markets through the form of bonds.Therefore,this paper selects Shenzhen Energy as the research object,which has representative and reference significance.In this paper,“19 Shenzhen Energy Green debt 01”issued by Shenzhen Energy Group in 2019 is selected as the research object.First of all,it introduces the basic situation of Shenzhen Energy,the issuance of Shenzhen Energy Green Bond and the course of Green Transformation of Shenzhen Energy.Secondly,based on the perspective of transformation and upgrading,this paper analyzes the motivation of Shenzhen Energy issuing green coupons,as well as the economic and non-economic effect,including financial effect,stock price effect,environmental effect and reputation effect.When the financial effect is analyzed by entropy method,the comprehensive index is used to evaluate the change of financial performance before and after the green bond issued by the company.In the analysis of stock price effect,empirical analysis is used to further verify the impact of green bond issuance on market response.Then based on the perspective of social responsibility to analyze the environmental effects of green bond issuance to enterprises,based on the signal transmission point of view to analyze the reputation effect of green bond issuance.Based on the analysis of this paper,the following enlightenment is drawn:other enterprises can draw lessons from the issuance of green bonds for financing,cause market benign reactions to enhance the market value of enterprises,enterprise transformation and upgrading,and so on.At the same time,this paper puts forward some suggestions,such as strengthening the public support for green bonds and establishing the supervision system of green bonds,and promote the green bond market in China to mature more quickly and steadily.