Research On The Financing Motivation And Effect Of Carbon Neutral Bond "21 Huaneng GN002" Issued By Huaneng Power International

In recent years,due to the continuous prominence of environmental pollution and excessive energy consumption,the national policy departments have realized the importance of developing clean energy,and thus clearly put forward the strategic goal of "carbon peaking and carbon neutrality".Which not only accelerates the adjustment process of China’s energy structure,but also plays a role in promoting the development of carbon neutral bonds in the green finance field.In addition,in view of the fact that most of China’s electric power enterprises have the characteristics of high energy consumption and high emissions,most power enterprises need to raise funds to improve the installed scale of clean energy and optimize their energy structure under the influence of the "dual carbon" goal,so as to realize the green transformation.In this context,carbon neutral bonds have become a new channel for financing power enterprises.Huaneng Power International,Inc.is not only one of the leading electric power enterprises,but also the largest domestic thermal power generation enterprises.In this thesis,it is taken as the research object,and the motivation and financing effect of its carbon neutral bond "21 Huaneng GN002" are deeply analyzed by means of comparative analysis,empirical analysis and event study,which has certain representative and reference significance.The thesis first introduces the enterprises that issued "21Huaneng GN002" and its industry background,and summarizes the basic situation of the carbon neutral bond.Secondly,from both internal and external dimensions to analyze the financing motivation of the carbon neutral bond.Then,it studies the financing effect brought by the issuance of the carbon neutral bond,and makes a concrete analysis from four aspects: financial effect,the effect of stock price,social effect and environmental effect.Finally,the thesis briefly summarizes the financing experience and problems brought by the issuance of the carbon neutral bond.The conclusions of this thesis are as follows:(1)Through the analysis of the financing motivation of "21 Huaneng GN002",it can be concluded that the external motivation of issuing the carbon neutral bond is the support of relevant policies,the need of green transformation in the power industry and the influence of the rising price of non-clean energy,while the internal motivation is mainly to reduce financing costs,expand financing channels,establish a good corporate image,and meet the funding needs of green projects.(2)the issuance of carbon neutral bond "21 Huaneng GN002" has financing effect.From the financial point of view,the carbon neutral bond provides a certain supporting role for the solvency and financial performance of the enterprise in the short term,but has little impact on the profitability and operating ability of the enterprise.From the perspective of stock price,the issuance of the carbon neutral bond has a positive impact on the company’s stock price,but its cumulative abnormal return is limited.From the social aspect,it brings positive benefits to the society.Finally,from the environmental perspective,it has carbon emission reduction benefits and other environmental benefits,bringing potential emission value for enterprises.(3)Through the analysis of the financing motivation and effect of "21 Huaneng GN002",the thesis summarizes the experience and problems existing in the issuing process,and puts forward some relevant suggestions.Firstly,the issuers of carbon neutral bonds should disclose the bond information in more detail and further strengthen the risk management of carbon neutral bonds.Then,Relevant government departments should introduce subsidy policies from the perspective of investment,improve the information symmetry mechanism of the market,and cultivate the green concept of bond investors.Finally,market investors need to improve their green investment awareness and green literacy.