| In recent years,with the increasing attention paid to the issue of climate change globally,the contradiction between China’s economic development and ecological environment construction has become increasingly prominent,and environmental protection issues have received widespread attention from the public.China has also proposed the goal of "carbon peak,carbon neutral",which highlights the high importance attached to climate change and environmental protection issues.Given that the current high pollution and high energy consumption production methods of electric power enterprises have been unable to adapt to the market environment of green development,in order to achieve their sustainable development,electric power enterprises have sought green transformation.At the same time,electric power enterprises need a large amount of funds to implement green transformation,and traditional financing methods cannot meet the funds required for green transformation.Electric power enterprises urgently need new financing methods to provide financial support for their green transformation.The proposal of the "dual carbon" goal has brought new opportunities for the development of green finance in China.Based on this background,green bonds have emerged as the times require.Due to the characteristics of green bonds and the support of national policies,electric power companies are attempting to issue green bonds to achieve their green transformation.This article studies the impact of Huadian International’s issuance of green bonds on green transformation,deeply analyzes the relationship between Huadian International’s issuance of green bonds and green transformation,and discusses how green bonds,as a representative of green finance,act on the green transformation of power enterprises in the context of the new era of green development.Through analyzing the actual situation of electric power enterprises,it is found that financing constraints and environmental externalities are the key factors restricting the green transformation of electric power enterprises.Based on relevant theoretical foundations,this paper analyzes the paths for electric power enterprises to issue green bonds to promote green transformation,and draws the following conclusions: First,green bonds can effectively reduce the financing costs of electric power enterprises in green transformation,alleviate the financing constraints faced in green transformation,and improve the availability of green transformation funds by taking advantage of their issuance and repayment period advantages.Second,green bonds can increase the difficulty of financing non green projects of electric power enterprises and improve the green transformation power of electric power enterprises by making up for the cost of the positive externalities of green projects invested by electric power enterprises on the environment.Thirdly,in the short term,green bonds can bring positive stock price effects and improve corporate value;In the long run,the issuance of green bonds can bring win-win environmental and financial benefits,improve production processes,maintain a stable capital structure,and promote green transformation of enterprises.Further analysis found that there are still problems in the green transformation process of Huadian International,such as heavy capital expenditure burden,insufficient R&D investment,and relatively backward clean energy installation.Based on the above conclusions,three targeted suggestions are proposed to provide reference for electric power enterprises to adopt green bond financing to promote their own green transformation. |
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