Research On The Impact Of Transition Bond Financing On Green Transition Of High Carbon Enterprises

The development of high-carbon industry is accompanied by the characteristics of high emissions and high pollution.With the proposal of "double carbon" goal in China,high-carbon enterprises need to change their original production methods to a greener sustainable development mode.At present,high-carbon enterprises are still an important part of China’s economic activities,accounting for a relatively large proportion of China’s industrial added value,so the green and low-carbon transformation of high-carbon enterprises has become the focus of current development.In order to meet the financing needs of green transformation of high-carbon enterprises,transition finance came into being,and many high-carbon enterprises began to try to use transition financial tools to promote their own green transformation.In this paper,Baoshan iron & steel,a steel enterprise among high-carbon enterprises,is selected as the case study object,and the influence mechanism of Baoshan iron & steel’s issuance of transition bonds on its green transformation is deeply analyzed.By consulting relevant literature and analyzing the development status of high-carbon enterprises,it is found that high-carbon enterprises face many obstacles in the process of green transformation,mainly due to financing constraints and insufficient transformation motivation.Transition bonds,an innovative financing tool,have both incentive and constraint functions,which can not only alleviate the financing constraints of high-carbon enterprises but also enhance their green transformation power,so as to promote the green transformation of high-carbon enterprises more effectively.Based on this,based on relevant theoretical basis and practical situation,this paper analyzes the effect path of transition bond financing on the green transformation of high-carbon enterprises,in order to provide reference for other high-carbon enterprises in need of green transformation.Through the case study of Baoshan iron & steel,the following conclusions can be drawn:(1)High-carbon enterprises have the advantages of cost and time limit in using transition bonds to finance,which effectively alleviates the financing dilemma,provides long-term stable funds for green technology research and development of enterprises,promotes the landing of green projects and environmental protection technology projects,and further promotes the green transformation of enterprises.(2)Enterprises issuing transition bonds can compensate environmental exteriority through resource allocation effect and green reputation effect,thus solving the problem of insufficient motivation for green transformation.(3)After enterprises issue transition bonds,the increase of legitimacy pressure and market-oriented supervision mechanism can prevent enterprises from greenwashing behavior,so as to ensure that enterprises will really use the raised funds for green transformation and accelerate the transformation process.(4)Enterprises have obtained both environmental benefits and economic benefits after issuing transition bonds,which has produced obvious green transition effect.Based on the above conclusions,this paper puts forward feasible suggestions from the government level and the issuer level to provide reference for further developing and popularizing transition bonds in high-carbon enterprises.