Analysis Of The Effect And Credit Risk Of Green Bond Issuance Of New Energy Vehicle Enterprises A Case Study Of BYD

Green development is a bridge between economic development and ecological civilization construction.Green bonds combine finance and environmental protection to become a key tool for green development.The new energy automobile industry has its own "green" attributes,which are highly matched with the concept of green bonds.However,only two new energy automobile enterprises,Beijing Automobile and BYD,have issued green bonds.Therefore,the analysis of the effect and risk of green debt financing of new energy automobile enterprises conforms to the background of The Times and is worth further study.Through the case analysis method,event study method and principal component factor analysis method,this paper firstly sorted out the green bond market and the new energy automobile industry,introduced the subject of the case BYD,and then made a detailed study on the motivation of the two issues of green bond issuance,the environmental effect,stock price effect and financial effect brought by the issuance.Then KMV model is used to measure the credit risk of green bonds.Finally,it summarizes the analysis conclusions and puts forward enlightenment and suggestions.The main conclusions of this paper are as follows:(1)BYD’s motivation to issue green bonds is mainly to meet the requirements of green project funds,high audit efficiency and establish corporate image,and the advantage of financing cost is not obvious.(2)By using the event study method to analyze the stock price effect of "19 BYD Green Bond 01",it is found that after the announcement,the stock price has obvious and continuous positive excess return,and the empirical results are significant.(3)By using the principal component factor analysis method to score the financial performance of BYD Group,the results show that the financial performance scores of BYD Group have been improved by leaps and is sustainable after the issuance of green bonds.(4)The KMV model are used to measure the credit risk,and it is found that the credit risk is low,and BYD has good solvency for the two tranche green bonds.