Research On Financing Value Creation Of Green Bonds Of Listed Companies

Value creation is an important goal of an enterprise,which runs through all aspects of enterprise development,Financing decisions will have an important impact on enterprise value.Green bond is an innovative debt financing method based on social development and public awareness of environmental protection,which has the dual advantages of environmental protection and debt financing.In recent years,the number and scale of green bonds issued in China have gradually expanded,but at present,nearly half of the issuers are financial enterprises,and the recognition and issuance motivation of green bonds of non-financial enterprises need to be strengthened,while the Beijing SPC Environment Protection Tech Co.,Ltd.is one of the few enterprises that have successfully issued green bonds among listed companies in the environmental protection industry.Under this background,this paper takes the green bond financing of non-financial listed companies as the main content,selects the green bond "20 Qingxin G1" issued by Beijing SPC Environment Protection Tech Co.,Ltd.in 2020 as the research object,takes the enterprise value maximization theory as the basis,and combines the effective capital market theory and social responsibility theory to conduct a specific case study on the enterprise value creation of its green bond financing,and analyzes its experience,practices and shortcomings,while enriching relevant case studies,it also provides reference for other listed companies’ green bond financing,with a view to more enterprises actively participating in the transformation,joining the ranks of green development,expanding financing channels and realizing the promotion of enterprise value.Through this case study,the conclusions are as follows: First,this green bond financing is to meet the increasing capital demand of enterprises and the successful issuance of green bond cannot be separated from sufficient policy environment,loose audit procedures,good credit status,sufficient green projects and potential investors and other conditions support;Secondly,thanks to the long term of "20 Qingxin G1",the expansion of low-cost financing channels,the enhancement of investors’ expectations,and the establishment of an environmentally friendly corporate image,the fresh environment not only raises the funds needed for green projects,but also realizes the creation of corporate value in finance,economy,market and society.At the same time,there are also some problems in the process of creating corporate value with green bonds of Beijing SPC Environment Protection Tech Co.,Ltd.For example,green bonds increase corporate financial risks,and bring certain pressure of debt repayment,increase cost pressure,In addition,they are simple and not specific enough in terms of information disclosure.On this basis,the paper puts forward some suggestions for other enterprises’ green bond financing.The innovation of this article mainly manifests in three aspects:research subject,industry,and content.In terms of research subjects,most of the research focuses on the financial enterprises that account for a large proportion of the issuers,this paper focuses on the non-financial enterprises that account for a small proportion of the issuers;In the industry,the energy conservation and environmental protection industry that is easier to meet the conditions of green bond financing but less enterprises to carry out green bond financing was selected;In terms of content,analyze its financing conditions.It is hoped that the case study of green bonds can supplement relevant literature and provide reference for other non-financial listed companies in green bond financing.