Research On The Motivation And Effect Of CECEP Solar Company Issuing Green Bond

Modern industry has made human society develop rapidly,but it has also caused a serious threat to the natural environment on which human beings live,and the extensive economic development model can no longer meet people’s yearning for a better life.In this context,China has put forward a green development strategy and taken green finance as an important starting point.As one of the most important and influential products of green finance,the "green attribute" of green bonds is naturally compatible with the environmental protection industry,which helps guide the flow of funds to the environmental protection industry and promote green development.Therefore,studying the motives and effects of issuing green bonds by enterprises has important theoretical and practical significance.This article selects China Energy Conservation Solar Corporation as a case company.This thesis mainly adopts the literature research method and case analysis method.Firstly,this thesis summarizes the relevant literature of green bonds at home and abroad,defines and summarizes the concepts and types of green bonds,analyzes the mechanism of the triggering effect of green bond issuance,and then analyzes the motivation and effect of energy-saving solar energy issuance of green bonds according to signal transmission theory,financing priority theory and corporate social responsibility theory.Secondly,the basic situation of CECEP solar energy,the issuance status of green bonds and the operation process of "19 Sun G1" issuance were introduced,and then the motivations of case companies to issue green bonds were analyzed,including: increasing investor attention,reducing corporate financing costs,supplementing green project funds and helping the construction of ecological civilization.Third,this thesis analyzes the issuance effect from three aspects: market,financial and environmental.In terms of market effects,this thesis uses the event research method to analyze the first green bond "19 Sun G1" issued by CECEP Solar Energy Company,and in terms of financial effects,this thesis uses the factor analysis method to analyze the overall financial status of the enterprise on the basis of longitudinal and horizontal analysis.In terms of environmental effects,this thesis analyzes the investment situation and environmental benefits of green projects.Finally,this thesis summarizes the motivation and effect of CECEP Solar Energy Corporation’s green bond issuance,and draws relevant enlightenments.From this,this thesis draws the following conclusions: first,the issuance of green bonds will attract the attention of investors,but the announcement of approval by the CSRC has brought positive market effects to solar energy companies;Second,the issuance of green bonds can help alleviate debt repayment pressure,enhance corporate solvency and profitability,reduce corporate financing costs,and improve financial status.Third,the actual use of funds raised by green bonds is in line with the commitments and brings significant environmental benefits to solar energy companies,but the disclosure of environmental benefits needs to be strengthened.Based on this,this thesis draws the following enlightenments: First,companies can experiment with various types of green bonds.Second,regulators can further improve the relevant mechanisms and policies;Third,the market can further mobilize the enthusiasm of enterprises and institutions to issue.