Study On The Influncing Factors Of Green Medium-term Note Financing Cost Of DTFD

With the gradual improvement of people’s living standards,the demand for electricity in all aspects also increases.However,due to the development and utilization of non-renewable energy sources such as coal and oil,the global environmental damage is becoming more and more serious,which prompts power companies to adjust their industry structure,and use clean energy to supply electricity.Due to the particularity of the power industry,and many problems in the process of reform,the funding problem is particularly prominent,even if the relevant departments have provided certain financial support to ease the pressure on enterprises.It is difficult to solve the problem of large financial demand and long investment period.With the introduction of a series of policies in China to vigorously support green industry development and green medium-term notes emergence as new financing tool,it has become natural for power companies to use green mediumterm notes for debt financing.This financing method can not only raise longer-term and stable development funds at a lower cost,reduce the problem of corporate capital mismatch,but also promote sustainable economic and environmental developmentThis thesis firstly introduces the development of green medium-term notes in China as an entry point,analyzing the current situation of green medium-term notes development in China from multiple perspectives,and combines the demand for funds in the development and reform process of the power industry.It shows that it is necessary to use green medium-term notes as debt financing.The second is to empirically analyze the factors affecting the financing cost of green medium-term notes,focusing on the impact of green bond policies on bond financing costs.Then,analyze the cost and benefit of DTFD’s issuance of green medium-term notes,exploring the characteristics of the green medium-term notes,the benefits of issuance and summarize the problems existing in the issuance of green medium-term notes by enterprises.The following conclusions are drawn: First,the green bond policy can significantly reduce the financing cost of enterprises.Under the same circumstances,the financing cost of enterprises choosing to issue labelled green medium-term notes is lower than that of non-labeled green medium-term notes;riskfree interest rates and issuance of green bonds interest rates have a significant positive correlation;the shorter the term,the larger the issuance scale,and the higher the debt rating of green bond issued by enterprises,the lower the financing cost;the state-owned enterprises or listed companies have stronger solvency and profitability green bonds issued by companies with lower financing costs.Second,through the analysis of the characteristics of the green medium-term notes in this case,it is found that the issue price is lower than the actual value of the bonds,the issue rate is compared with the benchmark interest rate and the unexpired bonds of the same term issued by the subject in the past,and the green medium-term notes are compared with green medium-term notes.Compared with the issuance rates of corporate bonds,green corporate bonds and non-publicly issued bonds,the issuance rates of green medium-term notes are lower.Third,the issuance of green medium-term notes has obvious social and environmental benefits.At the same time,it is pointed out that the issuance of green medium-term notes by DTFD also has many problems such as imperfect information disclosure and insufficient third-party certification.Finally,it puts forward relevant suggestions for the healthy development of my country’s green medium-term notes by enhancing the management capabilities of enterprises,optimizing the enterprise structure,improving the information disclosure system,improving the relevant supervision mechanism,and guiding investors to invest in green industries.