| As a sub type of green bonds,carbon neutral bonds have played a pivotal role in the development of green finance,which combines the characteristics of "carbon emission reduction" and "bonds".In recent years,China has proposed green and low-carbon transformation goals for industries such as high pollution and electric power,and the task of green transformation is arduous.The relevant characteristics of carbon neutral bonds can just help the green development of the power industry.Therefore,this paper studies the motivation and benefits of issuing carbon neutral green bonds by power companies,and puts forward relevant conclusions and suggestions,which have certain reference significance for promoting the green and low-carbon transformation of the power industry and the development of carbon neutral bond market.This article first introduces the current situation of China’s carbon neutral bond market and the background of the green development of the power industry,and then gives an overview of Jidian Shares and its bonds issued in this period.Secondly,based on the relevant analysis framework,it analyzes the issuance motivation and benefits,and finally proposes corresponding suggestions and measures for different entities.Firstly,analyze the issuance motivation based on different perspectives.Based on national considerations,issuing current carbon neutral debt can respond to national requirements for green and low-carbon transformation of the power industry,etc;From the perspective of investors,issuing current carbon neutral bonds is conducive to obtaining a good green reputation,etc;Based on the perspective of the issuer,issuing current carbon neutral bonds can promote the achievement of the company’s green and low-carbon development goals,meet the funding needs of green projects,and so on.Secondly,this issuance has brought multiple benefits to Jidian Shares.In terms of financial efficiency,the current issuance can reduce financing costs and improve debt repayment ability;In terms of financing efficiency,the current carbon neutral bonds can indeed improve the financing efficiency of enterprises,but the comprehensive financing efficiency is not as high as that of comparable electric power enterprises that have issued carbon neutral bonds;In terms of carbon emission reduction benefits,this issue can not only reduce emissions of greenhouse gases such as carbon dioxide,but also trade in the carbon emission rights market and the green electricity market and obtain green trading income;In terms of stock price efficiency,the news of this carbon neutral debt issuance has played a catalytic role in the company’s stock price,and its positive impact on the stock price lasts for a long time;In terms of reputation benefits,this issuance has received the attention and pursuit of media and investors,bringing more attention and oversubscription multiples to enterprises.Thirdly,suggestions and measures are proposed for the different entities mentioned above,such as bond issuers should maintain good business performance,investors should cultivate long-term green investment awareness,and relevant government departments should improve the regulatory structure.To sum up,the motivation behind the issuance of carbon neutral green bonds by Jidian Corporation is to consider from multiple perspectives,and the issuance of bonds can bring multiple benefits to enterprises.Therefore,electric power companies or other industries should actively use carbon neutral bonds as a green financial tool to enrich China’s carbon neutral bond market practice cases,achieve green and low-carbon transformation in the industry,and promote the realization of the social "dual carbon" goal. |
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