Research On The Motivation And Performance Of Shenzhen Energy Green Bond Financing

Under the background of carbon neutral and carbon peak,Chinese power industry is accelerating the pace of clean and low-carbon transformation.Relevant departments have successively issued the “Fourteenth Five-Year Plan” for the Modern Energy System and the“Fourteenth Five-Year Plan” for the Development of New Energy Storage to help the transformation and development of power enterprises.Among the factors restricting the lowcarbon transformation of power enterprises,the financial constraints are particularly prominent.The power industry is a capital-intensive industry.The construction of the project depends on the national financial funds and bank loans for a long time,and the financing channels are relatively single;The construction period of electric power project is long and the bank loan period is short,which leads to the mismatch of investment and financing period.In recent years,China’s green bond market has developed rapidly.With the continuous improvement of the green financial system,the advantages of long issuance period,low issuance cost and quick review of green bonds have become increasingly obvious.Energy conservation and environmental protection projects in the power industry meet the issuance standards of green bonds.If they can be reasonably used,green bonds can alleviate the difficulties encountered in the financing of the power industry and become an important channel for its financing.In 2019,Shenzhen Energy Group issued two green bonds,“19 Shenneng G1” and “19Shenneng G2”.Among them,“19 Shenneng G1” is the first green corporate bond issued through the “Bond Connect” mechanism in China,which greatly enriched the practice of green bonds in China.The projects of green bonds are garbage power generation projects,wind power generation projects and cogeneration projects,all of which are energy conservation and environmental protection projects.The thesis will study the motivation and effect of Shenzhen Energy’s issuance of green bonds through literature analysis,case analysis and other research methods.First of all,a brief overview of the green bond market is given,and the main body of the issue,the target company and the issue process are introduced.In combination with the current development status and financing status of Shenzhen Energy,the reasons for the issuance of green bonds are discussed in depth;Then it analyzes the effect of issuing green bonds from three aspects: market effect,financial effect and social environmental effect,and analyzes the ways of issuing green bonds affecting the enterprise effect;Finally,according to the overall situation of Shenzhen Energy’s issuance of green bonds,this thesis summarizes the full text and draws research inspiration.The thesis found that the reasons for Shenzhen Energy to issue green bonds include:(1)Filling the financing gap of green projects and helping business transformation;(2)Supplement the working capital and relieve the short-term debt repayment pressure;(3)Reduce the financing cost of enterprises and reduce the financial burden;(4)Actively respond to government policies and establish a green enterprise image.In terms of the issuance effect of green bonds:(1)The issuance of green bonds raised the company’s share price in a short time,but failed to continue;(2)The issuance of green bonds optimizes the debt structure of enterprises,improves their short-term solvency,reduces their financing costs,and improves their business income composition;(3)The green projects corresponding to green bonds have significant energy conservation and environmental protection effects,helping to enhance the green reputation.Finally,it summarizes the strategic significance of Shenzhen Energy’s use of green bond financing,and draws relevant inspiration to provide certain reference for other enterprises.