Research On The Motivation And Effect Of Green Bonds Issuance For Clean Energy Enterprises

With the goal of "Carbon Peak and Carbon Neutrality",China’s green finance market has flourished.The practice of green finance concept is an innovative expansion of the traditional financial market,and it is also an important embodiment of corporate social responsibility.As one of the main carriers of the green financial market,green bonds also serve as a key tool for low-carbon transformation and financing,taking into account environmental effects while achieving economic growth,and bringing green reputation to issuers.Now,green bonds have gradually become an important starting point for China’s green finance to serve the real economy and achieve the "Carbon Peaking and Carbon Neutrality " goal.However,due to the late development of China’s green bond market,many enterprises have little understanding of green bonds and lack the motivation to use green bonds for financing.The clean energy industry,in particular,often has the need for green project financing,but lacks the financing experience of green bond issuance.Therefore,it is of great practical significance to analyze the motivation and effect of green bonds issued by clean energy enterprises in the form of specific cases.This study takes the issuance of two green bonds "G18 New Y1" and "G19 New Y1" by Suntien Green Energy as the case study object,based on socially responsible investment theory,preferential financing theory and reputation theory,using textual analysis method,event research method and comparative research method.The study is based on socially responsible investment theory,preferential financing theory and reputation theory,and uses textual analysis,event study and comparison study methods.Firstly,an overview of the development of green bonds and the background of the case is explained;Secondly,an overview of the company,the basic information of green bonds and the use of funds raised are introduced.Thirdly,based on this,this study analyzes the motivation and effect of green bonds issued by enterprises,the main reasons include the government’s increasing policy preference,supplementing the working capital of enterprises’ green projects,widening the financing channels and improving the bond structure,and the public’s increasing attention to green development.Enterprises actively issuing green bonds have a positive effect on enterprises from four aspects: stock price effect,financial effect,environmental effect and reputation effect.The stock price effect is reflected in boosting the stock price;the financial effect can be further developed as supplementing the capital flow of green projects and obtaining government subsidies,reducing financing costs and widening financing channels,and enhancing the profitability and development ability of enterprises;the environmental effect is reflected in increasing environmental protection investment and improving the social ecological environment;the reputation effect is reflected in establishing enterprises’ increasing attention to green reputation and increasing media attention.Based on this,this study puts forward four conclusions:(1)the necessity and feasibility of issuing green bonds by Suntien Green Energy;(2)The government’s increased resource preference for clean energy enterprises will help improve the success rate of issuing large-scale green bonds;(3)Green bonds can improve risk resistance and optimize corporate debt structure with relatively low financing costs;(4)Green bonds help enterprises expand the scale of wind power generation,reduce carbon emissions from traditional energy sources,and promote sustainable economic development.This study puts forward three inspirations from the enterprise and industry level: using green bond financing to exert the positive effect of financial leverage,standardizing the disclosure of corporate social responsibility report,and establishing the concept of green sustainable development,at the same time,the paper puts forward three enlightenment from the government level,which are to perfect the incentive policy related to green bond,unify the information disclosure standard of Green Bond and guide the domestic green bond standard to conform with the international standard.This study aims to provide theoretical support to clean energy enterprises in selecting appropriate financing channels and to enrich the case studies of Chinese green bonds at the enterprise micro level.