Research On The Financing Efficiency Of Green Bonds

Green bond is one of the most important financing tools in the green finance system,and it is also the focus of government departments,social institutions and financial markets under the background of "carbon peaking,carbon neutrality".Under the background of the vigorous development of global green finance,green bonds with the dual attributes of financing and environmental protection are becoming a new financing idea for Chinese sustainable development enterprises.Whether the funds raised can be effectively and reasonably allocated to achieve maximum output scale is one of the important basis for enterprises to choose to issue green bond financing.And this is also a concern for bond investors.Studying the efficiency of green bond financing can provide valuable references for enterprises,thereby helping them achieve better development in the green bond market.Public utilities are the main industry that issues green bonds,and Longyuan Power is one of the largest listed companies in the public utilities industry to issue green bonds.Studying the financing efficiency of its green bond issuance can provide certain reference significance for improving the overall financing efficiency of the green bond market.Taking China’s green bond market as the starting point,this paper uses the three-stage DEA model and Tobit model to conduct a case study on the financing efficiency of "21 Longyuan Power GN001" carbon neutrality bonds,and draws the following conclusions:(1)The level of economic development,credit spreads,third-party green certification,subject ratings,the proportion of current liabilities and equity concentration ratio and other financing environmental factors will have varying degrees of impact on the revised financing efficiency of green bonds,The overall financing efficiency of green bonds has been improved after the modification of the threestage DEA model.(2)The good financing environment factors made the financing efficiency of the case "21 Longyuan Power GN001" overestimated,and the revised financing efficiency decreased more than other green bonds and other carbon neutrality bonds of Longyuan Power,indicating that the internal and external financing environment has a greater impact on its financing efficiency.(3)The financing efficiency of the revised case "21 Longyuan Electric Power GN001" is still at a relatively high level,due to its location in an area with high economic development level,reasonable financing structure,high equity concentration,and recognition by third-party green certification institutions.The reason why its financing efficiency has not yet reached the standard and effective level is due to its weak debt repayment ability.Finally,this article analyzes how to improve the financing efficiency of green bonds in the future green bond market from three perspectives: government,enterprises,and investors.