Study On Motivation And Performance Of Green Asset-backed Notes Issued By Enterprises

Nowadays,the concept of "green,low-carbon,and environmental protection" has been deeply rooted in people’s minds,and the pursuit of economic development has shifted from high-speed development to high-quality development and green development.In this context,the development of green finance promotes the innovation of green financial instruments and explores more financing ways for the green enterprises.Among innovative financing instruments,green asset-backed notes have developed rapidly in recent years and gradually occupy an important position in the system of green asset securitization products.At the same time,as a key industry to achieve the goal of "Dual carbon",the new energy power generation industry has many advantages to issue green asset-backed notes by taking advantage of its own green attributes.In this paper,Longyuan Power Group,a global leader in wind power operation,is selected to study the motivation and performance of its initial issuance of green asset-backed notes.First of all,the reasons and background of the case selection are expounded,and the basic situation of Longyuan Power Group and the general situation of notes in the case are introduced emphatically.Secondly,this paper analyzes the motivation for issuing green asset-backed notes from five perspectives.Finally,the short-term stock price performance is analyzed based on the event study,the corporate financial performance and the comprehensive financial performance score in the industry are analyzed by the factor analysis,and the environmental performance is obtained by the comparative analysis,so as to comprehensively analyze the performance of enterprises issuing green asset-backed notes.Through research and analysis,this paper draws the following conclusions: First,green asset-backed notes will produce a positive performance for the short-term stock price of enterprises and bring a large increase in the stock price of listed companies.Secondly,green asset-backed notes have certain advantages in enterprise financing and improve the solvency and profitability of enterprises,but have no obvious impact on the Operational capability and development capacity of enterprises,and have a slight increase in the financial performance score ranking in the industry.Third,if the funds raised by asset-backed notes are used for green projects,it will produce green environmental performance for society.In conclusion,this paper puts forward suggestions for issuers to expand the range of underlying assets and diversify credit enhancement measures,hoping to make some contributions to promoting the development of green asset-backed notes.