| As China actively promotes the integration of "carbon peak and carbon neutral" into the overall layout of economic and social development and ecological civilization construction,people from all walks of life pay particular attention to carbon emissions.The "dual carbon"goal and the spirit of the two sessions help promote the transformation and upgrading of the power industry,the energy industry and other fields,for China’s sustainable development,highquality development put forward long-term action goals.To develop low-carbon economy,the electric power industry needs to strengthen its own reform,according to the spirit of the Two Sessions,long-term deployment of industrial structure,the construction of the overall industry development plan,the implementation of specific measures.In this context,the clean energy industry is riding the wind.The vigorous development and utilization of clean energy such as wind power can effectively reduce carbon emissions,which is of great significance for lowcarbon and green development.However,wind farm project development requires large scale of funds and long project construction cycle,so "borrowing short and investing long" is easy to cause the misallocation of enterprise funds.At the same time,under the call for green development,wind power enterprises need large-scale long-term low-cost capital to accelerate their own development process,which increases their funding gap.Green bonds,with their advantages in issuing costs and flexible financing terms,meet the financing needs of wind power enterprises.This thesis first introduces the development process of green bonds and the development status of the domestic green bond market,and then introduces China Longyuan Power Group Co.,Ltd.,the leading wind power enterprise,to conduct a case study on the issue of green bonds.China Longyuan issues multi-period green bonds in response to national policies and actively promotes the construction of an ecological and civilized society.The funds raised are mainly invested in green projects,which will help the enterprise develop green and establish a better image.Firstly,it introduces the information about green bonds issued by enterprises and briefly analyse the internal and external motivations for issuing green bonds.Then analyses the financial benefit,stock price effect and environmental benefit of issuing green bonds from China Longyuan emphatically.Finally,this thesis draws the conclusion:(1)The green bonds of China starts relatively late,but in recent years,there is still much room for development.In recent years,more and more non-financial enterprises have participated in the issuance of green bonds,which has accelerated the process of diversifying the issuing bodies of China’s green bond market,which is conducive to improving the issuance system of China’s green bonds,further promoting the healthy development of the financial market and advancing the construction process of China’s green financial system in a faster and better way.(2)The green bonds issued by China Longyuan can bring certain financing cost advantages to help them expand financing channels,so as to issue green bonds to meet the capital needs of development and effectively alleviate the mismatch of investment and financing terms of the company and its subsidiaries in the construction of wind power projects.(3)China Longyuan’s issuance of green bonds has a positive effect.From the perspective of financial benefits,the issuance of green bonds can make up for the working capital of enterprises and strengthen their solvency in the short term.In the long term,the completion and operation of green bond raised projects can enhance the profitability of enterprises.The comprehensive financial performance index of China Longyuan based on principal component analysis was improved after the issuance of green bonds.In terms of stock price effect,the announcement of China Longyuan to issue the first phase of green bonds has a small positive impact on the stock price,and investors in the market will not be attracted by the policy advantages of green bonds,thus generating expectations for the company’s stock price to rise strongly in the short term.On the environmental benefits,a grey relational analysis model was used to analyse the environmental benefits of the green bonds issued by China Longyuan,and A vertical comparison of the environmental benefits of several projects raised by green bonds shows that the environmental benefits generated by investing the funds raised by China Longyuan in large-scale offshore wind power projects are relatively strong.Then,a horizontal comparison is made between the environmental benefits generated by unit funds generated by other enterprise projects with a similar total scale.The results show that the environmental benefits of the projects increase with the total construction scale of the projects to a certain extent,and there is a certain scale effect.Green bonds have contributed to the development of China Longyuan’s wind power industry,and the better the environmental benefits of the green bonds issued by the company,the stronger the positive externalities and the stronger the reputational effect for the company.The successful issuance of green bonds by China Longyuan sets a good example for other enterprises,enabling other enterprises in the same industry to learn from its green bond issuance and enjoy the dividend of the national low-carbon environmental protection policy,which is more conducive to the practice of low-carbon concept and the joint efforts of the whole society to achieve the goal of "double carbon".This thesis conducts a comprehensive analysis on the issuing benefits of China Longyuan’s green bonds,in which principal component analysis,event research method,grey correlation degree and other model methods are applied to draw relevant conclusions based on the development status of green bonds,motivation and characteristics of enterprises’ green bond issuance.From the perspective of investors,enterprises and government,some corresponding suggestions are given. |
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