Research On The Motivation And Effect Of Jiahua Energy Green Bond Financing

With the implementation of the "13th Five-Year Plan",the concept of ecological civilization construction and sustainable development has been deeply integrated into economic and social development.Green finance can not only effectively broaden the financing channels of green industry enterprises,but also play an important role in the transformation and upgrading of the economy and society.Green bonds are the most dynamic and rapidly developing component of green finance.Since 2016,with the gradual improvement of my country’s green financial system,the green bond market has developed rapidly.The characteristics of energy-saving and environmental protection projects in the energy and chemical industry are naturally compatible with the green attributes of green bonds.If they can be used rationally,green bonds may become one of the important financing tools for the energy and chemical industry.Therefore,this article selects the "G16 Jiahua 1" green bond issued by Jiahua Energy in 2016 as the research case of this article."It is the country’s first green corporate bond,which is representative and meaningful.This article combines Jiahua Energy’s current development status,industry prospects,financing conditions,etc.,to analyze its motivation for using green bonds for financing.Then it analyzes the effect of green bond issuance from four aspects: market effect,reputation effect,financial effect and environmental effect.Finally,according to the overall situation of Jiahua Energy’s issuance of green bonds,it finds out the problems in its green bond financing process,and tries to give possible suggestions and countermeasures from the government and company levels.The study found that the motivations for Jiahua’s green bond issuance for financing include: 1)responding to policy calls;2)reducing financing costs;3)satisfying the overall strategic planning of the company;4)broadening the company’s financing channels.In terms of the effect of green bond issuance: 1)Green bonds have significantly increased the company’s stock price in a short period of time through the approval announcement of the China Securities Regulatory Commission,but this has not been sustained;2)The issuance of green bonds in this period will be conducted at the national,local and market levels.Has produced a certain reputation effect;3)The issuance of green bonds optimizes the debt structure of Jiahua Energy,but has a small impact on the solvency of the company;4)Green projects have more significant effects on energy conservation and environmental protection.At the same time,it studies the problems of Jiahua Energy in the issuance of green bonds:investors are not enthusiastic about green investment,the third-party assessment and certification of green bonds are not strict,and the disclosure of environmental benefits of raised projects is not perfect.Finally,in response to the above-mentioned issues,this article puts forward corresponding recommendations from two levels of policy and enterprise,providing reference and reference for Jiahua Energy and subsequent companies preparing to issue green corporate bonds.