| Today’s rapid development of the world economy,accompanied by several production revolutions,the rough development model has caused increasingly serious problems in resources,the environment and sustainable scientific development,which not only hinders the pace of domestic development,but also becomes the fuse of some international disputes.The energy crisis,environmental crisis and resource crisis have become new problems encountered by countries in developing their economies,and green and sustainable development has come into being.Reform and opening up for more than 40 years,China’s economic development has made remarkable achievements,after entering a new period,economic development ideas have changed,the pursuit of intensive high-quality economic growth model,in this process the development of green economy is an inevitable choice.Therefore,this paper aims to provide selective reference and reference for enterprises when they have financing needs by focusing on heavy industrial enterprises and studying the motivation and actual effects of their issuance of green bonds during the transition period.Shandong Gold Mining Co.,Ltd.(hereinafter referred to as Shandong Gold)has a market value of more than 100 billion yuan,ranking first in China’s non-ferrous metal stocks,ranking second in the top 100 listed companies in Taurus China,with strong strength and strong representation.Therefore,this paper takes the green bond G19 Lujinl issued by Shandong Gold as the research object,and conducts an in-depth study on the motivation of its issuance and the effects after issuance.The first part mainly includes the connotation of green bonds,from both domestic and foreign aspects,as well as research related to the development of green bonds.The second part introduces the relevant theoretical foundations,including the Equator Principles,sustainable development theory,and environmental finance theory.The next third part is a basic introduction to the issuer Shandong Gold,covering the equity structure,operation and financing status,etc.,and introduces the specific content of the research object G19 Lujin 1,the scale and object of the issuance,so as to facilitate the fourth part to better analyze the motivation and the benefits of the issuance.Through the analysis of the motivation of bond issuance in the fourth part,it can be concluded that the motivation for Shandong Gold Mining Co.,Ltd.’s issuance of green bonds is mainly reflected in two aspects,one is the externality of the enterprise,the influence of the international and domestic markets and the call of national development policies.On the other hand,there are the needs of internal strategic development and financing needs of enterprises.Finally,through the analysis of the effect of issuing green bonds in three aspects:financial effect,stock price effect and environmental benefit,in general,the issuance of green bonds has a positive effect on enterprises,and has good results in solving capital needs,reducing financial costs,improving environmental quality,and improving the debt structure of enterprises.Summarizing the successful experience and some problems of the G19 Lujin 1 issuance,the fifth part accordingly puts forward suggestions for issuing green bonds to Chinese enterprises.The analysis of Shandong Gold’s issuance of green bonds proves that green bonds have a positive role in promoting economic development.Green bonds have the advantages of long investment time,low repayment cost and clear use,so green bonds can ensure that sustained and stable investment funds enter the green economy,further promote the development of green industries through financing funds,adjust constraints on the existence of excess capacity in non-ferrous metal heavy industry enterprises,and further promote supply-side reform in response to national policies. |
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