| Under the impetus of industrial civilization,the global economy has grown explosively,but the early economic development model has made endless demands on the environment to achieve economic benefits,which has seriously damaged the balance of the ecosystem.Establishing green industries and developing green projects is an effective means to realize the win-win situation of economic and environmental bonus.The development of green industry is inseparable from the construction of green economic system,and green finance has come into being.As the most important tool in the green financial system,the development of green bonds is very rapid.The projects that have issued green corporate bonds have performed well in terms of both project income and environmental benefits,which can promote to the overall development of enterprises,contribute to the realization of strategic goals and be beneficial to the construction of China’s green low-carbon cycle development system.Taking Longyuan Power as an example,this paper explores the motives and issuance effects of its green corporate bonds,with a view to enriching the research results of green corporate bonds,improving the improvement of green financial system,and providing experience reference for potential issuers of green corporate bonds.This paper adopts a combination of normative analysis and case study analysis.Firstly,on the basis of defining the concept of green corporate bonds,a theoretical analysis of the motives and effects of green corporate bond issuance is conducted.Secondly,on the basis of elaborating the development process of green bonds at home and abroad,the characteristics of green bond issuance at home and abroad are analyzed from the perspectives of issuance scale,structure of issuing subjects and use of funds raised respectively;meanwhile,it is concluded that the issuance scale of green corporate bonds in China increases year by year,the proportion of non-financial enterprises and government-supported institutions in the structure of issuing subjects expands year by year,and the funds raised The conclusions are mainly used in the fields of clean energy and clean transportation.Again,a case study was conducted on the motives and effects of Longyuan Power’s green corporate bonds issuance,and the analysis concluded that the motives of Longyuan Power’s green corporate bonds issuance include implementing corporate strategic objectives,meeting corporate capital needs,and shaping corporate green image.The issuance risks include liquidity risk,repayment risk,interest rate risk and policy risk.In terms of issuance effect,Longyuan Power’s issuance of green corporate bonds has a negative benefit on its share price;issuance of green corporate bonds has different effects on its debt servicing ability,profitability,operating ability and growth ability,respectively,and the earnings of the fund-raising projects are optimistic;in terms of financing cost,green corporate bonds have certain interest rate advantages;in terms of environmental benefits,the fund-raising projects of green corporate bonds have produced good In terms of social benefits,the issuance of green corporate bonds is a reflection of the enterprise’s courage to assume social responsibility,which is conducive to the recognition of Longyuan Power by the public and the market.Finally,in view of the problems at the level of government supervision and the level of the issuing body in China’s green corporate bonds,suggestions are made to establish a cost compensation mechanism,create a green financial atmosphere,and improve the risk prevention and control mechanism,so as to provide a strong guarantee for the issuance of bonds and maintain the good operation of the trading market.The main innovation of this paper is the combination of empirical research and case study,which analyzes the motives and effects of issuing green corporate bonds of case companies in an all-round way and enriches the relevant research results of green bonds in China in terms of specific types. |
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