The Impact Of Green Bonds On The Green Transformation Of Relatedcompanies In The Power Industry

The power industry has always been the largest carbon emission sector in China,accounting for about 40% of carbon emissions all year round.Therefore,it can be said that the green process of the power industry determines China’s "carbon neutralization" process.However,the problem of capital has always been one of the most important factors restricting the green transformation of the power industry.On the one hand,as a heavy asset industry,the investment projects of the power industry often have the characteristics of long service life and large investment amount,so the capital demand of enterprises is large;On the other hand,by the end of 2021,most of the green financing needs of power enterprises are solved through the indirect market.The financing channel is relatively single and the financing cost is high.As a new green financial tool,green bonds have the characteristics of low financing cost,fast audit speed and high requirements for information disclosure.They can better meet the needs of all parties in the market and effectively solve the problem of capital constraints of power companies.Six years have passed since China issued its first green bond in 2016.Has green bond promoted the green transformation of power enterprises? Starting from the realistic background and taking Shenzhen Energy Group Co.,Ltd.as an example,this paper first introduces the basic situation,Financing Motivation and green bond issuance of Shenzhen energy.Then,it makes an in-depth analysis of the effect of the company’s issuance of green bonds from two aspects of environment and economy.Finally,based on the above,this paper uses DEA method again,takes fixed assets,number of employees and standard coal consumption as input variables,takes net profit and total on grid power as output variables,selects 11 companies and calculates the corresponding M index,and then selects control variables and explanatory variables according to relevant literature to make an in-depth analysis of the operating efficiency of Shenzhen energy,Verify the effect and mechanism of green bonds on corporate green transformation.According to the relevant analysis,this paper draws the following three conclusions:Firstly,the issuing body of green bonds in the power industry is relatively single,mostly central state-owned enterprises with AAA credit rating,with less participation of private enterprises.Due to the low cost and considerable yield of wind power projects,most of the funds raised by green bonds are invested in wind power projects by 2021;Secondly,whether from the perspective of issuers or investors,the advantages of green bonds are not obvious.From the perspective of the issuer,green bonds do have certain financing cost advantages.However,the high cost of third-party certification further weakens the advantage of green bonds in the issuance cost.From the perspective of investors,the sharp proportion of green bonds is low,the overall investment income is not high,and the investability is not large;Finally,from both environmental and economic aspects,green bonds have effectively promoted the operation efficiency of Shenzhen energy company.In terms of environment,after Shenzhen Energy issued green bonds,the overall power supply coal consumption and plant power consumption rate have been significantly lower than before.In addition,the four green bonds issued by the comprehensive company can save about 0.45 million tons of standard coal and reduce about1.18 million tons of carbon dioxide after the completion of the project invested by the company with raised funds,which has significant carbon emission reduction benefits.In terms of economy,through the M-index model and random variable model in DEA method,this paper proves that issuing green bonds can effectively promote the improvement of corporate operating efficiency.In addition,green bonds further improve the company’s operating efficiency mainly by expanding the scale of the company’s green assets.At present,green bonds can not affect the company’s operating efficiency by affecting the company’s scientific and technological level.In order to promote the development of green bond market,the government should increase its support for green bonds in both monetary and financial aspects in the future;Improve the green financial market,continuously enhance market liquidity and expand more varieties of green bonds;All financial institutions should also enhance their professionalism in the field of green finance and ensure the smooth operation of the green bond market.