Research On The Impact Of Green Bond Financing On The Green Transformation Of Manufacturing Enterprises

After the "double carbon" strategy was put forward,the concept of green transformation was repeatedly mentioned,which is an opportunity for green transformation of manufacturing enterprises,and also sets higher requirements for green transformation of manufacturing enterprises.The green transformation of manufacturing enterprises requires significant capital investment,and the investment cycle is generally long,which increases the capital pressure on enterprises and exposes them to higher financial and operational risks.As a green financing policy,green bonds provide targeted financing funds for corporate green projects,thereby supporting the green transformation of enterprises.China’s green bond market started to develop in 2016,and has now become the second largest green bond market in the world.Green bond financing has become an important way to solve the financing problem of green projects and support the green transformation of enterprises.The impact of green bond financing on the green transformation of manufacturing enterprises and the effect of the impact has attracted the attention and research of many scholars.In order to study the impact of green bond financing on the green transformation of manufacturing companies,this paper selects Rongsheng Petrochemical for a case study.As one of the leading enterprises in the domestic petrochemical industry,Rongsheng Petrochemical has successfully achieved green transformation by using green bonds to finance green projects in 2019 and 2020.Firstly,based on the maturity matching theory,signal transmission theory and corporate reputation theory,this paper constructs a theoretical analysis framework for the impact of green bond financing on the green transformation of manufacturing enterprises.Secondly,according to the theoretical analysis framework,taking Rongsheng Petrochemical as an example,this paper analyses the impact of green bond financing on the green transformation of manufacturing enterprises.This paper believes that green bond financing provides financial support for the construction of green projects of enterprises and promotes the green transformation of enterprises,which is embodied in:green bond financing has a term matching effect,and green bonds provide medium and long-term funds for green projects,the financing period of green bonds should match the investment period of enterprises’ green projects,so as to reduce the financing cost and relieve the pressure on enterprises’ green transformation funds;Green bond financing has a signaling and information effect on corporate reputation.Through green bond financing,enterprises share the information on corporate green transformation with stakeholders,which is conducive to reducing the degree of information asymmetry,building a good corporate green reputation,easing financing constraints,and better supporting corporate green transformation and development.Then the green transformation performance of manufacturing enterprises is examined from the four dimensions of green culture,green innovation,environmental performance and financial performance.The research finds that manufacturing enterprises have achieved high green transformation performance and the level of enterprise greening has been improved.The third is the case inspiration.The inspiration for green bond financing of manufacturing enterprises is to select green projects with financing advantages,choose the right time for green bond issuance,improve the quality of green bond information disclosure,and follow the updating trend of green bond standards;the inspiration for the green transformation of manufacturing enterprises is to do a good job in the green transformation planning of enterprises,and improve the green innovation ability of enterprises.Finally,the conclusion and outlook of the article is that green bond financing has a positive impact on the green transformation of manufacturing enterprises,providing financial support for green projects and promoting the green transformation of enterprises.Manufacturing enterprises can adopt green bond financing to obtain funds for green projects and promote their green transformation.