Research On The Motivation And Effect Of Dongjiang Env Green Bond Financing

International economic development shows a good trend on the whole.Our country has also continued reform and innovation,struggled and forged ahead,and succeeded in becoming the world’s second largest economy with good achievements.However,the environmental and climate problems are becoming more and more serious.The waste of resources,ecological destruction,natural disasters,and the increase of endangered species have a great negative impact on the development of society and the country.This problem not only appears in our country,look to the global,every country needs to pay attention to the environment and climate problems,to protect the environment,everyone has the responsibility.To be "carbon neutral" by 2060,with "carbon emitted" equal to "carbon absorbed".Our country is constantly striving on the road of sustainable development.If we want to complete the goal in time,it is far from enough to consider the transformation from the energy consumption structure,so we should start from the financial industry at the same time to establish the connection between the finance and the green industry.Our green finance system is in the continuous development and improvement stage,the green finance concept has been more and more recognized,green environmental protection industry thus attracted a lot of green capital,is conducive to the development of green environmental protection industry and the improvement of our environment and climate problem.Among them,the green bond instrument in the green finance system assumes important responsibilities and effectively helps enterprises to carry out green financing.The development of China’s green bond market is relatively short,but the development speed is extremely fast.From the first domestic green bond issued in 2016 to the end of 2021,China has become the second largest green bond issuing country in the world with813.2 billion yuan of green bond stock.As a new type of bond with "green" attribute,compared with ordinary bonds,green bonds also have advantages such as lower financing cost,more government policy support and promoting low-carbon environmental protection.By analyzing the issue of green bond financing by Dongjiang Environmental Protection,this thesis studies the motivation and effect of its financing,provides experience for other enterprises in the market to issue green bonds for financing,strengthens the green concept of social investors,and promotes the active green bond market and the mitigation of environmental and climate problems.This thesis takes "17 Dongjiang G1" green bond issued by Dongjiang Environmental Protection Co.,Ltd.as the research object,focusing on the motivation and effect of enterprises issuing green bond financing.In this thesis,the background of bond financing at home and abroad,the motivation and effect of green bond financing are summarized,the definition,identification criteria,classification and characteristics of green bonds are clarified,and then the development status of green bonds at home and abroad is elaborated from different perspectives.Combined with the above content,the motivation and effect of Dongjiang Environmental Protection issuing green bonds are analyzed according to the theory of priority financing,reputation theory,green finance theory and efficient market theory.The motivation is mainly from internal and external aspects.The internal reason is that the enterprise hopes to obtain funds at a lower cost and use the funds to meet the requirements of project construction and optimize the debt structure,so as to achieve its own strategic objectives and help the enterprise build a good green image.The external reason is that the rapid development of the international financial market provides a financing platform,and the development of green bonds is also a way to respond to national environmental protection policies and meet the needs of economic transformation and ecological civilization construction.This thesis analyzes the issuing effect of green bonds from three aspects.Firstly,the path of green bond financing effect is analyzed.Secondly,in terms of market effect,the event study method is adopted to analyze "17 Dongjiang G1" issued by Dongjiang Environmental Protection Company,and it is found that green bond issuance has brought positive market effect to Dongjiang Environmental Protection Company.In terms of financial effect,this thesis selected Dongjiang environmental protection debt repayment index,profit index and asset turnover financial index for analysis,and found that through issuing green bonds,the company’s debt repayment,profit and asset turnover ability were improved,and green bond financing brought good financial effect to the company.In terms of social and environmental effects,through data collation and analysis,this thesis found that issuing green bonds improved Dongjiang’s solid waste treatment capacity and regional environmental quality.Finally,this thesis summarizes the motivation and effect of Dongjiang environmental protection and green bond financing,and puts forward relevant countermeasures and suggestions for the development of green bonds from the perspectives of enterprises,the market and the government.