Research On The Effects Of Carbon-Neutral Bonds Issued By Enterprises

With the intensification of the global greenhouse effect and various environmental problems occur frequently,it has become a broad consensus of the international community to jointly promote carbon emission reduction and curb climate warming.In 2015,the Paris Agreement set out the goal of achieving global carbon neutrality by the middle of the century,and countries responded to joining the agreement.In 2020,the Chinese government made it clear at several important meetings that it would "achieve carbon peak by 2030 and carbon neutrality by 2060",and make it an important direction for future economic development.In order to respond to the call of the dual-carbon target and promote more funds to the field of carbon emission reduction,China’s financial market has launched a variety of innovative financial instruments.In February2021,the central bank launched a carbon-neutral bond financing vehicle in the interbank market,and six companies participated in the first batch of carbon neutral bonds.As an innovative green bond,the carbon-neutral bond can provide more green financing channels for enterprises and reduce the carbon emissions in their production links.Therefore,it is of great practical significance to study the issuing effect of carbon-neutral bond for China’s economic development.This paper starts with the concept of carbon-neutral bond and summarizes the current development of carbon-neutral bond."21 Three Gorges GN001",one of the first six carbon neutral bonds issued in China,was selected as the case study object,and the research framework of "green bond effect" was adopted to systematically analyze the stock price effect,financial effect and environmental effect of the "21 Three Gorges GN001" issued by the Three Gorges Group.The study used are also different for different effects.For the stock price effect,Using the event research method to analyze the impact of carbon neutral bond issuance on the stock price;For the financial effect,From the five aspects of financing cost,debt structure,solvency,profitability and operating ability,By comparing the financing cost of carbon-neutral bonds and other bonds to discuss whether the issuance of carbon-neutral bonds has a cost advantage,To study whether the issuance of carbon neutral bonds can improve the debt structure by observing the changes in the debt structure,To study the impact of the company’s carbon-neutral bond issuance on the company’s financial performance by comparing the changes of the company’s solvency,profitability and operating capacity before and after the bond issuance;For the environmental effect,First,from a quantitative perspective,The environmental benefits brought by the conversion of carbon-neutral bonds into green projects,Then the qualitative analysis from multiple levels.The results show that: firstly,in terms of stock price,the issuance of carbon-neutral bond has a temporary positive impact on the stock price of Three Gorges Group;secondly,the carbon-neutral bond significantly reduces the financing cost of the enterprise,improves the structure of debt and improves the short-term solvency,profitability and operating capacity of the enterprise;finally,the issuance of carbon-neutral bond helps the enterprise to obtain good carbon reduction benefits and improve the environment.On this basis,this paper finally gives relevant policy suggestions from the three aspects of issuing mechanism,enterprises and investors,in order to provide reference for the healthy development of China’s bond market.