In recent years,with the vigorous development of economy and society,ecological and environmental problems have gradually become the focus of common concern around the world.In this context,China has put forward the goal of "carbon neutrality and emission peak" in September 2020,promoting the green transformation of the industry,and striving to realize the decoupling of economic development and carbon emission.The fire power industry of our country has always occupied a major position,under the pressure and policy guidance now,the power industry gradually began to transition to clean energy and open up new business and projects.Under such an opportunity,the green property of environmental protection,low financing cost,long issuance term and other features of green bonds coincide with the construction characteristics of green projects and become the driving force for the low-carbon transformation development of the power industry.In this paper,the green bond issued by S Company is selected as the case study.After reviewing the literature on the concept of "double carbon" and green bond,as well as the financing motivation and performance,the internal and external issuing motivation is analyzed,and the data of S Company from 2013 to 2020 is selected to analyze the corporate financial performance.Considering that the value of green bond is more reflected in its environmental protection characteristics,Then calculate the environmental performance of the projects invested by the enterprise.Since green bond issuance is based on green projects,considering the accuracy and availability of data,Y pumped storage project is taken as another entry point to supplement the research,integrate the future financial performance of the project with environmental and social performance,evaluate the performance with the net present value method,and finally draw research conclusions and make prospects for the future development of the industry.Through the study of specific cases,the following conclusions are drawn: First,green bonds greatly reduce the financing cost of green projects with a lower interest rate than ordinary bonds.By analyzing that the interest rate of green bond issued by S Company is lower than that of bank loan in the same period,the paper proves that green bond has certain interest rate advantage.Secondly,green bond is conducive to the implementation of future strategies of enterprises.Its characteristics fit perfectly with the construction of green projects,and it can provide funds with a long period and low cost to make up for the shortage of funds of enterprises.What cannot be ignored is that issuing green bonds and investing in green projects can enhance the reputation and credit of enterprises and build corporate image,which can attract more investors for enterprises.The innovation of this paper is mainly reflected in taking the green pumped storage project as the research entry point and incorporating the environmental performance,social performance and financial performance brought by the project into the net present value method for calculation,which to a certain extent can more accurately reflect the performance brought by the issuance of green bonds. |