Cost-effectiveness Analysis Of Green Bonds Issued By Chinese Enterprises

In order to achieve the transformation of green construction and low-carbon economy,while meeting the needs of China's urbanization and economic growth,in 2016,the People's Bank of China expects that China will need 2-4 trillion yuan each year to deal with environmental and climate change issues,but only rely on Public funds can only meet 15% of the funding needs.In this context,the development of green finance has become a breakthrough for the common concern of the people.As an important part of the green finance framework,green bonds have been given high expectations.The regulatory level has issued policy guidance on the issuance and operation of green bonds.Local governments have also actively responded to the call of the central government and promoted through various means.The issuer and intermediary participate in the green bond market.At present,China's green bonds mainly rely on the government's “top-down” implementation,but in overseas mature markets,it is “active choice” under the leadership of industry self-regulatory organizations.The reason is that many companies in China choose green bonds for the simple reason.In response to the call of the national “green economy” and the image of beautifying enterprises,there is not much attention to the impact of green bonds as a means of financing.Therefore,this paper hopes to establish a cost-benefit analysis framework to measure the impact of green bonds and verify its advantages in business,society and environment,so as to promote the green debt market in China from passive to active and gradually mature.This article is divided into six parts: The first part is an introduction.Focusing on the existing research background,the research contents and methods of this paper are explained,and the keynotes are set below.The second part is a literature review.Elaborated the domestic and foreign literatures on green finance and green bonds and then reviewed.The third part is the concept and institutional background of China's green bonds.First introduced the definition,types and characteristics of domestic green bonds,and then summarized the main institutional policies to promote the development of green bonds over the years.The fourth part is the analysis of the development status and problems of China's green bonds.Through the chart analysis of the domestic green bond market in terms of issuance,bond distribution,bond maturity,issuer,credit rating and interest rate,the characteristics of China's green bond market are summarized and problems are found.The fifth part is the case study.I chose "19 Hefengdian GN001" as the research object,which is the first non-financial enterprise green debt financing tool issued by the green entity in China's inter-bank market,hoping to demonstrate that green bonds as a financing means can bring positive economic consequences to enterprises,and issuing green bonds is a better choice for enterprises.To this end,this paper builds an analytical framework from both cost and benefit,in which cost analysis is carried out around the company itself,and benefit analysis is carried out at three levels: company,society and environment.The sixth part is conclusions,recommendations and prospects.The above analysis is summarized and summarized,and suggestions are made on the three aspects of reduce costs,secure revenue and expand the market.Then,the paper points out the shortcomings of this paper and looks forward to the future.The conclusion of this paper is: In general,China's green bonds are developing well.Compared with ordinary bonds,green bonds require additional costs in terms of certification and evaluation,but most still have cost advantages and can bring benefits in enterprises,society and environment.The main contribution of this paper is: from the green bond market in the last three years,the overall situation is analyzed,and then the specific case "19 Hefengdian GN001" as the research object,from the perspective of cost and benefit,the specific analysis of the issue The impact of the bond on China Guangdong Nuclear Power Corporation has established a framework for cost-benefit analysis of corporate green bonds.The shortcoming of this paper is that,due to the depth and level of my theoretical research,the theoretical analysis of green bonds at home and abroad may not be deep enough,and the cost-benefit analysis framework constructed may not be comprehensive enough;during the time of choosing cases,in order to pursue novelty,I choose the first green bond issued in 2019,the time of finalization is still short,and some benefits cannot be reflected;only one enterprise is the main part in the writing process.Analysis of the object,and different business situations may have large differences,so the analysis results have certain limitations.