Analysis Of The Cause And Effect Of The Green Bond Issuance Of The Three Gorges Group

Since the emergence of industrial civilization,the world economy has seen explosive growth,but the environmental problems are also increasingly serious.Facing the challenge of continuous deterioration of global ecology,countries around the world are also thinking about how to balance the relationship between economy and environment.The establishment of green industry and the development of green projects have become an effective means to improve the relationship between environment and economy.The development of industry needs the support of funds.In this case,green finance came into being.In the green financial system,green bond is a relatively rapid development and the most widely used financing method,which provides a direct and special financing channel with low cost and quick approval for the development of green industry.As the largest clean energy company in China,the Three Gorges group has always been at the forefront in the issuance of green bonds.It has successively issued the largest green corporate bonds in China,the first green Euro bonds in China,the first green exchangeable bonds in China,etc.Therefore,this paper mainly uses case analysis method to study the issuance motivation and effect of the multi-stage and multi type green bonds issued by the Three Gorges group from 2016 to 2019.This paper first gives a brief description of the case enterprises,clarifies the situation of the green bonds issued by the group and the investment direction of the raised funds,then briefly introduces the basic conditions of the issuance of bonds,and then analyzes the specific cases from the two perspectives of the motivation and effect of the issuance of bonds.The research shows that the motivation of Three Gorges group to issue green bonds is mainly reflected in the following four aspects: first,from the strategic motivation,issuing green bonds meets the group's strategic requirements;second,in order to meet the capital demand with low financing cost,through issuing green bonds to raise low-cost capital to support the group's development and green project construction;third,using the opportunity advantage of issuing green bonds to successfully issue green bonds The fourth is to respond to the call of national environmental protection policy,issue green bonds to promote the development of green industry.Finally,based on the motivation analysis,this paper analyzes the effect of green bonds issued by the Three Gorges group from four aspects: strategic motivation,financial cost,corporate reputation and environmental benefits.In a comprehensive view,the issuance of green bonds has a positive effect on the group,and its successful experience has certain reference significance.This paper is different from the previous study of green bonds in the macro context,but from the perspective of issuing enterprises,more detailed analysis and research on the issue causes and effects of specific issuing enterprises which is helpful for issuing enterprises to identify their own bond strength,combine their own development strategy to choose the right time and type of bond issuance,so as to meet the capital demand at a lower cost while generating a higher issuance effect.