| In order to adapt to the new market economy situation,the future development of traditional manufacturing industry must separate economic growth from industrial consumption.Under this background,green transformation has become one of the directions of enterprise transformation.In 2015,the Green Finance Committee issued the Catalogue of Green Bond Projects to officially launch China's green bond market,increasing the possibility of green transformation in traditional manufacturing industries.This is due to the coincidence between green bond financing and enterprise transformation and upgrading.However,due to potential risks,the auxiliary effect of green bond financing on corporate strategic transformation needs to be studied.Based on green bond financing support traditional manufacturing strategic transformation path as a starting point,the paper takes the "16 Green Debt of BAIC MOTOR" and the "New Energy +SUV" strategy as an example.By comparing the market response,capital structure and financial performance of enterprises before and after the issuance of bonds,it is concluded that green bond financing provides direct financing support,and is conducive to reducing the issuance cost,optimizing capital structure,and improving the profitability and solvency of enterprises.At the same time,the paper innovatively designs the green financing rate,green product sales rate index and green bond evaluation and certification index system,and deeply studies the "green" effect generated by bond financing behavior,which is helpful for enterprises to improve social image,reduce bond credit spread and effectively implement the transformation strategy.Aiming at the risks in enterprise transformation and bond financing,the paper puts forward several reasonable suggestions from the perspectives of the government,enterprises,investors and third-party institutions,aiming to provide reference for the transformation and upgrading of traditional manufacturing industry with the help of green finance. |
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