| In the process of driving the development and progress of the whole society,economic development and industrial change have also caused increasingly serious damage to the climate environment.Due to the power generation structure dominated by long-term consumption of traditional energy,power enterprises rank in the forefront of China’s carbon emission industry distribution.Therefore,the development of clean energy by power enterprises is of great significance to improve the climate and environment.However,the development cycle of power projects is long and the investment cost is high.As a debt financing tool,the green attribute of green bonds naturally coincides with clean power,which can solve the problem that power enterprises lack long-term low-cost financial support.Using the method of case study,this paper selects Longyuan Power,which has a large number of green bonds and rich bond types,as the case company.Firstly,this paper defines the relevant concepts,summarizes and arranges the relevant literature of domestic and foreign scholars on the financing motivation,financing effect,power enterprise development and financing status,and determines the research idea of this paper.Secondly,it makes a statistical analysis on the issuance of green bonds of China’s power enterprises.Then it introduces the case of green bond financing of Longyuan Power,and deeply studies its issuance motivation on the basis of combing the issuance of enterprise green bonds.It also analyzes the financing effect of Longyuan Power Green bond from the perspective of market response,financing cost,financial performance and environmental benefits.Finally,it summarizes the problems existing in the issuance of green bonds by Longyuan Power.Based on the above research,the conclusions of this paper are as follows:（1）comparing the market response of enterprises issuing green bonds in different periods,it is found that the perfection of the bond market and the acceptance of green bonds by investors will have an impact on the stock price response of enterprises issuing green bonds;（2）Green bond is better than the existing long-term debt financing in terms of financing cost;（3）The financial effect of green bond financing is remarkable.（4）Green bond financing can support clean energy power generation and improve the social environment.（5）Green bond financing has significant advantages,but there are still problems that need to be improved.Based on the problems in the green bond financing of Longyuan electric power and electric power enterprises,this paper puts forward targeted suggestions from the perspective of government,market,enterprises and supervision,so as to provide reference for enterprises that have passed the green bond financing and are about to pass the green bond financing. |
