Research On The Issuance Of Carbon Neutral Green Bonds By Private Enterprises In My Country ——Based On The Case Study Of Shenzhen SF Taisen Holdings

In order to stimulate economic recovery under the epidemic,protect the ecological environment and reduce carbon emissions,countries have set greenhouse gas emission reduction targets and taken supporting actions to implement green development.my country has also put forward the goal of "carbon peaking by 2030 and carbon neutrality by 2060",which will be written into the government work report in 2021.In order to achieve the dual carbon goal,the government actively encourages the development of green finance;and green bonds,one of the components of green finance,also ushered in its development opportunities in 2021.The green bond market actively responds to the dual carbon goals,and carbon-neutral green bonds that raise funds for carbon emission reduction projects emerge as the times require.On February 8,2021,the first batch of 6 "carbon-neutral bonds" in the country were successfully issued,and the carbon-neutral bond market was officially established,becoming a new outlet for the green bond market.However,as an emerging market,the carbon-neutral bond market still has certain problems,such as unbalanced development and the need to further regulate market standards.The main issuers of carbon-neutral bonds are large central and state-owned enterprises with high credit ratings,and private enterprises account for a very small proportion.The marketization of carbon-neutral green bonds is an inevitable trend,which requires more private enterprises to participate."21 SF Express G1" is the first carbon-neutral green bond issued by a private enterprise.Therefore,this paper takes "21 SF Express G1" as the main research object,firstly analyzes the overall carbon-neutral bond market,and then constructs a carbon-neutral bond market.The "cost-benefit-risk" analysis framework of Hebond conducts a comprehensive analysis of the issuance of carbon neutral bonds by private enterprises from the micro level.This paper adopts literature research method,empirical research method,case study method and comparative analysis method and other research methods.First,it analyzes the research background and research significance;The current situation of bonds and carbon-neutral bond markets is analyzed;then,according to the"cost-benefit-risk" framework,an in-depth study of the case of private enterprises issuing "21 SF G1" is carried out;finally,this paper proposes the long-term development of my country’s carbon-neutral bond market.policy recommendations.The conclusion of this paper is that:under the incentive of government policies,the domestic carbon-neutral green bond market has developed rapidly,and the issuance scale has continued to rise.Carbon-neutral bonds have obvious issuance cost advantages,and the raised funds are also used for green development and energy conservation.Emission reduction,with environmental benefits.However,there are still some problems in the carbon-neutral bond market,such as unbalanced market development and a single issuer structure;environmental benefit disclosure indicators need to be further quantified;third-party certification lacks unified and recognized certification standards:incentive and restraint mechanisms need to be further established.In addition,according to the "cost-benefit-risk" analysis and research,the issuance of carbon-neutral bonds by private enterprises has cost advantages,environmental benefits and stock price benefits,etc.,but the issuance of credit rating,certification assessment,capital management,information disclosure and solvency are also important.Issuers put forward high demands.On the whole,the benefits are better than the costs,and more private enterprises should be encouraged to participate in the carbon-neutral bond market to enhance the vitality of the bond market.Finally,the development suggestions for the carbon-neutral bond market in this paper are as follows:standardize the carbon-neutral bond market,unify market standards,improve laws,regulations and restraint mechanisms,clarify the requirements for third-party evaluation and certification of carbon-neutral bonds,and increase participants in the carbon-neutral bond market.Enthusiasm,etc.;suggestions for private enterprises to issue carbon-neutral bonds:weigh the cost and benefits of issuance,eliminate the moral hazard of "greening" in project selection,pay attention to the control of their own credit risks,and quantify environmental benefits,etc.The innovation of this paper is:first,at the theoretical level,from the perspective of "cost-benefit-risk",it analyzes the impact of issuing carbon-neutral bonds on enterprises,and forms a research framework theory for issuing carbon-neutral bonds.The research also provides a theoretical reference for private enterprises to issue carbon neutral bonds and enrich financing channels.Secondly,at the practical level,the development of the carbon-neutral green bond market is in its infancy,and the market has problems such as a single issuer structure.Based on the analysis of the current status of the carbon-neutral green bond market,this paper puts forward suggestions for the optimization of the carbon-neutral green bond market by studying the situation of the first private enterprise issuing carbon-neutral bonds.The third research method level,the research on my country’s carbon-neutral green bonds focuses on theoretical analysis,data analysis and other methods,while micro-enterprises participate in the carbon-neutral green bond market,so the case method is used to analyze the issuance of carbon-neutral bonds by micro-enterprises,enriching research methods for studying the carbon-neutral green bond market.