| Green bonds have the dual attributes of "bonds" and "green",which are vital financing instruments in the green finance market.The financing efficiency of green bonds affects the healthy development of the green bond market,and reflects the implementation effect of green financial policies,research on the efficiency of green bond financing is of great practical significance.This paper applied empirical and case analysis to measure the green bond financing efficiency of Rongsheng Petrochemical,combines the financing profile and financing environment of green bond,we conducts a comprehensive analysis on the current green bond financing situation of Rongsheng Petrochemical.This paper aims to identify potential shortcomings of listed companies in the process of green bond financing by case study,and make optimization suggestions for green bond financing from the perspective of listed companies.The results of this paper show that:（1）The green bond financing efficiency of listed companies in China is at a medium level,the internal and external financing environment exert a significant impact on the green bond financing efficiency of listed companies,the economic development level is positively related to the financing efficiency,the current debt ratio is negatively related to the financing efficiency,and other environmental factors also have some influence on the green bond financing efficiency.In addition,after excluding environmental factors and random errors,the overall green bonds are significantly increase in financing efficiency value,it means that improving internal and external financing environment could increase green bond financing efficiency.（2）The green bond financing efficiency of Rongsheng Petrochemical is low,and the financing efficiency value is significantly improved after the internal and external financing environment factors are removed,which indicating that improving the adverse financing environment can effectively improve Rongsheng Petrochemical’s green bond financing efficiency.In addition,the main causes of low financing efficiency for Rongsheng Petrochemicals are high financing cost,over-reliance on short-term debt funding,insufficient credit rating,insufficient quality of third-party green certification.Finally,the efficiency of Rongsheng Petrochemical’s green bond financing can be improved by financing cost reduction,financing structure improvement,corporate credit rating enhancement,third-party green certification quality improvement,environmental information disclosure complementation,and green project management and operation efficiency improvement.This paper provide a comprehensive analysis of the green bond financing efficiency for listed companies represented by Rongsheng Petrochemical through empirical and case studies.Not only reflects the current situation of green bond financing for listed companies in China,but also finds the problems in the process of green bond financing from the perspective of Rongsheng Petrochemical,and gives targeted suggestions,which have certain significance for the effective development of the green bond market in China. |
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