Case Study Of Green Bond Issued By Jiangxi Bank

In the past 30 years,China has entered an era of rapid economic growth,but the extensive economic development has caused serious damage to the ecological environment.Therefore,the concept of green development and ecological development came into being.As a branch of green finance,green bonds have raised a large number of funds to enter the green field indirectly through bonds since their inception.As early as in 2015,Jiangxi bank co.,LTD.,has offered to do advocate "" green financial development vision,and successively in2016 won the China banking regulatory commission regulatory bureau of Jiangxi province and agree that the people’s bank of approved in the national inter-bank bond market public offering of not more than RMB 8 billion green financial bonds,The funds raised are earmarked for green industry projects.This thesis adopts the method of case analysis to study green bonds issued by Jiangxi Bank Co.,LTD.This thesis first introduces the concept of green bonds and the development status of green bonds in China,and then introduces the basic situation of Jiangxi Bank and the basic elements of "16 Jiangxi Bank Green Finance 01" issued by it.Secondly,the thesis explains the motivation of Jiangxi Bank to issue green bonds through internal and external reasons,and makes a horizontal and vertical comparison of the coupon rate of Jiangxi Bank’s green bonds,horizontal comparison of the coupon rate of green bonds in the same industry in the same period,and vertical comparison of the coupon rate of non-green bonds issued by Jiangxi Bank in the history.Factor analysis is used again to evaluate the changes of Jiangxi Bank’s financial performance over the years.Finally,analytic hierarchy process and fuzzy comprehensive evaluation are used to calculate the comprehensive benefits brought by Jiangxi Bank’s green bond issuance.After studying the case of Green bond issued by Jiangxi Bank,the conclusions are summarized as follows:(1)From the perspective of motivation,the internal motivation for Jiangxi Bank to issue green bonds can be summarized as reducing the risk of maturity mismatch,reducing financing costs and improving corporate reputation,while the external motivation is the government’s policy support for green bond issuance and the demonstration effect brought by the development of international green finance market.(2)From the perspective of financing cost,green bonds issued by Bank of Jiangxi have vertical interest rate advantage but not horizontal interest rate advantage,that is,the financing cost of green bonds issued by Bank of Jiangxi is lower than non-green bonds issued by Bank of Jiangxi in the past,and higher than joint-stock banks and state-owned banks on the other hand;(3)From the perspective of financial performance,Bank of Jiangxi issued green bonds in 2016,and its financial performance score showed an upward trend,indicating that the issuance of green bonds brought positive financial effects to Bank of Jiangxi;(4)From the perspective of comprehensive benefits,the comprehensive score of green bonds issued by Jiangxi Bank by fuzzy comprehensive evaluation method is 7.881,and the rating result is good,indicating that the green bonds issued by Jiangxi Bank has brought positive benefits to the enterprise and the society,although there is still a lot of room for progress.Finally,this thesis summarizes the case of Green bond issued by Jiangxi Bank,and puts forward corresponding suggestions from the perspectives of government departments and bond issuers.