Research On The Economic Benefits Of Green Bonds Issued By Environmental Protection Enterprises

In 2020,China put forward the two-carbon goal of "achieving the peak of carbon dioxide by2030 and achieving carbon neutrality by 2060".Under this background,enterprises shoulder the important mission of green transformation.As one of the important components of green financial products,green bonds can effectively support the investment projects of decreasing climate and environment risks,and contribute to pursue sustainable development.This thesis reviews and summarizes the relevant literature on green finance and green bonds and green bond’s effects by many domestic and foreign scholars.Based on these theories and achievements,this thesis focuses on the motivation and economy effects of issuing green bonds by taking the first phase of green bonds issued by Qi Di Environment Technology Development Co.,Ltd.in 2019 as the research object.First of all,this thesis expounds the current development of green bond market in our country from many aspects,introduces the environment protection industry’s status and the specific situation of Qi Di Environment.Subsequently,this thesis introduces the basic condition,operation process and fund-raising situation of the green bond issued by Qi Di Environment.Secondly,in the part of case analysis,combining the Pecking Order Theory,Efficient Markets Hypothesis and Reputation Theory,this thesis explores the motivation of Qi Di Environment issued this first phase of green bonds and the benefits after issuance.During the process of exploring Qi Di Environment’s issuance motivation,based on the external environmental factors and internal development factors,this thesis finds that at the external environmental aspects,the green bond motivation issuance of Qi Di Environment is mainly due to the rapid development of the green bond market,supported by government policies,and meets the needs of ecological environment;at the internal development aspects,the motivation issuance lies in meeting the needs of enterprises for expansion funds,adjusting their debt structure,reducing the financing cost of enterprises and establishing a good image.During the process of analyzing the economy benefits after issuance,using the comparative analysis method and event research method,this thesis analyzes the financial effect,financing cost and stock price effect of the company,and finds that issuing green bonds can bring about reduced financing cost,optimized the debt structure and positive short-term market performance.After the above analysis,this thesis summarizes and sorts out Qi Di Environment’s three problems in the process of issuing green bonds,and analyzes the causes of these problems.In the last part,this thesis puts forward corresponding suggestions to Qi Di Environment in order to provide reference for the company to issue green bonds in the future,and puts forward enlightenment to the regulatory authorities in order to contribute to the development of the green bond market.