| "Carbon peak and carbon neutral" is a positive attempt of current human society to break through the narrow economic development idea of "exchange environment for economy" and return to "drive economy by environment" under the background of environmental regulation and economic stagnation.However,since the establishment of the market economy system in the third Plenary session of the 14 th CPC Central Committee,the basic strategic planning in China has taken the economic construction as the center,and paid little attention to the environmental protection policy.With the economic downward pressure and the impact of the global epidemic at the beginning of the second decade of the 21 st century,it has become the consensus of all countries to promote economic development through environmental protection.The unique characteristics of "coal based" energy distribution in China and the limitations of "thermal power based" inherent in the power industry make the power industry a typical industry that is difficult to be transformed in the short term.In addition to the unique policy pressure of dual carbon background,China’s electric power industry has always been exploring a new mode of enterprise financing,in order to reduce the cost pressure of enterprises occupying funds for a long time.In the past ten years,as a new financial instrument,green bonds have entered the vision of China’s power enterprises and become the source of low-carbon transformation of power enterprises.This thesis takes China Three Gorges Corporation as the research object,analyzes its innovative financing method under the dual carbon policy and analyzes its internal and external motivations for issuing green bonds and the multiple performance of issuing bonds.First of all,starting from the dual carbon background,this thesis organically integrates "green bonds" and "environmental protection concept," and explains the theoretical significance of the research for innovative financial instrument financing and the practical significance of "energy conservation and carbon reduction." Then,this thesis summarizes and sorts out the domestic and foreign literature on the progressive conceptual relationship among dual-carbon background,dual-carbon finance and green bonds,and comments on the existing research focuses and defects.Based on this,the research framework of this thesis is outlined and the research difficulties and innovations are extracted.Next,after sorting out the three concepts studied in this thesis,namely dual carbon,green bonds and corporate performance,the case analysis begins.The case introduction focuses on the coupling relationship between the issuer and the target company,and summarizes the mainstream and innovative green financing methods.In the case analysis,from the outside to the inside,this thesis summarizes the four dimensions of motivation for the China Three Gorges Group to issue green bonds by PEST and SWOT analysis framework,namely,capital market dimension,corporate finance dimension,environmental benefit dimension and corporate reputation dimension.The capital market dimension is based on the event study method,the financial performance dimension is based on the financial index analysis,and the non-financial performance is based on the corporate social reputation and evaluation reports of various institutions.Finally,it concludes the core problems in the process of issuing green bonds of Three Gorges Group,and gives some suggestions on responding to the dual carbon layout,innovating the financing methods of enterprises,and boosting investment confidence.In summary,China Three Gorges Group’s unique approach to bond financing has given the company the opportunity to continue to grow,and its experience in issuing green bonds is worthy of reference for the power industry and the industry as a whole!... |
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