| In recent years,with the gradual improvement of public awareness of environmental protection,green finance has been paid more and more attention.In green finance,green bond is a very important branch,which has been developing rapidly all over the world.Because our country has gradually shouldered increasing responsibility in the global green bond market and made appropriate innovation according to local conditions considering the characteristics of our domestic financial market,the issuing scale of green bond has expanded rapidly.This makes a great contribution to the growth of green bond in the world.In 2022,the Green Bond Standards Committee officially issued the "China Green Bond Principles",marking the establishment of a unified green bond standard in China and demonstrating China’s determination to actively promote the high-quality development of the green bond market,which is of great significance to the development of national green finance.The first green bond of 2019 of Shenzhen Energy Group was approved and issued in February 2019,which is an innovative practice in China’s green bond market.In this paper,multiple research methods such as literature research method and case analysis method will be comprehensively used to conduct an indepth study on the green bond financing case of Shenzhen Energy Group.Firstly,literature research method,a commonly used research method,is used to review and integrate domestic and foreign literature on green bonds,so as to provide theoretical basis for the following in-depth study of this paper.Secondly,it introduces the basic information of Shenzhen Energy Group,describes the issuance of its first bond Connect enterprise bond and analyzes the motivation of its issuance based on theoretical basis.Thirdly,this paper analyzes the financing effect,uses the financial index analysis method and the factor analysis method to judge the impact of green bond issuance on the financial effect,uses the event study method to discuss the short-term stock price effect caused by green bond issuance,and makes a qualitative and quantitative analysis on the environmental effect and reputation effect brought by the green bond issuance.Finally,the paper analyzes the effectiveness and enlightenment of the bond issuance,and puts forward some suggestions for improvement from the perspectives of government and enterprises.Through the analysis of green bonds issued by Shenzhen Energy Group,this paper draws the following conclusions: green bonds can promote the transformation and upgrading of enterprises.Compared with traditional bonds,green bonds have a simpler approval process and lower financing cost,which can help enterprises relieve financing pressure in a short period of time and provide environmental benefits for the society.In addition,green bonds have attracted the attention of all sectors of society due to their environmental performance during the issuance period,which can promote the establishment of a good image of enterprises actively taking social responsibilities.Enhance the future development of the enterprise.By analyzing the case companies and combining with the current situation of green bond markets at home and abroad,the following countermeasures and suggestions are put forward to promote the healthy and sustainable development of green bonds.On the one hand,the government needs to unify the identification of green projects,establish a sound information disclosure system,take measures to reduce the cost of issuing green bonds and promote the awareness of green investment and financing of the whole people.On the other hand,other enterprises can consider issuing green bonds to raise funds,expand their own financing channels,and combine their own characteristics and investor needs to strengthen their experience in green bond innovation.It is hoped that the analysis of this paper can provide a real case reference for the future development of China’s green bond and promote the high-quality development of China’s green bond market. |
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