Research On The Evaluation Of BYD Green Bond Financing Effec

In the past three decades,China’s economy has obviously grown greatly,in order to reduce the waste of resources caused by the extensive economic development model and reduce the degree of environmental damage,the government began to use financial instruments to make funds flow to environmentally friendly projects.In 2015,China for the first time clarified the top-level design of building a green financial system,taking the green bond market as one of the important contents.BYD Co.,Ltd.issued a green bond in 2019 for financing,which also has green attributes in addition to financing,and the specific financing effect needs to be further evaluated.This paper takes the motivation of enterprises to issue green bonds as the starting point,constructs the evaluation model of BYD’s green bond financing effect,first uses the event research method to evaluate the short-term market effect of BYD’s green bond financing,and then selects the evaluation indicators with reference value from the three dimensions of financial effect,environmental benefit and social effect,and constructs the evaluation model of BYD’s green bond financing effect through the analytic hierarchy method to evaluate the long-term effect of the financing behavior.Finally,suggestions are made for the problems found in the process of effect evaluation and analysis.Studies have shown that BYD’s issuance of green bonds for financing is a behavior that conforms to national policies and meets the capital needs of enterprises,and in the short term,investors have made relatively positive trading behaviors for BYD’s green bond financing,which has brought positive effects to BYD’s stock changes.In the long run,this behavior can alleviate the financial pressure of enterprise operation and production projects with lower financing costs,and at the same time effectively improve the debt structure of enterprises,enhance the solvency of enterprises,and promote energy conservation,emission reduction and social contribution of enterprises.Therefore,this paper argues that BYD’s green bond financing has a positive effect on enterprises and is a new choice for enterprises to raise funds.