Motivation And Effect Analysis Of Overseas Green Bonds Issued By Listed Private Enterprises

The report of the 20 th National Congress of the Communist Party of China proposed to "improve the fiscal,tax,financial,investment,price policy and standard system that supports green development".Promoting the healthy and stable development of green finance is of positive significance for expanding the path of realizing the value of ecological products and transforming green mountains into gold and silver mountains.It goes without saying that green bonds,as one of the components of green finance,playing an increasingly important role in China’s bond market.However,more than90% of China’s green bond issuers are state-owned enterprises,and the number of private enterprises in China is huge,and the amount of green bond issuance is so small among private enterprises,which is seriously inconsistent with the tasks that private enterprises need to undertake in the entire "dual carbon" campaign.This paper analyzes the reasons for the low enthusiasm of private enterprises to issue green bonds,mainly in four points: first,the cost advantage of issuing green bonds is not obvious enough;Second,the credit rating of private enterprises is often lower than that of state-owned enterprises,and the issuance interest rate of private enterprises is also higher than that of state-owned enterprises under the same rating;Third,the sense of corporate social responsibility of private enterprises is not as good as that of state-owned enterprises;Fourth,investors are not enthusiastic about green bonds.As the first mainland private enterprise to issue green bonds in Macao,Ming Yang Smart Energy Company Limited is a certain representative.Therefore,this paper takes Ming Yang Smart Energy Company Limited as an example to analyze the motivation and effect of Ming Yang Smart Energy Company Limited’s issuance of green bonds,hoping to provide a feasible financing channel for listed private enterprises in China,to provide reference for listed private enterprises to issue green bonds,and drive the enthusiasm of listed private enterprises to issue green bonds.Based on the theory of optimal financing,reputation theory and corporate social responsibility,using case analysis,this paper takes the overseas green bonds issued by Mingyang Smart Energy Company Limited as the research object,and analyzes the motivation and effect of it issuing overseas green bonds.Firstly,this paper analyzes the motivation of Ming Yang Smart Energy Company Limited issuing overseas green bonds.Then,it analyzes the performance brought by overseas green bonds from the perspectives of financial performance,cost effect,environmental and reputation benefits and stock price effect.This paper concludes that issuing overseas green bonds for financing can not only reduce the financing cost,optimize the financial structure,effectively relieve the financial pressure of enterprises,quickly replenish the working capital,and ensure the green projects to be carried out as scheduled,but also generate environmental benefits,improve the reputation of enterprises,attract investors and bring positive stock price effect.This paper not only helps to further enrich the research system of green bonds of listed private enterprises,but also enriches the research results in the field of motivation and effect of private enterprises issuing green bonds.It also uses financial index analysis method,comparative analysis and event research to analyze the financing effect of Mingyang’s issuance of overseas green bonds,providing reference for other private enterprises to issue green bonds and improving the enthusiasm of private enterprises to issue green bonds.