| The rapid development of China’s auto industry since the opening and Reform has made outstanding process for China’s economic development.However,for a long time,the economic growth model characterized by "environmental pollution first and environmental treatment later" dominated the automobile industry.Automobile manufacturing and travel have caused a great deal of energy consumption and serious ecological damage,and the automobile industry has been greatly impacted.But on the other hand,as the mainstay industry of China’s economy and society,the automobile industry still has enormous market space,and the classic car manufacturing can no longer fulfill the demands of the new era economy.Under the condition of limited energy,countries are striving to start technological innovation with green new energy as the mainstay,setting off a wave of green transformation of the automobile industry.Facing the tremendous changes in the global environment and domestic situation,in order to accelerate the green transformation of the automobile industry,China started to issue green bonds in 2016,closely combining environmental benefits with corporate financing,and effectively solving the problems of difficult and expensive corporate financing caused by large investment and immature technology in the early stage of green transformation.This paper takes green bonds as the starting point,takes Beijing Automotive as the case study object,combines the characteristics of green bonds with the transformation needs of Beijing Automotive,and studies the motivation and performance of Beijing Automotive in issuing green bonds at the micro level.Beijing Automotive 2016 Green Bond is the first single green corporate bond in China’s industry.At that time,it attracted widespread attention from the society because of its very low coupon rate,extremely fast approval process and wide application range.This paper summarizes the financial and environmental benefits of green bonds on Beijing Automotive through in-depth study of this green bond.The below concluded from the Beijing Auto case study.First,green bonds meet the financing needs of enterprises through the advantages of their own issuance,which is not only effective in reducing the cost of corporate financing,but also further alleviates the dilemma of financing constraints of enterprises.Secondly,green bonds have also promoted the green transformation of Beijing Auto through encouraging innovation and environmental constraints,effectively reducing the risks in the process of green transformation and effectively promoting the implementation of the development strategy of Beijing Auto’s green transformation.Finally,in the long run.The issuance of green bonds has brought obvious environmental benefits and accelerated the green transformation of Beijing Auto.Beijing Auto’s successful issuance of green corporate bonds can also provide reference for other Chinese enterprises to issue green bonds. |
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