Study On The Effect Of Green Bonds Issued By New Energy Automobile Enterprises

The modern production model,while contributing to rapid economic development,has also caused problems such as ecological damage and scarcity of natural resources.With the incompatibility between the natural environment and economic development,it is particularly important to find ways to promote economic development while benefiting environmental protection.In order to further promote sustainable economic development,the country proposes to establish a sound green,low-carbon and circular development system,so that China’s economy can transition from a period of high-speed development to a period of high-quality development.In the context of China’s economy entering the "new normal",in order to promote the green transformation of various industries,it is necessary to focus on the cross-fertilization between green finance and different industries,and green bonds,as an important link in the construction of the green financial system,can play its "green" role in investment and financing.As an important link in the construction of green financial system,green bonds can provide enterprises with more financial support and lower cost financing channels,and promote enterprises to improve green production technology and realize the concept of green development under the premise of giving full play to its "green" role of investment and financing.In this context,China’s green bond market has made great development,with a continuous enrichment of types,expansion of the number and scale of products,and continuous optimization of the market structure.At present,as a major automobile production and sales country,China’s traditional automobile industry approach has brought enormous pressure on the environment,while the emergence of new energy vehicles has provided new ideas for the coordination of economic development and ecological environment.As an emerging field,new energy vehicles need to vigorously research and develop new technologies to promote development,and there is a large demand for capital.Under the situation of unsound policies and restricted financing methods,it is difficult for new energy vehicle enterprises to raise funds.Green bonds,as a new financing method,not only provide funding sources for the R&D of green projects,but also help enterprises establish a green image and gain a good social reputation.Therefore,the article mainly focuses on the new energy automobile industry and selects specific enterprises to explore the motivation,issuance process and actual benefits of their green bonds,so as to provide reference and reference for the issuance of green bonds by related enterprises.BYD is the first private enterprise in the industry to issue green bonds in China,and its issuance experience has important reference significance for other enterprises.The article takes BYD as a case study and examines the motivation,process and benefits of its green bond issuance.The article uses the case study method,event study method and index analysis method to study and analyze two green bonds issued by BYD,namely "18Yadi Green Bond 01" and "19Yadi Green Bond 01",in terms of the current market development,bond issuance conditions,issuance motivation,issuance process and issuance benefits.The study and analysis are conducted on the current market development,bond issuance conditions,issuance motivation,issuance process and issuance benefits.Firstly,the concept of green bonds and related theories are clarified,and the development of green bond market and the issuance of green bonds for new energy vehicles are clarified.Secondly,we introduce the conditions for issuing green bonds,BYD’s situation and bond issuance,analyze the motivation for issuing green bonds,and sort out the process of issuing green bonds by BYD.Finally,we analyze the benefits of bond issuance,and divide the benefits into two aspects: corporate benefits and social benefits according to the main beneficiaries,and analyze the corporate benefits by using the index analysis method and event study method,and the social benefits in terms of fulfilling social responsibility,enhancing corporate reputation and environmental protection.The study found that the motives for BYD’s green bond issuance are: meeting corporate capital needs,alleviating corporate investment and financing maturity mismatch,reducing financing costs and enhancing corporate green image.The study concludes that the issuance of two green bonds has reduced financing costs,alleviated the mismatch between investment and financing terms,improved corporate debt servicing ability for a certain period of time,and led to a short-term increase in share prices,on the basis of meeting corporate capital needs.Green bonds are issued.In addition,the production of green projects reduces pollutant emissions and resource consumption,resulting in significant environmental benefits.Finally,the article summarizes the issuance of BYD’s green bonds and puts forward corresponding suggestions for the development of green bonds,hoping to further promote the development of green bond market.