Motivation And Benefit Research Of CGN Wind Power Issuing Blue Bonds

With the proposal of the green development concept of "green water and green mountains are golden mountains" and the development goal of "carbon peak,carbon neutrality" in China,the concept of environmental protection is deeply rooted in the hearts of the people.How to carry out green development on the premise of meeting people’s resource requirements is a problem that countries pay more attention to at present.Therefore,sustainable utilization of marine resources has gradually entered people’s vision,but currently the marine ecosystem is deteriorating.How to protect the marine ecosystem and achieve sustainable utilization of marine resources is receiving attention.Although the government has invested a large amount of funds in protecting the marine environment and developing marine resources,achieving the goal solely relying on government funding support is far from enough.After the issuance of Seychelles sovereign blue bonds in 2018,Blue bonds,a new type of financing tool,have entered the vision of governments and enterprises in various countries.The emergence of blue bonds not only solves the debt pressure of sovereign governments,but also allows enterprises and investors to participate in environmental protection and green development through financial means.However,due to the relatively novel concept of blue bonds,the number and types of blue bonds issued globally are relatively small compared to green bonds,Lack of clear reference experience for issuance.CGN Wind Power issued "22 Wind Power G1" and "22 Wind Power G2" in March 2022,which are two kinds of blue bonds.It is the first power industry enterprise to publicly issue blue bonds in China.Therefore,this paper selects this enterprise as the case study object.After sorting out the issuance of corporate blue bonds,this paper takes the pecking order financing theory,sustainable development theory and externality theorem as the theoretical basis for research,Study the motivation and benefits of issuing blue bonds by enterprises.The following conclusion can be drawn: In terms of internal motivation,there are four reasons why enterprises issue blue bonds,including:(1)reducing financing costs for enterprises and expanding financing channels for enterprises.(2)Meet the significant funding needs generated by the project construction.(3)Comply with macroeconomic development trends and government policies to enhance social influence.In terms of external factors,there are two reasons:(1)the government provides policy support for enterprises to issue blue bonds,and the issuance of blue bonds is in line with national policy guidance.(2)The development momentum of the power industry is strong,and enterprises have a positive attitude towards the expected benefits brought by financing,and believe that they have the ability to repay debts.In terms of issuance efficiency,the economic benefits of issuing blue bonds by enterprises were analyzed from four aspects: financing cost,debt paying ability,growth ability,and profitability.The following economic benefits were generated:(1)reducing the financing cost of enterprises and expanding financing channels.(2)To some extent,it has stabilized the debt paying ability of the enterprise and improved its debt structure.(3)The growth ability indicators of the enterprise have been improved,and the future development momentum of the enterprise is good.(4)This has increased the operating revenue of the enterprise and ensured its smooth operation.In addition,as the financing funds are mainly used for the construction of offshore wind power clean energy projects,this article analyzes the environmental benefits of enterprises and concludes that after the project is completed and put into operation,it can save coal resources,reduce the emissions of pollutants such as carbon dioxide and sulfur dioxide generated by traditional coal combustion power generation methods,and contribute to energy conservation and emission reduction in China.In addition to the above benefits,the issuance of blue bonds has also generated the following two social benefits:(1)Blue bond financing has promoted the development of the blue bond market.(2)Promoted the establishment of an environmentally friendly society.Based on the previous analysis,this article draws inspiration for the financing and development of relevant enterprises: selecting reasonable and low-cost financing methods,actively innovating blue bonds,actively assuming social responsibility,actively paying attention to national policy guidance,and strengthening green technology innovation;And suggestions were put forward to improve the blue bond market policy: conducting blue bond pilot projects,strengthening incentive mechanisms,strengthening management of third-party certification agencies,improving information disclosure of bond issuing enterprises,and taking multiple measures to encourage enterprises to issue blue bonds.I hope this article can provide case references for the study of blue bonds and provide a reference basis for enterprises to issue blue bonds in the future.