Research On Financing Motivation And Financial Performance Evaluation Of Green Bond Of Shenzhen Energy

General Secretary Xi Jinping pointed out in the report of the 20 th National Congress that we should continue to promote green development and the harmonious development of man and nature.Establish a fiscal,financial and investment system that is conducive to green development,improve the price policy and standard system,develop green and low-carbon industries,and improve the market-based allocation system of resource and environmental factors.In order to be able to continuously improve the green finance and green bond system and improve the research on the financial performance of green bond financing,therefore,this thesis selects green bonds as the research object and studies the financing motives of green bonds and the financial performance of green bond financing.The thesis compares domestic and foreign literature related to the connotation of green finance,the connotation of green bonds,the motivation and performance of green bond financing,and takes signaling theory,preferential financing theory,sustainable development theory,social responsibility theory and tax effect theory as the theoretical basis of the study.We sort out China’s green bond policies and analyze the current development status of China’s green bond market.Based on the current situation of the industry,the motives of green bond financing are analyzed,mainly including:weakening environmental regulation constraints,responding to the national green development policy,meeting the demand for green transformation funds and optimizing the debt structure.Based on this basis,Shenzhen Energy,a representative enterprise in the electric power industry and the first enterprise to issue green bond corporate bonds,is selected as a case company to study the financial performance of green bond financing of the company.The relationship between green bond financing and various financial performance indicators was analyzed using entropy weight method and gray correlation analysis.The following conclusions were reached:(1)Shenzhen Energy’s green bond financing has a relatively large impact on long-term debt servicing capacity,optimizing the debt structure of the enterprise to a certain extent,but it can improve short-term debt servicing capacity and operating capacity,but not significantly.(2)Combined with the analysis of specific projects,it is found that these projects will bring direct economic benefits to the enterprises,improve their profitability and also have development potential.The development of operating income and operating profit is good.(3)The overall financial performance of Shenzhen Energy improved after green bond financing.(4)The correlation between green bond financing and all kinds of financial performance indicators is high,and the correlation with profitability is the highest.Based on the findings,policy recommendations are made to increase support for the green bond market of non-state enterprises,strengthen the supervision of funds used for green bonds and improve third-party certification and rating agencies.This thesis enriches the case study of financial performance of green bond financing to provide case support for more enterprises to choose green bond financing,and also innovatively adopts the entropy power method and gray correlation analysis to study the financial performance of green bond financing.