Research On Longyuan Electric Power Green Bond Financing Efficiency

With the development of China’s capital market,although the market financing methods are diversified,but due to the long construction period of green projects,large investment funds,insufficient supply of long-term funds in the external market,lack of long-term financing methods matching green projects,enterprises are accustomed to using short-term debt to support long-term investment,which aggravates the mismatch of investment and financing terms of enterprises,in order to alleviate the mismatch of investment and financing terms,solve the long-term financing problems of enterprises,China proposes to help the expansion of green bonds.In order to solve this problem,in2016,the Green Bond Issuance Guidelines proposed that less than 50% of green bond funds could be used to repay bank loans or supplement working capital,and China proposed to help green bond expansion.As a long-term financing method,green bonds have cost and term advantages,which help broaden financing channels;It can help alleviate the term mismatch of enterprises in the process of green investment and financing;It will help improve the risk management ability of enterprises,create a positive competitive atmosphere and a relaxed financing environment.As a leader in the wind power industry,Longyuan Power has raised long-term funds for green industries and green economic activities by issuing green bonds.However,it is worth exploring whether the green bonds issued by enterprises achieve the optimal input-output ratio and play an effective role in alleviating the term mismatch,so this paper studies the financing efficiency of Longyuan Power’s issuance of green bonds from the perspective of investment and financing term mismatch.Longyuan Power is a large-scale integrated power generation group based on new energy.It raises long-term funds for green industry and green economic activities by issuing green bonds,making enterprise development the main force of social productivity.This paper selects it as the research object.Firstly,it introduces the basic situation of the company,calculates the maturity mismatch of Longyuan Electric Power from 2015 to 2021,and analyzes the causes of maturity mismatch.It also expounds the current situation and motivation of Longyuan Electric Power Green Bond issuance.Secondly,this paper explores the company ’s green bond financing efficiency from three dimensions : First,the financial level studies the matching degree of debt maturity and asset-liability ratio and the average maturity of investment and financing.The issuance of green bonds avoids the mismatch between shorter debt maturity and higher financial leverage,further stabilizes the financial structure of the enterprise,and provides a good financial environment for Longyuan Power.Through factor analysis and data envelopment analysis,this paper evaluates the bond financing efficiency of 24 listed companies in China ’s power industry,and finds that green bond issuing companies are superior to ordinary bond issuing companies in comprehensive technical efficiency,pure technical efficiency and scale efficiency.Longyuan power green bond financing efficiency is higher than the industry average efficiency,ranking in the forefront of the industry.Using projection analysis to study the main influencing factors,it is found that green bonds have advantages over ordinary bonds in terms of financing cost,maturity structure and financing structure,and issuing green bonds has a positive incentive effect.From the perspective of financial risk,the F-score model is used to study the effect of corporate financing control,and it is found that Longyuan Electric Power has a tendency to reduce financial risk during the issuance of green bonds,and green bond financing has achieved good results.Finally,starting from the national support policy,the enterprise ’s own development,the mitigation of maturity mismatch and the prevention of risks,the corresponding countermeasures and suggestions are put forward for the improvement of green bond financing efficiency,which also provides a new perspective for testing green bond financing efficiency.