| Under the dual-carbon background,the high pollution enterprises in the thermal power industry in our country are committed to green investment or transformation.The green attribute of green bonds is in line with the green needs of enterprises.Rational use of green bonds for financing can help the enterprises to realize the strategic goal of green development more quickly.The green bond market is full of vitality,attracting the attention of international investors,and the Bond Connect mechanism came into being.As a leading enterprise in the power industry,Shenzhen Energy Group issued the China’s first "Bond Connect" green corporate bond--"19 Shenzhen Energy Green Bond 01" in 2019,pioneering the "Bond Connect" for corporate bonds of the National Development and Reform Commission.Based on the priority-based financing theory,maturity matching theory,ESG responsible investment theory and reputation theory,this paper uses literature research method,case study method and comparative research method,takes Shenzhen Energy Group as the case study object to analyze the motivation,influence path and effect of choosing to issue green corporate bonds with Bond Connect mechanism.The results show that the motivation of issuance is mainly to reduce financing costs,explore financing channels,achieve the strategic goal of green development,meet the needs of ecological civilization construction,and fully seize the national policy opportunities.In terms of the impact path,it mainly includes reducing financing costs through the bond connect mechanism and the advantages of the nature of bonds,releasing signals of undervalued stock prices and environmental commitment,providing channels for overseas investment in mainland green corporate bonds,and providing funds for green projects.The issuance of this "Bond Connect" green corporate bond has a positive impact on the company’s stock price,finance and social effects:the official issuance of this bond has brought a short and strong positive stock price effect on the company’s stock price,improved the company’s financial performance in many aspects,brought significant environmental benefits,enriched the structure of investors and enhanced the corporate image.This shows that the issuance of this bond has been recognized and favored by investors.The new financing mode of this bond is a successful green finance innovation practice.Finally,based on the experience of this issue,the author puts forward some suggestions from three aspects:the country,the enterprise and the investor.This article can provide reference value for other enterprises and our country’s green finance market,help to promote the innovative development of green bond market and even green finance market,optimize the bond through mechanism,for other enterprises to green investment or transformation path,help to achieve the double carbon goal. |
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