Research On The Path And Effect Of Green Bond Financing Promoting Green Transformation Of Thermal Power Enterprises

Because China is rich in coal resources,thermal power is the focus of coal consumption in the power industry.However,the harmful pollutants discharged from the direct combustion of coal will cause serious pollution to the environment,so the green transformation and upgrading of the thermal power industry is particularly important.With the rise of green bonds and the strong call of the government,the thermal power industry has started to try to issue green bonds to promote its own green transformation.Taking Shenzhen Energy as a case enterprise,this paper deeply analyzes the internal logical relationship between the green bonds issued by thermal power enterprises and their green transformation,and further analyzes the path and effect of green bond financing to promote the green transformation of thermal power enterprises.This paper summarizes a large number of literatures,and finds that thermal power enterprises are currently facing financing constraints,their transformation power is insufficient,and at the same time,the poor environmental effect is also a major problem facing thermal power enterprises.The green bonds have both incentive and restraint functions,which can not only ease the financing constraints of thermal power enterprises,improve the environmental effect,and create a green image,but also restrict the custom behavior from company to some extent,of thus promoting the green transformation of thermal power enterprises.Through the Shenzhen energy case study,the following conclusions arise:(1)Green bonds promote Shenzhen’s green transformation energy in four ways.First,issuing green bonds can create a green image,improve the green reputation,and promote its green transformation;Secondly,green bonds provide transformation funds,ease financing constraints,and enhance transformation impetus;Thirdly,the mandatory information disclosure of green bonds reduces the information asymmetry,thus forcing enterprises to make green transformation;Finally,green bonds raise funds for technological transformation and clean energy construction to improve environmental effects,thus realizing green transformation.(2)Shenzhen Energy’s issuance of green bonds has produced the following effects on its green transformation:from the perspective of market reaction,the issuance of green bonds has produced a good short-term stock price response;From the perspective of financial performance,issuing green bonds can reduce the financing cost,improve the debt structure,and help alleviate the short-term debt repayment pressure,but the short-term profitability will decline,which will have a long-term effect;From the perspective of social benefits,issuing green bonds can enhance the green reputation and build green brands of enterprises;From the perspective of environmental performance,the issuance of green bonds has produced significant energy conservation and emission reduction effects,and has a positive impact on the green transformation of energy in Shenzhen.According to the research conclusions,this paper puts forward suggestions from the perspectives of the government and the issuer to provide reference for the green transformation of other thermal power enterprises.