Research On The Motivation And Effect Of Green Bond Issued By Cecep Wind-power Corporation

In recent years,human activities have led to frequent extreme weather events and intensified climate change around the world.To address the climate crisis,In 2020,China put forward the strategic goal of achieving "carbon peak" by 2030 and striving for "carbon neutrality" by 2060.In 2022,the report of the 20 th National Party Congress also pointed out that we must establish and practice the conception that "clear waters and lush mountains are mountains of gold and silver" and aspire after balanced growth of nature and economy.Guided by environmental conservation,characterized by low carbon,high efficient and clean,aiming to achieve economic growth and environmental conservation.Developing green industry and investing in green projects are significant ways to promote ecological prosperity and social development.The development of green industry cannot be separated from the support of capital.Issuing green bonds is a financing mode that can directly and quickly raise special funds for the development of green industry in China.Wind power generation is a branch of green industry,but wind power enterprises belong to capital-intensive industries.In the early stage of development,the investment scale is huge and the construction cycle is long.Therefore,wind power enterprises usually need huge financing,issuing green bonds are an appropriate financing choice for wind power enterprises.This paper adopts the case analysis method,selecting CECEP Wind-power Corporation as the case enterprise,based on the detail study of the motivation and effect of issuing green bonds,and finally gives conclusions and suggestions.CECEP Wind-power Corporation is the only listed company in the domestic capital market that takes wind power operation as its main business.In order to raise funds for the construction and operation of its own wind power projects,CECEP Wind-power Corporation issued green bonds in 2017 and 2018 respectively.This paper first introduces the current situation of the wind power industry,and briefly introduces the situation of the CECEP Wind-power Corporation,states the issuance of its green bonds,and then introduces the motivation of the issuance of CECEP Wind-power Corporation in detail.Secondly,this paper analyzes the effect of issuing green bonds for CECEP Wind-power Corporation:studying the impact of issuing green bonds on the stock price in the short term;analyzing the long-term impact of issuing green bonds on the enterprise value;using factor analysis method to analyze the long-term impact of issuing green bonds on the enterprise performance in horizontal and vertical combination;analyzing the non-financial effect of the issuance of green bonds by CECEP Wind-power Corporation,such as the improvement of environmental benefits and the improvement of the green reputation.The research results show that the issuance of green bonds has a positive impact on CECEP Wind-power Corporation,creates a significant short-term stock price effect for CECEP Wind-power Corporation,and also brings the long-term financial effect of enterprise value improvement and enterprise performance improvement to CECEP Wind-power Corporation,and also produces a good non-financial effect.Finally,based on the above research on the motivation and effect of issuing green bonds of CECEP Wind-power Corporation,this paper puts forward some research suggestions,hoping that the CECEP Wind-power Corporation can further improve the issuance plan of green bonds in the future and expand the advantage effect brought by the issuance of green bonds.