Research On Green Bond Financing Of Wind Power Enterprises Under The Background Of Downward Subsidy

With the sustained integration of industrial pattern,the feed-in tariff that once helped the prosperity of wind power industry has gradually withdrawn.Policy subsidies have been abolished,but the capital demand of wind power enterprises has always existed.The industry is facing the dilemma of single financing structure and lack of financing channels.It is urgent to find new financing methods.The emergence of green bonds provides more possibilities for the wind power industry and attracts a large number of enterprises to participate in it.However,in the stage of rapid development,the problems existing in the market mechanism have also been exposed one after another.In this context,combined with specific cases,this thesis discusses the role and shortcomings of green bond financing,which can provide some help for the development of green bond market and the selection of financing methods of wind power enterprises.This thesis takes Century Concord Wind Power Investment Co.Ltd.as the research object,based on information asymmetry theory,social responsibility investment theory,etc.,the research is carried out by means of literature analysis,case analysis and comparative analysis.Firstly,combined with the background of the times,this thesis explores the motivation of Century Concord Wind Power to adopt green bond financing.Secondly,it focuses on the impact of issuing green bonds on Century Concord Wind Power from the aspects of financing structure,market response and financial situation,and discusses the reasons for these effects.The research of this thesis draws the following conclusions: first,driven by the policy environment,Century Concord Wind Power adopts the way of green bond financing in combination with its own affordability for the needs of capital demand and financing structure improvement brought by enterprise expansion.Second,the issuance of the two green bonds has a positive impact on the expansion of the financing channels,the matching degree of capital sources and term and the improvement of profitability,and has a positive effect on the stock price market response of its parent company,but it has a negative impact on financial risk and has a limited optimization effect on other financial capabilities.Third,the credit rating,the nature of enterprise property rights,the issuance scale and other factors make Century Concord Wind Power and other private enterprises face high financing constraints,resulting in a great discount on the financing optimization effect of green bonds.For this,this thesis puts forward corresponding strategies for wind power enterprises combined with the above factors.Finally,aiming at the problems in the issuance process of the two green bonds,this thesis gives relevant suggestions from the perspective of market participants,so that green bonds can truly give full play to its role and help the development of green industry.