Research On The Benefits Of Real Estate Companies Issuing Green Bonds Under The Background Of Financing Constraint

In recent years,climate,energy and other issues caused by environmental degradation have been paid more attention by all countries.At present,the real estate industry is generally plagued with large carbon emissions,serious environmental pollution and other problems,which requires the real estate industry must carry out green transformation,which is bound to require a large amount of funds,and the support of green finance is indispensable.Green bonds have many advantages,such as fewer bond issuance indicators,low access conditions,short approval time,and optimization of corporate debt structure.At the same time,green bonds can effectively help achieve the goals of "carbon peak" and "carbon neutrality".The real estate industry is a typical capital-intensive industry,which has a large demand for funds and is relatively dependent on financial leverage.In order to prevent the risk of the real estate market and ensure the smooth operation of the economy,the Chinese government has introduced several policies in recent years to restrict the blind expansion of the real estate enterprises.Affected by many policies and the fluctuations of the international economic situation,the traditional financing channels of Chinese real estate enterprises have been tightened significantly,and some real estate enterprises have fallen into financing difficulties.Under the background of such financing constraints,real estate enterprises urgently need to use new financing methods to solve financing problems.This paper chooses Sino-Ocean Group,a representative enterprise in the real estate industry,as the case study object,in order to find a solution to the above problems.First of all,the status quo of the real estate industry,business conditions and the development of green real estate are analyzed,and then the case enterprises are introduced,and the issuing process of their green bonds is sorted out.Then,from financing cost,policy strategy,capital demand and corporate image,it focuses on analyzing the motivation of green bonds issued by enterprises.Then,combined with the event study method,the financial benefits,environmental benefits,social benefits and stock price benefits of enterprises are further analyzed,and the following research conclusions are drawn: The issuance of green bonds by China Ocean Group has the benefits of adjusting the cash-short bond ratio,reducing financing costs,and alleviating the mismatch between the long term and the short term.Moreover,the financing of green bonds can play a role in promoting green project construction and urban renewal.At the same time,starting from the green bond issued by Sino-Ocean Group for the first time,combined with the current market status of green bonds in the real estate industry,it is concluded that there are still shortcomings in the green bond market of real estate,such as not obvious improvement of brand effect and lack of adequate measures to deal with exchange rate risks.According to the research conclusions,this paper puts forward several suggestions,such as strengthening the integration with international green bond standards,improving the information disclosure system,and enhancing the "green" awareness of investors and consumers,so as to provide some references for better promoting the use of green bond financing by real estate enterprises and promoting the development of green bond market.