Research On The Financing Efficiency Of Green Bonds Of Hanglung Real Estate

As an emerging financing tool in recent years,green bond is increasingly favored by real estate enterprises due to its unique financing advantages,and has become an important channel to supplement the source of funds.Under the background that domestic real estate enterprises are keen to issue green bonds,the flow direction and application efficiency of raised funds have attracted attention.Whether real estate enterprises can make reasonable use of funds and achieve effective financing,and how to improve financing efficiency are the issues worth studying at present.This paper takes Hang Lung Real Estate as the case study object,calculates the financing efficiency of Hang Lung Real Estate’s green bonds,finds out the shortcomings,and provides suggestions for the company’s subsequent green bond issuance and the improvement of financing efficiency.This paper constructs a three-stage DEA model to measure the financing efficiency of66 green bonds issued by real estate enterprises in the first three quarters from 2016 to2021.Based on traditional DEA methods,the three-stage DEA model can better reflect the real financing efficiency except the interference of environmental factors.The Tobit model is constructed to study the influence of internal and external environmental factors on financing efficiency.The study says:(1)After removing the impact of environmental factors,the efficiency value of Hang Lung Real Estate in the third stage decreased significantly,mainly due to the decline in scale efficiency,indicating that Hang Lung Real Estate’s scale efficiency decreased after losing its environmental advantage.It needs to take advantage of increasing returns to scale to increase the scale of green bond issuance to avoid the decline in efficiency caused by environmental changes.(2)The improvement of the average comprehensive technical efficiency in the third stage indicates that most real estate enterprises were originally in a poor environment.After eliminating the influence of environmental variables,they lost the inhibition of the environment,and the overall efficiency value showed an increasing trend.(3)Tobit model shows that the ratio of current liabilities has a significantly positive impact on scale efficiency;The effect of credit rating on scale efficiency is significantly positive;The effect of third-party certification on pure technical efficiency is significantly positive;The property right nature has a significant negative effect on the three efficiency.(4)The reasons why the financing efficiency of Hang Lung Properties’ green bonds is not effective include: low current debt ratio,insufficient issuance scale of green bonds,and lack of environmental benefit information disclosure.In order to improve the financing efficiency of the subsequent issuance of green bonds,Hang Lung Properties can start from the following aspects: expanding its business territory to more big cities;Determining a reasonable capital structure;Reduce distribution costs;Standardizing environmental benefit information disclosure.