金融学院知识库

习近平总书记在2021年3月15日召开的中央财经委员会第九次会议上提到：“实现碳达峰与碳中和是一次深刻的经济社会领域系统性变革，要把碳达峰与碳中和纳入生态文明建设的整体布局，要有抓铁有痕的劲头，如期在2030年前实现碳达峰、2060年前实现碳中和。”目前，社会和大众都意识到，在经济发展的同时要减少化石燃料等一次性能源的消耗，扩大风力发电等可再生能源项目的建设和发展。对于风力发电等新能源企业来说，项目的整个建设周期较长，建设成本较高，正常运营后产生收益的速度较慢。所以资金回笼周期较长，公司股价表现不佳，而绿色债券的出现对解决这些问题具有重要帮助作用。新能源企业可以通过发行绿色债券来筹措低成本资金，解决“借短投长”的问题。基于此，本文运用事件研究法来分析公司在发行绿色债券之后，此事件对公司股价的影响。

本文以节能风电企业为例，对2017年发行的绿色债券“G17风电1”展开案例分析。节能风电公司作为我国A股市场上唯一以风力发电为主营业务的上市企业，中标而且示范建设了我国首个千万千瓦、百万千瓦风电基地，是风力发电行业的示范者和引领者，在风力发电行业建立了良好的品牌形象和较高的知名度，专注于风力发电场的建设和营运，将其作为研究对象具有代表性。

本文首先介绍了绿色债券的定义、功能、相关理论和对股价的影响机制。其次，梳理了绿色债券市场的发展现状，介绍了风力发电的行业背景和节能风电企业的基本情况，节能风电公司绿色债券的发行流程，并对节能风电公司发行绿色债券的动因进行了分析。随后运用事件分析法实证分析了节能风电公司发行绿色债券对公司股价的影响，同时对发行中存在的一些问题进行了总结。

通过案例研究，本文得出以下的研究结论: (1)节能风电绿色债券的发行具有正向的发行效益，超额收益率和累计超额收益率的平均数都为正数，进一步使得节能风电公司的股价上涨。(2)发行绿色债券获得了市场的认可和投资者的关注。（3）绿色债券市场有很大的发展空间。基于此，本文提出了以下的政策建议：（1）培育具有绿色理念的市场投资者，转变投资者的市场投资理念。（2）健全绿色债券发行市场，完善绿色债券发行制度。（3）塑造绿色发展的企业文化，逐步转变企业效益目标。

At the ninth meeting of the Central Committee on Finance and Economics held on March 15, 2021, General Secretary Xi Jinping mentioned that “ the realization of carbon peak and carbon neutralization is a profound systematic change in the economic and social fields. To integrate carbon peak and carbon neutralization into the overall layout of ecological civilization construction, we should have the strength to grasp the iron trace, and achieve carbon peak by 2030 and carbon neutralization by 2060. With the concept of environmental protection and green development increasingly rooted in the hearts of the people, society and the public are aware of the economic development at the same time to reduce the consumption of fossil fuels and other disposable energy, expand the construction and development of renewable energy projects such as wind power generation. For new energy enterprises such as wind power generation, the whole construction period of the project is long, the construction cost is high, and the speed of income generation after normal operation is slow. So the capital recovery cycle is long, the company's stock price performance is not good, and the emergence of green bonds has an important help to solve these problems. New energy enterprises can raise low-cost funds by issuing green bonds to solve the problem of “borrowing short and investing long”. Based on this, this paper uses event study method to analyze the impact of this event on the company ' s stock price after the issuance of green bonds.

Taking energy-saving wind power enterprises as an example, this paper analyzes the green bond “G17 wind power 1” issued in 2017. Energy-saving wind power company is the only listed company in China' s A-share market with wind power as the main business. It has won the bid and demonstrated the construction of China's first ten million kilowatts and one million kilowatts wind power base. It is the demonstration and leader of the wind power industry. It has established a good brand image and high visibility in the wind power industry, focusing on the construction and operation of wind power plants. It is representative as the research object.

This paper first introduces the definition of green bonds, functions, related theories and the impact mechanism on stock prices. Secondly, this paper combs the development status of green bond market, introduces the background of wind power industry and the basic situation of energy-saving wind power enterprises, the issuance process of green bonds of energy-saving wind power companies, and analyzes the motivation of green bonds issued by energy-saving wind power companies. Then using the event analysis method to empirically analyze the impact of energy saving wind power company issuing green bonds on the company's stock price, and summarizes some problems in the issuance.

Through case studies, this paper draws the following conclusions. (1) The issuance of green bonds for energy-saving wind power has positive issuance benefits, and the averages of excess return and cumulative excess return are positive, which further increases the stock price of energy-saving wind power companies. (2) The issuance of green bonds has received market recognition and investor attention. (3) Green bond market has great development space. Based on this, this paper puts forward the following policy Suggestions : (1) Cultivate market investors with green concept, change the market investment concept of investors. (2) Improve the green bond issuance market, improve the green bond issuance system. (3) Shaping the corporate culture of green development and gradually changing the goal of corporate efficiency.