金融学院知识库

       进入二十一世纪以来，全球气候问题愈发严重，绿色发展成了当前我国经济发展的重中之重。近几年我国加大了对改善碳排放等环境问题的力度，并提出要在2030年和2060年分别达到碳达峰和碳中和，为了完成这一目标，我国大力发展绿色金融市场，推行绿色债务融资工具，为传统高污染高耗能企业拓宽融资渠道，解决融资难融资贵等问题，随着绿色金融市场兴起，绿色融资工具也日益丰富，我国于2021年首次发行绿色债券子品种-碳中和债券，在满足企业发展低碳项目融资需求的同时，提高企业绿色声誉，鼓励引导市场和企业向绿色方向发展。电力行业作为传统高污染高耗能企业，也在积极通过利用清洁能源，逐步代替煤炭发电的方式进行转型。
       电力企业在融资时，为什么要选择绿色债券这种融资方式，通过这种融资方式能够为企业带来什么绩效，本文以电力企业中的华能国际作为案例分析对象，分析其发行的绿色债券21华能GN002，通过研究发行前的动因与发行后的绩效，对此次发行事件做一个综合评估。通过动因分析，可以得出：华能国际发行绿色债券这一行为在积极服务国家战略部署的同时，拓宽自身融资渠道，降低发行成本，缓解期限错配问题，增强企业绿色声誉。而通过对其效应分析，得出如下结论：发行绿色债券带来的股价效应提升了企业价值，短期对股价有正向反馈作用；在财务方面，改善了企业财务结构，对企业偿债能力、营运能力、盈利能力及成长能力都有正向影响；在环境方面，减少了污染气体排放量，降低了社会环境成本，具有良好的正外部性；在融资效应方面，能够降低财务成本和财务风险，增加投资收益。
       最后通过案例的研究结论，分别对发行者、政府提出了相应建议，希望通过此次发行，为其他想通过绿色债券融资的企业起到借鉴作用，从而更好地推动我国绿色金融和绿色债券市场发展。

      Since the 21st century, the global climate problem has become more and more serious, and green development has become the top priority of China's economic development. In recent years, China has stepped up efforts to improve carbon emissions and other environmental issues, and proposed to reach carbon peak and carbon neutral by 2030 and 2060 respectively. In order to achieve this goal, China has vigorously developed green financial markets, promoted green debt financing tools, widened financing channels for traditional high pollution and high energy consumption enterprises, and solved the problem of difficult and expensive financing. With the rise of green financial markets, green financing tools have become increasingly abundant, China will issue carbon neutral bonds, a sub variety of green bonds, for the first time in 2021. While meeting the financing needs of enterprises for developing low-carbon projects, it will improve the green reputation of enterprises and encourage and guide the market and enterprises to develop in a green direction. As a traditional enterprise with high pollution and energy consumption, the power industry is also actively transforming by using clean energy to gradually replace coal for power generation.
      Why do power companies choose green bonds as a financing method when financing,What performance can this financing method bring to the enterprise,This paper takes Huaneng International, an electric power enterprise, as the case study object, to analyze its green bond 21 Huaneng GN002, and make a comprehensive evaluation of the issue event by studying the motivation before and after the issue. Through the analysis of motivation, it can be concluded that Huaneng International's issuance of green bonds, while actively serving the national strategic deployment, broadens its own financing channels, reduces the issuance cost, alleviates the issue of maturity mismatch, and enhances the green reputation of enterprises. Through the analysis of its effect, the following conclusions are drawn: the stock price effect brought by the issuance of green bonds enhances the enterprise value, and has a positive feedback effect on the stock price in the short term; In terms of finance, it has improved the financial structure of the enterprise, which has a positive impact on the solvency, operating capacity, profitability and growth capacity of the enterprise; In terms of environment, it reduces the emission of pollutants, reduces the social and environmental costs, and has good positive externalities.In terms of financing effects, it can reduce financial costs and risks, and increase investment returns.
      Finally, based on the case study conclusion, the paper puts forward corresponding suggestions to the issuer and the government, hoping that through this issuance, it can serve as a reference for other enterprises that want to finance through green bonds, so as to better promote the development of China's green finance and green bond market.