会计学院知识库

    高质量发展提出了经济发展“含金量”和“含绿量”的双重保证，绿色低碳发展是实现高质量发展的基本要求。在此背景下，我国政府大力支持绿色金融的发展，充分发挥绿色金融在资源配置方面的作用，以满足低碳转型所需的资金支持。蒙牛乳业作为行业内的龙头企业，首次发行绿色信贷融资，打响了乳制品行业绿色融资的第一枪，彰显了各界对中国乳业构建绿色高质量发展体系的高度认可，也为中国乳业绿色投融资项目的发展树立了标杆意义。
      基于此，本文以蒙牛乳业获得银团提供的23亿港元绿色贷款为研究对象，探究蒙牛乳业发行绿色贷款是出于降低资本支出压力和融资成本的财务动因，还是出于提升企业的绿色声誉以吸引投资者的市场动因。通过与动因相匹配，本文发现蒙牛乳业发行绿色贷款不仅获得了财务效应和市场效应，还获得了社会效益。在财务效应方面，本文利用DEA模型验证了该贷款的发行不仅提高了企业的融资效率，还降低了企业加权资本成本、实现了较长的债务期限与较低财务杠杆的匹配，降低了蒙牛乳业的财务风险。在市场效应方面，利用事件研究法发现蒙牛乳业绿色信贷融资可以给股价带来短暂的的正向波动，难以获得长期的市场效应。在社会效应方面，蒙牛乳业传递环境责任并持续推进环境效益的改善，提升环境效益的同时还提高了乳企在绿色信贷市场的参与度。最后，本文分别从企业、政府层面提出改善建议，帮助其他同行企业低碳化转型做决策参考，并且为国家推动乳制品行业参与绿色金融提供借鉴。

    Driving economic and social development towards green and low-carbon initiatives is a crucial aspect in achieving high-quality development. Since the 18th National Congress of the Communist Party of China, the country has steadfastly pursued a path of green and low-carbon development, emphasizing not only the "value" of economic growth but also the "green content" of such growth. Against this backdrop, the government has strongly supported the development of green finance, leveraging its resource allocation function to provide the necessary financial support for the economic transition towards low carbon. As a leading enterprise in the dairy industry, Mengniu Dairy issued green loans for the first time to finance its green and low-carbon transformation, marking a significant step in the industry's green financing initiatives. This move signifies broad recognition of China's dairy industry in constructing a green and high-quality development system, setting a benchmark for green and high-quality investment and financing projects in the industry.
       Based on Mengniu Dairy's issuance of a HK$2.3 billion green loan provided by a consortium of banks, this study investigates whether the issuance was primarily driven by financial motives to reduce capital expenditure pressure and financing costs, or by market motives to enhance the company's green reputation and attract investors. By aligning with the motives, the study finds that Mengniu Dairy's issuance of green loans not only yielded financial and market effects but also generated social benefits. In terms of financial effects, the study utilized DEA models to confirm that the issuance of the loan not only improved the company's financing efficiency but also lowered its weighted average cost of capital, achieved a longer debt maturity matching with lower financial leverage, and reduced Mengniu Dairy's financial risk coefficient. In terms of market effects, event study analysis revealed that Mengniu Dairy's green credit financing led to a brief positive fluctuation in stock prices but did not yield long-term market effects. In terms of social effects, Mengniu Dairy demonstrated environmental responsibility and continued to enhance environmental benefits, increasing participation in the green credit market while promoting a virtuous cycle of green investment and financing. Finally, the study provides improvement suggestions at both the corporate and governmental levels to assist other industry peers in making decisions regarding low-carbon transformation and to offer insights for the country's efforts to promote the dairy industry's participation in green finance.