【作者】 王翔；

【导师】 邓久根； 方灏；

【作者基本信息】 江西师范大学 ， 金融硕士（专业学位）， 2021， 硕士

【摘要】 伴随着绿色环保理念的提出,资本市场上出现了众多与“绿色”相关联的一系列产品,如绿色银行、绿色基金、绿色债券等。像绿色债券的出现,是对于中国现有债券市场的补充。绿色债券以其自身的特性吸引着投资者的注意,同时也成为了众多企业进行债务融资的工具之一,在市场上越来越受到青睐。企业作为经济的微观主体,在自我发展的不同阶段或出于其他原因适时调整或者转变现有的发展模式,进行战略上的转型,谋求新的成长路径。而企业进行战略转型时需要大量的资金进行支持,必不可少的需要在市场上寻求融资。利用绿色债券进行融资的要求较高,如建设周期长、回报率低且所需要披露的项目信息复杂繁多等。故利用绿色债券融资本不是企业的首选,为什么市场上却出现了越多越多的企业想要进行绿色发债?另一方面,传统企业在新的时代背景下都在寻求新的发展道路,利用绿色债券融资对于企业在战略设计和转型过程中是否可以起到很好的推动作用值得我们进一步探究。本文以比亚迪公司发行“18亚迪绿色债01”作为主要的分析对象,运用案例分析、文献研究、因子分析等研究方法,对比亚迪公司发行绿色债券的动因、发行绿色债券的效果以及发行中存在的问题等进行了探究。通过对于内部因素和外部影响两方面确定比亚迪公司发行绿色债券的动因。通过对比发行前后的市场反应,公司的财务绩效以及资本结构等方面的变化,得出比亚迪公司发行绿色债券后在短时期内确实带来了公司股价的上涨和总体财务绩效的提升,并且加大了公司的绿色化程度,改善了资本结构的研究结论。同时对于绿色债券影响企业战略转型的具体路径和发行本期债券的风险进行分析。针对研究结果,本文从比亚迪公司、其他发行主体、政府层面三个主体出发,提出几点合理建议,旨在可以为企业在战略升级中发行绿色债券提供参考,也对于推进绿色债券的发展提供借鉴。更多还原

【Abstract】 With the concept of green environmental protection put forward,a series of products related to "green" appeared in the capital market,such as green banks,green funds,green bonds and so on.For example,the emergence of green bonds is a supplement to China’s existing bond market.Green bond attracts investors’ attention with its own characteristics,and has become one of the debt financing tools for many enterprises,which is more and more popular in the market.As the micro subject of economy,enterprises adjust or change the existing development mode in different stages of self-development or for other reasons,carry out strategic transformation and seek new growth path.When enterprises carry out strategic transformation,they need a lot of funds to support,and it is essential to seek financing in the market.There are high requirements for financing with green bonds,such as long construction period,low rate of return and complicated project information to be disclosed.Therefore,the use of green bond financing is not the first choice of enterprises.Why do more and more enterprises want to issue green bonds in the market? On the other hand,traditional enterprises are looking for new development path in the new era.Whether the use of green bond financing can play a good role in promoting the strategic design and transformation of enterprises is worth further exploring.In this paper,BYD Company issued "18 green bonds 01" as the main analysis object,using case analysis,literature research,factor analysis and other research methods,BYD Company issued green bonds to explore the motivation,the effect of issuing green bonds and the problems existing in the issuance.Through the analysis of internal factors and external factors,the motivation of BYD to issue green bonds is determined.By comparing the market reaction before and after the issue,the company’s financial performance and capital structure changes,it is concluded that BYD’s green bond issue does bring the rise of the company’s stock price and the improvement of the overall financial performance in a short period of time,and increases the company’s green degree and improves the capital structure.At the same time,the paper analyzes the specific path of green bonds affecting corporate strategic transformation and the risk of issuing current bonds.In view of the research results,this paper puts forward some reasonable suggestions from BYD Company,other issuers and the government level,aiming to provide reference for enterprises to issue green bonds in the strategic upgrading and promote the development of green bonds.更多还原