清洁能源企业绿色债券融资问题研究——以晶科科技为例

Research on the Financing of Green Bonds for Clean Energy Enterprises—Taking Jinko Power as an Example

摘要: 在全球经济与环境问题交织的背景下，绿色金融体系逐步建立并完善，其中绿色债券成为推动经济可持续发展的重要工具，市场认可度不断提升，绿色债券市场发展迅速。晶科科技作为清洁能源领域代表性企业，其绿色债券发行具有典型性。晶科科技发行绿色债券的外部动因包括政策支持、投资者偏好，内部动因包含环保形象的树立和融资成本的降低等因素。从市场效应、财务效应和环境效应三个维度分析其融资效应，结果显示发行绿色债券后，晶科科技在资本市场形象提升且股价表现积极；偿债能力增强且融资成本降低；同时在生产、产品应用和回收处理等环节均实现了显著的环境效益。

Abstract: In the context of the intertwining of global economic and environmental issues, the green financial system has been gradually established and improved, among which green bonds have become an important tool to promote sustainable economic development, and the market recognition has been continuously improved, and the green bond market has developed rapidly. As a representative enterprise in the field of clean energy, Jinko Power’s green bond issuance is typical. Jinko Power’s external motivations for issuing green bonds include policy support and investor preference, while internal drivers include the establishment of an environmental image and the reduction of financing costs. Analyzing the financing effect from three dimensions: market effect, financial effect and environmental effect, the results show that after the issuance of green bonds, Jinko Power’s image in the capital market has been improved and its stock price performance has been positive, increased solvency and reduced financing costs; At the same time, significant environmental benefits have been achieved in production, product application and recycling.