风电行业发行绿色债券融资的动因、传导路径及市场效应研究——以金风科技为例

Research on the Motivation, Transmission Path and Market Effects of Green Bond Financing in the Wind Power Industry—A Case Study of Goldwind Science & Technology

摘要: 在“双碳”目标与绿色金融政策支持下，绿色债券成为风电行业缓解融资约束、推进低碳转型的核心工具。本文以风电龙头企业金风科技为案例，运用文献研究法、案例研究法与事件研究法，剖析其发行绿色债券的核心动因、传导路径，并重点检验市场效应。研究发现，金风科技发行绿色债券的主要动因是缓解长期资金压力、塑造绿色声誉、匹配新能源发展战略；通过拓宽融资渠道、降低融资成本、传递绿色信号、提振投资者信心四条路径发挥作用。事件研究法结果显示，绿色债券发行带来显著正向短期市场效应，累计超额收益率显著为正，同时兼具一定财务优化与环境效益。本文为风电企业绿色融资决策与绿色债券市场发展提供实践参考。

Abstract: Under the “dual carbon” goals and the support of green finance policies, green bonds have become a core tool for the wind power industry to alleviate financing constraints and promote low-carbon transformation. This paper takes the leading wind power enterprise, Goldwind Science & Technology, as a case study, and uses the methods of literature review, case study, and event study to analyze the core motivations for its issuance of green bonds, the transmission paths, and focuses on testing the market effects. The research finds that the main motivations for Goldwind Science & Technology to issue green bonds are to relieve long-term capital pressure, build a green reputation, and match the new energy development strategy. They function through four paths: broadening financing channels, reducing financing costs, transmitting green signals, and boosting investor confidence. The results of the event study show that the issuance of green bonds brings significant positive short-term market effects, with a significantly positive cumulative abnormal return, and also has certain financial optimization and environmental benefits. This paper provides practical references for the green financing decisions of wind power enterprises and the development of the green bond market.