重资产周期企业绿色科创债融资效应与资本结构优化研究

Research on the Financing Effect and Capital Structure Optimization of Green Sci Tech Innovation Bonds for Heavy Asset Cycle Enterprises

摘要: 锂电上游重资产周期企业普遍存在内源融资不足、债务期限错配等资本结构问题。绿色科创债作为兼具绿色与科创双重属性的新型债务工具，为企业优化债务结构提供新路径。本文以华友钴业绿色科创债为案例，运用案例研究与财务指标对比法，基于期限匹配、优序融资、信号传递理论，从财务融资、绿色转型、市场信号三个维度评估其融资效应，重点分析对资本结构的优化效果。研究表明：绿色科创债可降低融资成本、提升长期债务占比，缓解“短贷长投”矛盾，支持绿色项目落地并释放市场积极信号；但该工具本质为债务融资，存在资金用途受限、发行门槛较高等局限，难以根本对冲行业周期风险，本文研究可为同类重资产周期企业运用绿色债务工具、优化资本结构提供实务借鉴。

Abstract: Lithium battery upstream heavy asset cycle enterprises generally have capital structure problems such as insufficient internal financing and mismatched debt maturity. Green science and technology innovation bonds, as a new type of debt tool that combines green and science and technology innovation attributes, provide a new path for enterprises to optimize their debt structure. This article takes Huayou Cobalt’s green science and technology innovation bond as a case study, using case study and financial indicator comparison method, based on the theory of term matching, priority financing, and signal transmission, evaluates its financing effect from three dimensions: financial financing, green transformation, and market signal, and focuses on analyzing the optimization effect on capital structure. Research shows that green science and technology innovation bonds can reduce financing costs, increase the proportion of long-term debt, alleviate the contradiction between “short-term loans and long-term investments”, support the landing of green projects, and release positive market signals; However, the essence of this tool is debt financing, which has limitations such as limited fund use and high issuance thresholds, making it difficult to fundamentally hedge industry cycle risks. This study can provide practical reference for similar heavy asset cycle enterprises to use green debt tools and optimize their capital structure.