Policy Effects of Green Bond Issuance by the Three Gorges Group: From the Perspective of Financing Constraints

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:This paper provides a detailed case study on the mechanisms through which green bonds affect corporate financial constraints and governance, contributing to green finance literature.

🏢実務担当者:Corporate sustainability and finance teams can use the findings to support green bond issuance as a tool for lower-cost financing and improved environmental reputation.

🏛政策担当者:Regulators can note the policy implications of green bond schemes in promoting low-carbon investments, particularly for large energy firms.

Green bonds have emerged as a pivotal tool in the global transition to sustainable development, bridging the financing gap for low-carbon projects while aligning corporate strategies with environmental goals. This paper takes the Three Gorges Group (TGG)—a leading Chinese energy enterprise—as a single case study to explore the policy effects of its green bond issuance (2019–2021) from the perspective of financing constraints. By integrating case analysis, quantitative data verification, and literature review, this study dissects the multi-dimensional impacts of green bonds on TGG’s information disclosure, internal control, corporate governance, and capital structure, and reveals the mechanism through which green bonds alleviate financing constraints for large energy firms. The findings show that TGG’s green bond issuance not only reduced its financing costs (with coupon rates 2.50%–4.40%, lower than conventional bonds of similar rating) but also enhanced its environmental reputation and governance efficiency. This research enriches the microlevel empirical evidence of green bond policy effects and provides practical references for enterprises to leverage green financial tools to mitigate financing constraints.

• semanticscholar https://doi.org/10.61173/6k348f45first seen 2026-05-06 00:21:44