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[转帖] IIGF views | The three major focus promotes the high -quality issuance of green bonds of central enterprises- "Notice on Supporting Central Enterprises to issue Green Bonds"

发表于2024-03-02 07:32:47 | 只看该作者 回帖奖励 |倒序浏览 |阅读模式

    Every special commentator Ren Yujie and Fu Yilei

    Edited by Huang Zongyan

    In order to thoroughly implement the Central Financial Work Conference on the strategic deployment of five large articles such as green finance and further enhance the green low -carbon development capabilities of the capital market,First-line information website the China Securities Regulatory Commission and the State -owned Assets Supervision and Administration Commission of the State Council recently released the "Regarding the issuance of green bonds to the issuance of central enterprises to issue green bondsThe Notice (hereinafter referred to as the "Notice") is another powerful and new rules after the State -owned Assets Supervision Commission's "Administrative Measures for the Issuance of the Central Enterprise Bonds" in early May.The "Notice" aims to help central enterprises green low -carbon transformation and high -quality development by improving the financing support mechanism of green bonds, and give full play to the responsibilities of central enterprises in the process of high -quality development of the national and economy.Coordinated carbon reduction, dirt reduction, greening, and growth.

    1. The distribution of my country's central enterprise industry

    Central enterprises are an important pillar that is related to national security and the lifeblood of the national economy.In a broad sense, central enterprises mainly include three categories. One is the enterprise managed by the State -owned Assets Supervision and Administration Commission of the State Council, providing public products, monopoly products and competitive products, including oil and general industries.Enterprises belong to the financial industry; the third is enterprises managed by other departments or mass groups of the State Council, including tobacco, railway passenger freight.In a narrow sense, a central enterprise refers to a wholly state -owned or state -owned holding enterprise that is subject to the duties of investors by the State Council or commissioned by the State Council or entrusted state -owned assets supervision and management institutions.

    According to statistics from the latest disclosure of the SASAC in November 2023, there are 97 central enterprises in my country.From the perspective of the distribution of central enterprises, central enterprises are widely distributed in 31 national economy level 2 classification industries, and they are involved in key areas of industrial transformation under the goals of energy, manufacturing, construction, and transportation.Among them, there are many distribution companies in power, thermal production and supply, wholesale, and civil engineering construction, accounting for 10.31%, 9.28%, and 8.25%of the number of central enterprises;The energy industry is also involved, accounting for 7.22%of the number of central enterprises. The transformation and upgrading of related industries is also an important measure in improving the toughness of economic structure development under the goal of "double carbon".From the perspective of the capital capital of the state -owned enterprise, the disclosed data shows that 50%of the registered capital of central enterprises exceeds 20 billion yuan, and nearly 15%of the registered capital of central enterprises exceed 100 billion yuan; 50%of the market value of 50%of the central enterprises exceeds 200 billion yuan, and nearly 20%of the market value of state -owned enterprisesOver 500 billion yuan.

    Figure 1 The distribution of main industries in the main industry of central enterprises

     2. The current status of the issuance of green bonds of central enterprises

    According to statistics from the Green Bonds Database of the Green Financial International Institute of Central University of Finance and Economics, as of the end of November 2023, the stock of green bonds in China was about 3.44 trillion yuan.Among them, after the main screening of the debt, 16 of the 97 central enterprises have issued green bonds, with a total of 142 green bond issuance, and the scale of raised funds is 418.097 billion yuan.A central enterprise with green bond issuance experience only accounts for 16.5%of the total sample of the list, and the scale of raised funds raised by central enterprises accounts for 12.15%of the scale of the domestic labeling green bond market. The participation and activity of central enterprises in the green bond market still needs to be improved.

    Figure 2 As of the end of November 2023, the issuance of green bonds of 97 state -owned enterprises

    From the horizontal comparison point of view, from 2016 to 2022, the scale of the issuance of green bonds of central enterprises and the scale of state -owned enterprise issuance showed a fluctuations.The scale of green bonds of central enterprises and state -owned enterprises decreased by 72.66%and 17.08%compared with the end of last year. The number of green bond issuance of central enterprises has shown a decline since 2022, with a compound decrease of 45.16%; although the issuance of ordinary green bonds in the same period,The quantity and scale have also declined, decreased by 18.11%and 0.52%respectively.According to Wind data statistics, the total issuance of various types of bonds in the first three quarters was 5.30 trillion yuan, an increase of 13%year -on -year, and the issuance of credit bonds was 14.5 trillion yuan, an increase of 5%year -on -year.From this point of view, the development of the green bond market this year is slightly weak, and its financing cost advantage has not yet fully appeared. In addition, the third -party evaluation and certification in the context of the "drift green" and the stricter of the management of green raised funds."Single" enthusiastically retreats.As far as central enterprises are concerned, the overall scale and quantity decline are affected by macroeconomic conditions, and the impact of factors such as stable financial needs in the enterprise.Figure 3 The issuance of green bonds of central enterprises and state -owned enterprises in the years

    From the perspective of raising funds, only more than half of the state -owned enterprises have disclosed the investment direction of green bonds. Specifically, the funds raised by the green bonds of the central enterprises are mainly invested in the green upgrade of infrastructure and the clean energy industry.70 %, the same as the main flow of raising funds raised by green bonds nationwide.However, among the green bonds issued by central enterprises, more than 60%of the number of bonds and over 70%of the bond amount have not disclosed its specific direction, and the disclosure of information issuance of green bond issuance has yet to be strengthened.

    Figure 4 Situation of Green Bonds raised funds for green bonds (scale statistics)

    From the perspective of the issuer's industry, according to statistics from the large -scale industry of the CSRC, the central enterprises that issue green bonds are mainly distributed in the power and thermal production and supply industry. The number and scale of green bonds issued by the central enterprises in the industry account for 80.99%and 82.91%of the total samples.Among them, China Changjiang Three Gorges Group Co., Ltd. and State Power Investment Group Co., Ltd. issued a large number of green bonds, 44 and 26 respectively. At the same time, the scale of green bonds was large, reaching 127 billion yuan and 120.218 billion yuan, respectively.Generally speaking, the average issuance period of green bonds of central enterprises is 3.08 years, which is lower than the average issuance period of 3.78 years of ordinary green bonds in the same period; the average ticket interest rate is 2.95%. Due to the high credit qualifications of the enterprise, the government issued green bonds has a cost advantage.The cost of issuance of green bonds at the same time is about 40bps.

    Table 1 The number, scale, term and interest rate level of green bonds of central enterprises under the industry distribution

    Based on the 31 industries of 97 central enterprises at the class 2 classification, the bond issuance of all issuers' enterprises under the classification of the standard industry, and the current debt issuance of green bonds of central enterprises, we can see that the main distribution of central enterprises currently issued green bonds is mainly distributed.In power and thermal production and supply industries, the distribution of green bonds issued by the issuance of green bonds needs to be diversified.Combined with the characteristics of central enterprises in power, thermal production and supply, and civil engineering enterprises, there are many applications of green bonds in electrical machinery and equipment manufacturing, civil engineering industry and other industries.In addition to the construction and operation of renewable energy facilities such as wind power, central enterprises still have room for further expansion in the fields of green bonds to support urban and rural public transportation facilities construction and operations, green buildings and other fields.

     3. "Notice on Supporting the issuance of green bonds issuing green bonds"

    The "Notice on Supporting Central Enterprises The issuance of green bonds" innovation proposes to strengthen the incentives to the issuance of green bonds issuing green bonds, encourage ESG factors into the consideration of credit risk, and play the role of green scientific and technological innovation of central enterprises.The concept of sustainable development of central enterprises and guiding the flow of central enterprises' funds to the "green" and "high -precision" field have a positive role.

    The first is the incentive to the issuance of green bonds issued by the state -owned enterprise.The incentive mechanism is an important support for the development of the green financial market. For example, in the field of green credit, the carbon emission reduction monetary policy tools have played a key role; the incentive mechanism of green bonds has also been exploring.At the beginning of the "Notice", the "Improving Green Bond financing support mechanism" includes optimizing the review arrangements and improving financing efficiency; the highest -grade credit bond discount coefficients with conditions in the general pledge repurchase business.At the same time, it is also mentioned that the green bonds are eliminated in accordance with the proportion of central enterprises' bonds in the proportion of interest -interest liabilities, and green bonds are excluded according to a certain proportion, and in the third -party repurchase business, it is explored to set up a pledge voucher basket for central enterprises and subsidiaries green bonds. These are more.Direct support will have a positive effect on improving the motivation of central enterprise bonds.

    The second is the encouragement of ESG factors incorporated into the consideration of credit risk.The "Notice" pointed out that the encouragement of credit rating institutions will incorporate the issuer's environment, social and governance (ESG) factors into its credit risk considerations in the process of credit rating, and disclose it in the credit rating report.Although this is an encouraging measure, in order to improve the attractiveness of bonds to investors and play the leading role of central enterprises, the disclosure and rating of ESG information issued by the green bond will develop.In 2023, the General Office of the State -owned Assets Supervision and Administration Commission of the State Council issued the "Notice on forwarding the" Research on the Compilation of ESG Special Report ESG Special Report "of central enterprises" to propose relevant guidance specifications for regulating the disclosure of ESG information disclosure of central enterprise holding companies, which also marks China ’s localization ESG ESG ESGThe system construction has taken an important step. Combined with the requirements of ESG information disclosure in this "Notice", in the future, whether it is the ESG capability construction of various central enterprises, including the listed enterprises listed, or the Chinese ESG data market and rating market, will all will be.There will be further development.

    The third is about the field of investment.In addition to the green industries such as energy saving carbon reduction, environmental protection, and resource cycle use, the "Notice" also specifically mentioned the role of the main body of green science and technology innovation in central enterprises, that is, raised funds to invest in scientific and technological innovation projects in the green field to support the key core technology of green low carbonConstruction of breakthroughs and promotion and application.Based on its inclusiveness of various types of risks and deadlines, bonds have made it have outstanding advantages in supporting technological innovation. In recent years, in addition to rapid development of green bond markets, the development of science and technology bond markets is also worthy One month, there were 14 bonds of scientific and technological innovation companies in my country and abroad, with a total scale of about 9.34 billion yuan; 17 issued documents for the issuance of issuance, with a total scale of 13.05 billion yuan.In the future, green bonds and science and technology bond markets will have the opportunity and needs of integration. The exploration of central enterprises in related fields will make more funds start to pay attention to and invest in green technology, and then support the development of green industries.effect.

    Fourth, suggestions for supporting the high -quality development of the green bond market

    On the top -level design side, in order to enhance the adaptability of the management method of central enterprises and the rapid reform of the bond market in my country, the active capital market and the formation of green low -carbon core competition advantages, the system construction still needs to take advantage of both aspects.The first is to increase the policy guidance of green bond financing, which is also an important part of the "Notice".In addition, guide the typical financing model and high -quality green project library of supporting supporting green bonds, and incorporate the incentive constraints of dirt reduction, carbon reduction, and efficiency increases into the issuance of green bonds.It is to strengthen the construction of market transparency and accelerate the implementation of the requirements of the establishment of an information sharing mechanism in the "Notice". At the same time, on the basis of this, the differentiated supervision of the system construction of bond issuance "sub -steps" and "dividing processes" is optimized.Dynamic management and reporting of financing and capital use during the issuance and issuance will help implement the risk prevention of financing of central enterprises and ensure that green investment and financing and corporate financial leverage management goals collaborate.

    In the central enterprise side, there is still much room for the active green bond market.Including promoting key areas such as new energy, clean energy, ecological and environmental protection, etc., at the same time, green bonds are issued by the establishment of green development funds, low -carbon funds, or supporting subsidiaries through external credit increases.Participation and activity in the market.In addition, new labels and new models such as "science and technology innovation", "transformation", "carbon assets" and "green field infrastructure REITs" also have room for further play in the new model, enriching the supply of green bonds and transformation bond products to drive my country's industrial technology strategy upgrade Essence

    On the securities market, the stock exchange and securities institutions should focus on improving the quality and efficiency of green bond financing services.The first is to play the role of "lubricant", play market organizational functions, increase green bond business and products such as green investment consulting, green asset sponsorship and underwriting, and promote the market green investment concept.The second is to play the role of the "big buyer", develop green financial products such as public funds based on the green index, strengthen the cooperation between institutions and broaden the financing models such as "funds+bonds", "insurance+bonds", and reduce the green financing risks and the green financing risks and the bond marketFinancing costs.

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