A Dissertation Submitted to Guangdong University of Technology
for the Degree of Master
（Master of Finance）
Financing mode and effect analysis of carbon neutral bonds
issued by Shenzhen Energy Group
Candidate: Luo Huiyang
Supervisor: Prof. Ming Juan
Prof. Huang Xiaofeng
November 2021
School of Economics and Commerce
Guangdong University of Technology
Guangzhou, Guangdong, P. R. China, 510520

摘要
摘要
我国目前的能源消费仍以煤炭和石油为主，大规模的使用一次能源会带来较为严
重的环境污染问题，现已成为制约我国社会经济进一步发展的重要因素。为此我国政
府提出“碳达峰”和“碳中和”的目标从而优化我国能源结构，实现绿色发展，而碳
中和债券作为其中一项重要的绿色金融工具受到业界的关注。
本文以深圳能源发行的第一只碳中和债券“21深能源 MTN001（碳中和债）”为研
究对象，首先对深圳能源可选择的融资模式进行分析，在对深圳能源可选择的银行信
贷、股权融资以及债权融资三种模式进行介绍和对比分析后，发现通过碳中和债券融
资的模式更加适合深圳能源。其次，由于债权人更加注重企业的兑付能力，因此通过
对其兑付能力进行分析，发现深圳能源的短期偿债能力较好，长期偿债能力逐渐增强。
最后关于深圳能源本次发行碳中和债券的融资效应，本文从碳排放效益、融资成本效
应以及股价效应进行研究。结果发现，深圳能源发行碳中和债券—“21深能源
MTN001（碳中和债）”募集资金所投项目每年可以减少碳排放 259.63万吨，具备明
显的碳减排效益；在融资成本效应方面，通过与深圳能源同期发行的相同发行期限以
及相同规模的债券相比，本次发行的碳中和债券都具有更低的发行利率，能够显著为
企业降低融资成本；而在对短期股价效应的研究中发现，“21深能源 MTN001（碳中
和债）”可以为深圳能源股价带来一定的积极影响，但是这种影响只在事件的临近期
较为显著。
基于对“21深能源 MTN001（碳中和债）”的融资效应分析，本文从企业和政府方
面分别提出相对应的对策建议。从企业方面而言，本文认为企业应该积极把握碳中和
债券的发展机遇，积极探寻发行碳中和债券的方案，同时推动金融产品创新；从政府
方面而言，本文认为要加强政策支持和强化统一管理，以推动碳中和债券市场平稳健
康发展。
关键词：碳中和债券；深圳能源；融资效应
I

广东工业大学硕士专业学位论文
ABSTRACT
China's current energy consumption is still dominated by coal and oil. The large-scale
use of primary energy will bring serious environmental pollution, which has become an
important factor restricting the further development of China's social economy. Therefore,
our government puts forward the goals of "carbon emission" and "carbon peak", so as to
optimize China's energy structure and achieve green development. Carbon neutralization
bond, as one of the main means, has attracted the attention of the industry.
Taking the first carbon neutral bond "21 Shenzhen Energy mtn001 (carbon neutral
bond)" issued by Shenzhen energy as the research object, this thesis first analyzes the
optional financing model of Shenzhen energy, and introduces and compares the three
optional modes of bank credit, equity financing and bond financing of Shenzhen energy, It is
found that the carbon neutral bond financing model is more suitable for Shenzhen energy;
Secondly, after Shenzhen energy has selected the appropriate financing mode, it needs to
analyze its cashing ability, because as a creditor, it pays more attention to the cashing ability
of enterprises to ensure its own interests. The results show that Shenzhen energy has better
short-term solvency and gradually enhanced long-term solvency; Finally, for the financing
effect of the bonds issued by Shenzhen energy, this thesis studies the carbon emission benefit,
financing cost effect and stock price effect. The results show that the carbon neutral bond
issued by Shenzhen Energy - "21 Shenzhen Energy mtn001 (carbon neutral bond)" can
reduce carbon emissions by 2.5963 million tons, with obvious emission reduction effect; In
terms of reducing the financing cost, it is found that the carbon neutral bonds issued this time
have lower issuance interest rate, which can significantly reduce the financing cost for
enterprises, whether compared with the bonds with the same issuance period or the same
scale; In the research on the short-term effect of the market, it is found that "21 Shenzhen
Energy mtn001 (carbon neutral debt)" can bring a certain positive impact on Shenzhen
energy share price, but this impact is only significant in the near period of the event.
In terms of countermeasures and suggestions, in terms of enterprises, this thesis
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