低碳转型债券融资动因及制约因素分析——以山东钢铁集团为例
Analysis on the Motivation and Restrictive Factors of Low Carbon Transformation Bond Financing—Taking Shandong Iron and Steel Group as an Example

2020年国家主席习近平同志在联合国大会上首次提出我国“碳达峰”、“碳中和”的目标，两目标对高碳企业提出了迫切的要求。为了帮助碳密集型企业进行低碳转型，2022年我国金融市场推出转型债券，山东钢铁集团率先“试水”。通过对山东钢铁集团的案例进行分析，发现企业利用转型债券融资的内部动因是为满足企业低碳转型的需要、拓宽融资渠道、降低融资成本，而外部动因是国际市场提供了借鉴、为了提高其自身的声誉和为生态文明做出贡献。另外，企业发行转型债券也存有制约因素：一是我国转型债券市场刚刚运行，缺少更多的政策支持；二是转型债券的认定比较模糊；三是在资金使用上多有限制。
In 2020, the President of the People’s Republic of China first proposed the goals of “carbon peak” and “carbon neutral” at the United Nations General Assembly, which put forward urgent requirements for high carbon enterprises. In order to help carbon inten-sive enterprises carry out low-carbon transformation, China’s financial market introduced trans-formation bonds in 2022. And Shandong Iron and Steel Group took the lead in issuing. Through the analysis of the case of Shandong Iron and Steel Group, it is found that the internal motivation for enterprises to use transformation bonds for financing is to meet the needs of low-carbon transfor-mation of enterprises, broaden financing channels and reduce financing costs, while the external motivation is that the international market provides a reference, to improve their own reputation and make contributions to ecological civilization. In addition, there are also constraints for enter-prises to issue transition bonds: First, China’s transition bond market has just run and lacks more policy support; Second, The identification of transition bonds is vague; Third, there are many re-strictions on the use of funds.