工业革命以来，人类活动产生大量环境污染，温室效应愈演愈烈，人类社会可持续发展的目标变得岌岌可危。随着全球环保意识的觉醒，人们开始反思原先重经济轻环境的发展模式。随着我国双碳战略的稳步推进，作为传统制造业的典型代表，高耗能、高污染的钢铁企业面临着巨大的减碳挑战。另一方面，随着“控产能、减产量、回头看”的钢企政策贯彻落实，钢铁行业总体呈现低迷态势。疫情冲击之下，人们进一步意识到：绿色生产能力将是未来钢铁企业可持续发展的核心竞争力，钢铁企业不得不将绿色转型作为当下的发展重点。伴随着绿色债券的兴起，钢铁企业希望通过借助绿色金融工具实现企业绿色转型。
       本文选取第二家发行绿色债券的钢铁企业——新兴铸管作为案例研究对象，通过了解我国绿色债券、钢铁行业、公司经营现状，再结合相关的理论知识铺垫，探讨新兴铸管缘何发行绿色债券、绿色债券助力其绿色转型的作用路径以及效果。通过案例研究得出如下结论：（1）新兴铸管发行绿色债券离不开国家政策支持以及公司战略布局，欲通过发行绿色债满足企业绿色转型资金需求、降低融资成本、提升企业声誉。（2）新兴铸管绿色债券的发行通过四条路径作用于企业绿色转型，分别是：改善企业债务结构，缓解融资压力；提升企业绿色声誉，提振投资者信心；提升资源利用率，减少废弃物排放；树立企业绿色品牌，增强企业竞争力。（3）新兴铸管发行绿色债券，产生了积极的市场反应，公司发展前景受到了市场投资者的认可；拓宽企业融资渠道、优化企业债务结构、提升企业偿债能力，解决企业绿色转型资金需求问题；绿色债券募投项目运营后可产生良好的经济效益。与此同时，绿色募投项目的建设及企业日常绿色经营理念的践行，带来了良好的环境效益，此外，绿色工厂的建设考虑员工关怀、废弃资源再利用造福了周边的社会群体，产生了良好的社会效益，企业的绿色品牌形象进一步深化，收获了诸多荣誉，推动企业的绿色转型之路越走越远。最后，针对现有的研究成果，分别从政府、企业、社会投资者角度提出建议，以期为钢铁企业借助绿色债券融资工具深化企业绿色转型提供参考。

        Since the Industrial Revolution, human activities have produced a lot of environmental pollution, leading to global warming, and ultimately threatening human survival and development. With theawakening of the global awareness of environmental protection, people began to reflect on the original development model of emphasizing economy over environment. With the steady progress of China's dual carbon strategy, as a leading enterprise in traditional manufacturing industry, steel enterprises with high energy consumption and high pollution are facing huge carbon reduction challenges. On the other hand, with the implementation of the steel enterprise policy of "controlling production capacity, reducing production and looking back", the steel industry is generally in a downturn. Under the impact of the epidemic, people further realized that green production capacity will be the core competitiveness of the sustainable development of steel enterprises in the future, and steel enterprises have to take green transformation as the current development focus. With the development of green bonds, steel enterprises hope to achieve green transformation through green financial instruments.                      This thesis selects Xinxing Ductile Iron Pipes, the second steel enterprise that issues green bonds, as the object of study. Through understanding of the current situation of green bonds, steel enterprises and companies operation status, and combining with relevant theoretical knowledge, this thesis discusses why Xinxing Ductile Iron Pipes issues green bonds and the role path and effect of green bonds to help its green transformation. Through carefully research and analyse, the conclusions are as followed: (1) The issuance of green bonds by Xinxing Ductile Iron Pipes is inseparable from the national policy support and the company's strategic layout. It is intended to meet the company's demand for green transformation funds, reduce financing costs and improve the company's reputation through the issuance of green bonds. (2) The issuance of green bonds of emerging cast iron pipes acts on the green transformation of enterprises through four paths, namely, improving the debt structure of enterprises and easing the financing pressure; Improve the green reputation of enterprises and boost investor confidence; Improve resource utilization and reduce waste discharge; Establish a green brand and enhance the competitiveness of enterprises. (3) The issuance of green bonds by Xinxing Ductile Iron Pipes has broadened the financing channels of enterprises, optimized the debt structure of enterprises, improved the solvency of enterprises, solved the mismatch problem of green transformation funds of enterprises, generated positive market reactions, and the company's development prospects have been recognized by market investors. At the same time, through the
investment of raised funds in green projects and the practice of the enterprise's daily green business philosophy, it has brought good environmental benefits. At the same time, the construction of green factories has warmed the hearts of employees, and the reuse of waste resources has also benefited the surrounding social groups, producing good social benefits. The enterprise's green brand image has been further deepened, and many honorary titles have been gained, Promoting the green transformation of enterprises is going further and further. Finally, at the end of the article, according to the existing research results, corresponding suggestions are put forward from the perspective of government, enterprises and social investors, with a view to providing reference suggestions for iron and steel enterprises to assist enterprises in green transformation with the help of green bond financing tools.

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