Carbon emission trading scheme and firm debt financing

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Nan Huang , Rong He , Le Luo , Hongtao Shen
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引用次数: 0

Abstract

This study examines the impact of firms’ participation in an emissions trading scheme (ETS) on their debt financing. Using a unique quasi-natural experimental setting in China, we find that the cost of debt increases and firm access to debt decreases when firms participate in an ETS, which indicates that lenders interpret firms’ participation in an ETS as a potential risk compared to nonparticipation. Further analyses show that the negative effect of participation in an ETS on firm debt financing is more significant for ETS participants that are less able to pass costs on, that operate in regions with less financial marketization, and that are less innovative. For firms that are covered by the national ETS, the restricted access to debt is alleviated for those with experience in a pilot ETS.

碳排放交易计划与企业债务融资
本研究探讨了企业参与排放交易计划(ETS)对其债务融资的影响。利用中国独特的准自然实验环境,我们发现当企业参与排放交易计划时,债务成本会增加,企业获得债务的机会会减少,这表明与不参与排放交易计划相比,贷款人将企业参与排放交易计划视为一种潜在风险。进一步的分析表明,参与排放交易计划对企业债务融资的负面影响对于那些成本转嫁能力较弱、在金融市场化程度较低的地区经营以及创新能力较弱的排放交易计划参与者来说更为显著。对于国家排放交易计划覆盖范围内的企业来说,有试点排放交易计划经验的企业在获得债务方面受到的限制会有所缓解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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