Climate risk exposure and debt concentration: Evidence from Chinese listed companies

Wuqi Song, Wenshuai Xu, Wenzhou Qu, Xu Gong
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Abstract

We examine the impact of firm‐level climate risk exposure (CRE) on the debt concentration choices of Chinese listed companies over the period 2010–2021. Our findings suggest that CRE prompts firms to choose debt structures with higher concentration, and this relationship holds true for both physical and transition risks. Further analysis reveals that this effect is more pronounced among firms with higher default risk, restricted access to capital, and lower accounting quality. Our findings remain solid to a battery of robustness tests. Collectively, our study sheds light on the economic consequences of through the lens of firms' debt concentration adjustments.
气候风险暴露与债务集中度:来自中国上市公司的证据
我们研究了 2010-2021 年间公司层面的气候风险暴露(CRE)对中国上市公司债务集中度选择的影响。我们的研究结果表明,气候风险会促使企业选择集中度更高的债务结构,这种关系在实际风险和过渡风险中都成立。进一步的分析表明,这种效应在违约风险较高、资本获取受限和会计质量较低的企业中更为明显。通过一系列稳健性测试,我们的研究结果依然可靠。总之,我们的研究从企业债务集中度调整的角度揭示了其经济后果。
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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