气候变化风险、金融发展和债务成本:欧盟国家的证据

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Vu Quang Trinh , Hai Hong Trinh , Teng Li , Xuan Vinh Vo
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引用次数: 0

摘要

我们利用电话会议记录中与气候相关的叙述来衡量公司层面的气候风险暴露,并研究了这种暴露与公司债务融资成本之间的关联。利用 2001 年至 2020 年 21 个欧洲国家的样本,我们发现,面临更大气候变化风险的企业的债务成本更高。如果使用与气候相关的机会和监管风险度量,这种影响甚至更为极端。我们进一步发现了导致债务成本上升的关键经济渠道:金融发展和信贷供应。具体来说,我们的研究结果只适用于金融市场和机构发展较弱的企业,这是用新的广义多维金融发展指数来衡量的。我们还发现了其他一些影响因素。首先,碳强度水平越高,气候变化风险越大的企业必须支付的债务成本就越高。其次,债务人似乎会惩罚环境和社会信息披露程度高的公司,因为这些公司面临更多的气候变化风险。第三,这些发现在资金紧张的企业中更为明显。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Climate change exposure, financial development, and the cost of debt: Evidence from EU countries

Utilising climate-related narratives in conference call transcripts to measure firm-level exposure to climate risks, we examine the association between such exposure and the corporate cost of debt financing. Using a sample of 21 European countries from 2001 to 2020, we find that firms exposed to greater climate change experience higher debt costs. The impact is even more extreme when using climate-related opportunity and regulatory exposure measures. We further find critical economic channels through which the higher debt costs occur: financial development and credit supplies. Specifically, our findings hold only for firms in weakly developed financial markets and institutions as measured by the new broad-based multi-dimensional financial development indices. We also find some other conditioning factors. Firstly, the higher the carbon intensity level, the greater the debt cost a firm with more climate change exposure must pay. Secondly, debtholders appear to punish firms with high environmental and social disclosure that are exposed to more climate change. Thirdly, the findings are more pronounced in financially constrained firms.

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来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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