地区碳排放转型如何影响贷款定价？来自中国的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-10-28 DOI:10.1016/j.frl.2024.106356

Xuanyi Hu, Lanbiao Liu, Daoping Wang

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引用次数: 0

摘要

现有的碳风险研究主要集中在企业层面的转型风险和地区性的物理风险，而地区性转型风险对银行的影响一直被忽视。本研究通过揭示区域碳转型风险在银行贷款中的定价效应，填补了这一空白。利用银团贷款数据，我们发现在《巴黎协定》签署后，高碳排放地区的贷款存在显著溢价。此外，在产品市场化程度较高、合法化程度较低和森林覆盖率较高的地区，地区碳风险溢价相对较低。我们的证据表明，银行已经考虑到了地区碳转型风险。

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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How does regional carbon transition affect loan pricing? Evidence from China

Existing research on carbon risks mainly focuses on firm-level transition risks and regional physical risks, while the impact of regional transition risks on banks has been neglected. This study fills this gap by revealing the pricing effect of regional carbon transition risk in bank lending. Using syndicated loan data, we find a significant premium in loans in high carbon emission areas after the Paris Agreement. Moreover, the regional carbon risk premium is relatively low in areas with higher product marketization, lower legalization, and higher forest coverage levels. Our evidence suggests that banks have considered regional carbon transition risk.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance