绿色收益：房地产投资信托基金的环境绩效对与可持续性挂钩的贷款利率的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-03 DOI:10.1016/j.frl.2024.106415

Tanja Artiga Gonzalez, Laura Capera Romero, Egle Karmaziene, Xin Yuan

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引用次数: 0

摘要

本文研究了环境绩效与美国房地产投资信托基金（REITs）使用可持续性挂钩贷款（SLLs）之间的关系。我们发现，过去的碳排放量每减少 1%，房地产投资信托公司接受 SLL 的可能性就会增加 29.6%，而过去的排放量每减少 1%，息差就会减少 1.6 个基点。我们的研究结果表明，银行通过 SLL 奖励房地产投资信托公司以往的环保记录，而非 SLL 利差则不受影响。这些发现强调了与可持续发展挂钩的明确金融工具在激励房地产行业去碳化方面的重要性。

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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Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates

This paper examines the relationship between environmental performance and the use of sustainability-linked loans (SLLs) by U.S. real estate investment trusts (REITs). We find that a 1 % reduction in past carbon emissions increases the REITs' likelihood of taking an SLL by 29.6 %, while a 1 % slower growth in past emissions reduces the interest spread by 1.6 basis points. Our results reveal that banks reward REITs' previous environmental record through SLLs, whereas non-SLL interest spreads remain unaffected. These findings underscore the importance of explicit sustainability-linked financial instruments in incentivizing decarbonization efforts within the real estate sector.

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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