气候风险的价格：来自现金持有价值的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-29 DOI:10.1016/j.frl.2025.107657

Jiezhen Yuan , Yaqi Wang , Wenqi Han

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引用次数: 0

摘要

通过将卫星数据与中国上市公司年报的文本分析相结合，我们发现气候风险与公司现金持有量之间存在显著的正相关关系。气候风险通过短期市场波动提高了债务融资成本，促使企业建立现金储备。这种效应在面临更激烈的市场竞争的公司、由受过高等教育的高管领导的公司和那些缺乏国际经验的领导的公司中更为明显。此外，较高的气候风险降低了现金持有的市场价值。这些结果加深了对企业如何调整财务政策以应对气候相关挑战的理解，并为企业财务管理提供了见解。

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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Price of climate risk: Evidence from the value of cash holdings

By integrating satellite data with textual analysis of annual reports from listed Chinese firms, we find a significant positive relationship between climate risk and corporate cash holdings. Climate risk raises debt financing costs through short-term market volatility, prompting firms to build cash reserves. This effect is stronger among firms facing greater market competition, firms led by more highly educated executives, and those with less internationally experienced leadership. Additionally, higher climate risk diminishes the market value of cash holdings. These results deepen understanding of how firms adjust financial policies in response to climate-related challenges and offer insights for corporate financial management.

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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