计算碳负担：来自中国市政债券的证据

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-07-03 DOI:10.1016/j.eneco.2025.108690

Yi Li , Yang Li , Zhaohua Wang

{"title":"计算碳负担：来自中国市政债券的证据","authors":"Yi Li , Yang Li , Zhaohua Wang","doi":"10.1016/j.eneco.2025.108690","DOIUrl":null,"url":null,"abstract":"<div><div>This paper examines how carbon emissions affect municipal corporate bond (MCB) pricing in China. Using data from 2008–2022, we find that higher emissions lead to wider credit spreads. To address endogeneity, we use a difference-in-differences strategy and an instrumental variable approach, both confirming the results. Mechanism analysis shows that carbon emissions widen credit spreads by weakening implicit guarantees, reducing repayment capacity, and lowering investor demand. The effect is stronger in developed cities, those with limited refinancing capacity, lower marketization, lower fiscal transparency, and after 2020. These findings highlight the financial implications of environmental risk in municipal bond markets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108690"},"PeriodicalIF":13.6000,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Counting the carbon burden: Evidence from municipal bonds in China\",\"authors\":\"Yi Li , Yang Li , Zhaohua Wang\",\"doi\":\"10.1016/j.eneco.2025.108690\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper examines how carbon emissions affect municipal corporate bond (MCB) pricing in China. Using data from 2008–2022, we find that higher emissions lead to wider credit spreads. To address endogeneity, we use a difference-in-differences strategy and an instrumental variable approach, both confirming the results. Mechanism analysis shows that carbon emissions widen credit spreads by weakening implicit guarantees, reducing repayment capacity, and lowering investor demand. The effect is stronger in developed cities, those with limited refinancing capacity, lower marketization, lower fiscal transparency, and after 2020. These findings highlight the financial implications of environmental risk in municipal bond markets.</div></div>\",\"PeriodicalId\":11665,\"journal\":{\"name\":\"Energy Economics\",\"volume\":\"148 \",\"pages\":\"Article 108690\"},\"PeriodicalIF\":13.6000,\"publicationDate\":\"2025-07-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Energy Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0140988325005171\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0140988325005171","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文研究了碳排放对中国市政公司债券定价的影响。使用2008-2022年的数据，我们发现更高的排放量导致更大的信贷利差。为了解决内生性问题，我们使用了差异中的差异策略和工具变量方法，两者都证实了结果。机制分析表明，碳排放通过削弱隐性担保、降低偿还能力和降低投资者需求来扩大信贷利差。在发达城市、再融资能力有限、市场化程度较低、财政透明度较低的城市和2020年以后，这种效应更强。这些发现突出了环境风险对市政债券市场的金融影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Counting the carbon burden: Evidence from municipal bonds in China

This paper examines how carbon emissions affect municipal corporate bond (MCB) pricing in China. Using data from 2008–2022, we find that higher emissions lead to wider credit spreads. To address endogeneity, we use a difference-in-differences strategy and an instrumental variable approach, both confirming the results. Mechanism analysis shows that carbon emissions widen credit spreads by weakening implicit guarantees, reducing repayment capacity, and lowering investor demand. The effect is stronger in developed cities, those with limited refinancing capacity, lower marketization, lower fiscal transparency, and after 2020. These findings highlight the financial implications of environmental risk in municipal bond markets.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.