空气污染如何影响企业信用利差：一份预先登记的报告

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-07-04 DOI:10.1016/j.pacfin.2025.102868

Yunbiao Ma , Jingcong Shao , Beibei Shi

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引用次数: 0

摘要

本研究旨在探讨空气污染这一环境因素对公司债券信用利差的影响。本研究将探讨三个问题：(1)空气污染对公司债风险溢价是否存在因果关系？(2)驱动这种关系的潜在机制是什么？(3)企业层面异质性如何调节环境风险敏感性？为了探讨这些问题，我们收集了2014年至2022年在中国交易所市场交易的公司债券进行实证分析。这些发现强调了环境因素（如空气污染）在塑造企业财务风险和投资决策方面的重要性。

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How air pollution influences corporate credit spreads: A pre-registered report

This pre-registered study aims to explore the impact of air pollution, an environmental factor, on corporate bond credit spreads. We are going to investigate three questions in this study: (1) whether air pollution exhibits a causal effect on corporate bond risk premiums? (2) what are the underlying mechanisms driving this relationship? (3) how firm-level heterogeneity modulates environmental risk sensitivity? To explore these questions, we collect corporate bonds that have traded in China's exchange markets from 2014 to 2022 to conduct an empirical analysis. These findings underscore the importance of environmental considerations, such as air pollution, in shaping corporate financial risks and investment decisions.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.