当气候政策动摇时：企业、债务和投融资期限错配

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-24 DOI:10.1016/j.frl.2025.108026

Chunzhi Tan , Junjie Liu , Junfeng Ma , Bin Liu , Boru Ren

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引用次数: 0

摘要

解决企业投资与融资期限不匹配的问题，对于防范系统性金融风险至关重要。本文利用2007 - 2022年中国a股公司的数据，研究了气候政策不确定性对企业投融资期限错配的影响。研究结果表明，CPU的增加加剧了这种不匹配，促使企业更多地依赖短期借款来为长期投资融资。CPU恶化了融资环境，放大了信息不对称，从而加剧了错配。气候适应能力较弱的公司尤其容易受到影响。我们的研究结果为CPU带来的金融风险提供了重要的见解。

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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When climate policies waver: Firms, debt, and the investment-financing maturity mismatch

Addressing the mismatch between corporate investments and financing maturities is essential for safeguarding against systemic financial risks. In this study, we investigate the impact of climate policy uncertainty (CPU) on corporate investment-financing maturity mismatch using data from Chinese A-share companies from 2007 to 2022. Findings indicate that increased CPU exacerbates the mismatch, prompting firms to rely more on short-term borrowing to finance long-term investments. CPU deteriorates the financing environment and amplifies information asymmetry, thereby intensifying the mismatch. Firms with weaker climate resilience are particularly vulnerable. Our results offer significant insights into the financial risks posed by CPU.

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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