气候风险与企业杠杆操纵：来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103078

Wenshuai Xu , Jianfei Peng , Yun-Lang Wu , Yahua Yin

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引用次数: 0

摘要

解决企业杠杆操纵问题，对化解债务隐性风险、维护金融稳定至关重要。我们研究了气候风险对企业杠杆操纵的影响。我们发现，更大的气候风险导致更高的杠杆操纵。这种积极效应在气候风险分散能力有限、气候敏感性高、银行竞争程度低、金融体系不发达地区的企业中更为明显。机制分析表明，气候风险通过强化融资约束和增加去杠杆压力加剧杠杆操纵。此外，我们的研究表明，由气候风险驱动的杠杆操纵的增加可能会提高企业未来的违约风险。我们的研究结果有助于研究气候风险的经济后果，并为减轻企业杠杆操纵和降低系统性金融风险提供政策见解。

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Climate risk and corporate leverage manipulation: Evidence from China

Addressing corporate leverage manipulation is essential for mitigating hidden debt risks and ensuring financial stability. We investigate the impact of climate risk on corporate leverage manipulation. We find that greater climate risk leads to higher leverage manipulation. This positive effect is more pronounced in firms with limited climate risk diversification capacity, high climate sensitivity, and those located in regions with low bank competition and underdeveloped financial systems. Mechanism analyses show that climate risk exacerbates leverage manipulation by intensifying financing constraints and increasing deleveraging pressures. Additionally, our study suggests that the rise in leverage manipulation driven by climate risk may elevate firms' future default risk. Our findings contribute to the literature on the economic consequences of climate risk and provide policy insights to mitigate corporate leverage manipulation and reduce systemic financial risks.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance