更危险的气候，更紧密的关系？气候风险如何推动企业向银行债务融资

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-09-26 DOI:10.1016/j.jcorpfin.2025.102895

Naser Al-Ayyoub, Hieu V. Phan

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引用次数: 0

摘要

我们研究了企业层面的气候风险如何影响银行贷款和公共债务之间的选择。利用2002年至2021年美国上市公司的大样本，我们发现，与公共债务相比，受气候影响的公司更依赖银行贷款。在《巴黎协定》签署和税收政策调整后，这种影响加剧，税收政策调整简化了债务重新谈判，凸显了银行在灵活性和监督方面的价值。在违约风险较低、治理较强的公司中，这种关系较弱。我们的研究结果强调，债务结构是企业适应气候相关不确定性的重要渠道。

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Riskier climate, closer ties? How climate risk drives firms towards bank debt financing

We examine how firm-level climate risk affects the choice between bank loans and public debt. Using a large sample of U.S. public firms from 2002 to 2021, we find that climate-exposed firms rely more on bank loans relative to public debt. This effect intensifies after the Paris Agreement and a tax policy change that eases debt renegotiation, highlighting banks' value in flexibility and monitoring. The relationship is weaker among firms with lower default risk and stronger governance. Our findings underscore debt structure as an important channel through which firms adapt to climate-related uncertainty.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.