摘要
随着气候问题愈发严峻,气候政策的重要性也与日俱增,已有文献大多聚焦于物理层面气候风险的经济影响,较少探究气候政策不确定性亦即政策层面风险的潜在效应。债券发行作为企业转型升级的重要资金来源,是否会受到外部气候政策不确定性的影响?为此,文章首先构建了公司层面的气候政策不确定性指标,实证检验了其对企业债券信用利差的影响。结果显示,企业面临的气候政策不确定性每上升一个标准差,其债券信用利差约上升5.20%,经过工具变量回归等一系列稳健性检验后,上述正向效应仍保持显著。机制检验表明,气候政策不确定性同时增加了企业的财务风险与非财务风险,进而影响到债券发行的风险溢价,而异质性分析则表明,上述效应在受冲击幅度较大、风险免疫力较差以及政策纾困力度较小的企业样本中更为显著。经济后果检验则表明,气候政策不确定性不仅会导致债券发行成本的上升,也不利于企业的绿色高质量转型。
As climate issues become increasingly severe,the importance of climate policies has been growing.However,frequent and uncoordinated climate policies can also lead to synthetic fallacies.Existing literature has focused mainly on the economic impact of physical climate risks,while exploring the potential effect of climate policy uncertainty,i.e.,policy-level risks,remains relatively limited.Is corporate bond issuance,a crucial source of funding for corporate transformation and upgrading,affected by external climate policy uncertainty?To address this issue,this paper constructs a micro-level climate policy uncertainty index that takes into account both the dimensions of time shocks and the extent of individual impact,and matches it with data on listed company bond issuance.It empirically investigates the impact of climate policy uncertainty on corporate bond credit spreads,as well as the underlying mechanisms and economic consequences.The results indicate that for each standard deviation increase in climate policy uncertainty faced by a company,its bond credit spreads rise by approximately 5.20%.After conducting a series of robustness tests,including instrumental variable regressions,the aforementioned positive effect remains significant.Mechanism tests demonstrate that climate policy uncertainty increases both financial and non-financial risks for companies,thereby affecting the risk premium of bond issuance.Heterogeneity analysis further reveals that the aforementioned effect is more pronounced in samples of companies with larger impact magnitudes,weaker risk immunization,and smaller policy relief efforts.Economic consequence tests indicate that climate policy uncertainty not only leads to increased issuance costs for bonds,but also hinders companies'green and high-quality transformation.Based on the research findings,this paper offers the following policy recommendations:First,the government should not only introduce climate policies to promote climate governance,but also pay attention to the coordination and con
作者
汪顺
周泽将
Wang Shun;Zhou Zejiang(School of Business,Anhui University,Anhui Hefei 230601,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2023年第6期59-72,87,共15页
Journal of Shanghai University of Finance and Economics
基金
国家社会科学基金青年项目“企业融资约束的碳锁定效应及其解锁策略研究”(22CJY032)。
