炭素排出と銀行貸出チャネル
Carbon Emissions and the Bank-Lending Channel (原題)
Marcin Kacperczyk, José‐Luis Peydró
🤖 gxceed AI 要約
日本語
本論文は、企業の炭素排出量が銀行融資と実体経済に与える影響を、シンジケートローンを用いた世界規模のデータで分析。銀行の気候コミットメントを貸出関係へのショックとして利用し、排出量の多い企業がコミットした銀行から融資を受けにくくなることを示す。融資量・価格・企業内時間変動のデータから供給側のシフトが確認され、借り手リスクでは説明できない。影響を受けた企業は負債・レバレッジ・規模・投資を減らすが、将来排出量は減らず、グリーンウォッシングの証拠を示す。
English
This paper studies how firm-level carbon emissions affect bank lending and real outcomes using global syndicated loan data. Exploiting bank climate commitments as shocks to lending relationships, it finds that high-emission firms borrowing from committed banks receive less credit, indicating a supply-side shift not explained by borrower risk. Affected firms reduce debt, leverage, size, and investment, yet show no reduction in future emissions, consistent with greenwashing.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の銀行や企業にとって、気候コミットメントが融資条件に与える影響は重要。SSBJ開示やトランジション・ファイナンスの実務に示唆を与え、グリーンウォッシング防止策の検討に有用。
In the global GX context
This paper provides causal evidence on how bank climate commitments reshape credit allocation, relevant to global transition finance and climate risk management. It highlights greenwashing risks, informing ISSB/CSRD disclosure and regulatory oversight of climate-related financial claims.
👥 読者別の含意
🔬研究者:Provides causal evidence on the bank-lending channel of climate commitments and greenwashing, valuable for climate finance research.
🏢実務担当者:Highlights how bank climate commitments can restrict credit for high-emission firms, informing corporate climate strategy and financing relationships.
🏛政策担当者:Demonstrates real effects of climate commitments on credit supply and greenwashing, supporting policies for credible transition finance and disclosure.
📄 Abstract（原文）
Abstract We study how firm-level carbon emissions affect bank lending and real outcomes in a sample of global firms with syndicated loans. We exploit bank-level climate commitments as firm-level shocks to lending relationships, using firms' prior credit exposures to identify credit supply effects. Firms with higher emissions that previously borrowed from committed banks receive less bank credit. Evidence from lending volumes, prices, and within-firm-time loan-level data indicates a supply-side shift away from high-emission firms, not explained by borrower risk. Affected firms reduce debt, leverage, size, and investment, yet we find no reduction in future emissions, instead documenting evidence consistent with greenwashing. (JEL G21, G23, G30, D62, Q50)
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1093/rfs/hhag078first seen 2026-08-23 04:49:34
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