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炭素リスクとシンジケートローン：ネットワーク分析アプローチ

Carbon Risk and Syndicated Loans: A Network Analysis Approach (原題)

Ferdinando Marrazza, Luisa Krimizis Gonzalez, Giampaolo Gabbi, Pietro Vozzella, Franco Ruzzenenti, Stefano Monferrà

Business Strategy and the Environment📚 査読済 / ジャーナル2026-10-27#気候金融Origin: EU経営インパクト: 資金調達対象セクター: finance
DOI: 10.1002/bse.71724
原典: https://doi.org/10.1002/bse.71724

🤖 gxceed AI 要約

日本語

DealScanの2018年シンジケートローン6,924件から貸し手・借り手の有向加重ネットワークを構築し、3種のファイナンスド・エミッション指標とネットワーク中心性の関連を分析した。より中心的な金融仲介機関ほどファイナンスド・エミッション比率が高く、相関は約60%に達する。2025年ネットワークでも同様の結果が得られ、シンジケートローン市場の安定的な構造的特徴であると示唆される。

English

Using 6,924 DealScan syndicated loans from 2018, the authors build a directed weighted lender-borrower network and correlate three financed-emissions metrics with centrality measures. More central financial intermediaries show significantly higher shares of financed emissions, with correlations around 60%. Replication on the 2025 network confirms this is a stable structural feature of the syndicated loan market, with systemic implications for lenders, borrowers, and regulators.

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

銀行のファイナンスド・エミッション（Scope 3 カテゴリ15）開示がPCAFやSSBJ対応で進む日本では、ネットワーク中心性と移行リスクの関連はメガバンクの投融資先エンゲージメントや産業ポートフォリオ管理に直接示唆を与える。

In the global GX context

Directly relevant to global transition-finance and disclosure debates: it links financed-emissions accounting (PCAF) to systemic risk transmission, informing how regulators and banks assess concentration of transition risk through lending networks under TCFD/ISSB frameworks.

👥 読者別の含意

🔬研究者:ネットワーク中心性とファイナンスド・エミッションの構造的関連を定量化した実証枠組みとして参照価値が高い。

🏢実務担当者:自銀のシンジケート市場でのポジションが移行リスク集中にどう結びつくかをポートフォリオ管理に活用できる。

🏛政策担当者:銀行の移行リスクがネットワーク経由で伝播する可能性を踏まえ、システム上のモニタリング設計に示唆を与える。

📄 Abstract（原文）

ABSTRACT As the transition to a low‐carbon economy accelerates, understanding how climate‐related risks propagate through the financial system has become a central concern for regulators and researchers alike. Transition risk—the risk arising from the shift toward lower‐emission business models—is not directly borne by banks but may indirectly affect financial intermediaries through their lending portfolios. As firms face increasing pressure to comply with climate regulations, their credit risk increases, potentially threatening the stability of the broader financial system. This study examines how carbon emissions are financed by financial institutions in the syndicated loan market and whether a bank's structural position in that market is associated with its exposure to transition risk. Using a sample of 6924 syndicated loans from DealScan for 2018, we constructed a directed weighted network of lenders and borrowers and computed three financed emissions metrics calibrated on equivalent data from Eikon and financial data from Orbis. Network centrality measures—including eigenvector, betweenness, and degree centrality—are then correlated with each metric. The results show that more central financial intermediaries are positively and significantly associated with higher shares of financed emissions across all centrality measures, with correlations of the order of 60%. Replicating the analysis on the 2025 vintage of the network yields consistent results, indicating that this association is a stable structural feature of the syndicated loan market rather than an artifact of a single year. Several robustness checks confirm the main findings. The results are relevant for both lenders and borrowers as well as regulators, given the results' systemic implications.

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