Are corporate cash holdings sensitive to neighborhood carbon emissions?
企業の現金保有は地域の炭素排出に敏感か？ (AI 翻訳)
Xinya Wang, Xinzhi Zhang, Shuqing Huang
🤖 gxceed AI 要約
日本語
本研究は、企業周辺の炭素排出量が現金保有に与える影響を実証分析。新たな外生指標を用い、排出量の増加が現金保有を増加させることを発見。メカニズムとしてESGパフォーマンス低下、資金調達制約の増大、予備的支出の強化を特定。非国有企業や非エネルギー産業、環境規制が厳しい地域で顕著。
English
This study empirically examines how neighborhood carbon emissions affect corporate cash holdings. Using a novel exogenous metric, it finds that higher emissions increase cash holdings. Mechanisms include reduced ESG performance, increased financing constraints, and stronger precautionary motives. Effects are pronounced in non-state-owned firms, non-energy industries, and regions with stringent environmental regulations.
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
日本ではSSBJ開示やカーボンプライシング導入が進む中、地域の環境リスクが企業の財務戦略（現金保有）に与える影響を示す本研究成果は、日本の企業が立地特性を考慮したリスク管理を行う上で示唆に富む。
In the global GX context
This paper contributes to global climate finance literature by linking localized carbon emissions to corporate cash policies, relevant for TCFD/ISSB risk assessments and transition finance strategies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how local carbon emissions shape corporate cash holdings, offering a new metric for climate risk measurement.
🏢実務担当者:Highlights the need to incorporate neighborhood emission risks into cash management and ESG strategies.
🏛政策担当者:Suggests that regional environmental policies can influence corporate financial resilience, informing policy design.
📄 Abstract（原文）
Abstract As carbon transition and regulatory risks escalate, understanding the impact of local carbon emissions on corporate financial strategies is essential, particularly in shaping cash holding policies to manage environmental liabilities. This study investigates the impact of neighborhood carbon emissions on corporate cash holdings, introducing a novel exogenous metric that quantifies carbon emission levels within a specific radius around each firm. Our baseline regression results indicate a positive correlation between higher neighborhood carbon emissions and increased corporate cash holdings, and a series of robustness checks confirm the stability of these results across different model specifications. The mechanism analysis suggests that higher neighborhood carbon emissions lead to an increase in cash holdings by reducing corporate ESG performance, increasing financing constraints, and strengthening precautionary expenditures. Moreover, heterogeneity tests reveal that the impact of neighborhood carbon emissions on cash holdings is significant in nonstate-owned enterprises and nonenergy industries, particularly in regions characterized by stringent environmental regulations, higher climate policy uncertainty, and located in the eastern provinces of China. These results underscore the importance of understanding localized environmental risks and their implications for corporate financial strategies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1186/s40854-026-00951-8first seen 2026-08-08 05:05:45
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