The Impact of Climate Risk Information Disclosure on Corporate Financing Costs: Evidence From Textual Analysis of Listed Companies' Annual Reports
気候リスク情報開示が企業の資金調達コストに与える影響：上場企業の年次報告書のテキスト分析からの証拠 (AI 翻訳)
Changchun Tan, Lingyu Mo, Jun Li, Xinyi Wang
🤖 gxceed AI 要約
日本語
中国A株上場企業の年次報告書をテキスト分析し、気候リスク開示の質が高いほど負債資金調達コストが低下することを実証。情報非対称性の低減がメカニズムであり、国有企業や高汚染産業で効果が顕著。移行リスク開示の効果が物理的リスク開示より強い。
English
Using textual analysis of Chinese listed firms' annual reports, this study finds that higher-quality climate risk disclosure significantly lowers corporate debt financing costs. The effect operates through reduced information asymmetry, with stronger effects for state-owned enterprises and heavy-polluting industries. Transition risk disclosures have a stronger cost-reducing effect than physical risk disclosures.
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
日本でもSSBJや有報での気候関連開示が進む中、中国市場の実証結果は開示の質と資金調達コストの関係を示唆。日本の企業や規制当局にとって参考となる。
In the global GX context
This study contributes to the growing literature on the financial effects of climate disclosure, particularly in emerging markets. It provides evidence that disclosure quality can reduce financing costs, supporting the global push for standardized climate risk reporting under ISSB and TCFD.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the financing implications of climate risk disclosure quality, useful for researchers studying disclosure economics and climate finance.
🏢実務担当者:Highlights the potential for better climate disclosure to lower borrowing costs, informing corporate disclosure strategies.
🏛政策担当者:Suggests that mandating high-quality climate risk disclosure can reduce financing costs for firms, supporting regulatory efforts in emerging markets.
📄 Abstract（原文）
This study examines the effect of climate risk information disclosure on corporate debt financing costs in the context of China's low‐carbon transition. Using a panel of Chinese A‐share listed firms from 2013 to 2021, we construct a localized climate risk disclosure index based on Word2Vec and textual analysis of annual reports. The results show that higher‐quality climate risk disclosure significantly lowers firms' debt financing costs. Mechanism analyses indicate that this effect operates through reduced information asymmetry, driven by stronger external supervision and improved internal governance. Further analyses reveal that the effect is more pronounced for state‐owned enterprises, firms in heavy‐polluting industries, and companies led by executives without environmental backgrounds. Moreover, transition risk disclosures exert a stronger cost‐reducing effect than physical risk disclosures. Overall, this study provides micro‐level evidence on the financing implications of climate risk communication and offers policy insights for improving climate disclosure frameworks in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/irfi.70064first seen 2026-05-15 20:59:37
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