Does Climate Information Disclosure Affect Climate Risk Pricing in Bond Issuances?
気候情報開示は債券発行における気候リスクの価格形成に影響するか (AI 翻訳)
Duan Liu, Ziyu Sang, Hong Wan, Bing Wang
🤖 gxceed AI 要約
日本語
中国上場企業の社債データ（2015-2021年）を分析し、気候情報開示が投資家のリスク認知を高め、債券の信用スプレッドに気候リスクプレミアムを追加することを発見。開示は単なる情報提供ではなく、下方リスクを顕在化させる「リスク視点」を支持する結果。高評価の引受会社は悪影響を緩和する一方、メディア情報不足は増幅する。
English
Using a sample of Chinese listed firms' corporate bonds from 2015-2021, this study finds that climate information disclosure heightens investors' risk perceptions, amplifying the impact of climate risk on bond credit spreads and increasing the climate risk premium. It supports the 'risk perspective' that disclosure makes downside risk more salient, rather than neutrally providing information. High-reputation underwriters mitigate this adverse effect, while limited media coverage exacerbates it.
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が気候関連開示基準を策定中であり、開示が投資家のリスク評価にどう影響するかは実務上の重要課題。本結果は、開示が単なる透明性向上ではなく、資本コストに影響し得ることを示唆し、開示戦略の策定に示唆を与える。
In the global GX context
This paper provides empirical evidence on how climate disclosure (aligned with TCFD/ISSB) affects bond pricing, supporting the 'risk perspective' that disclosure increases risk premiums. Globally, it informs the debate on disclosure effectiveness and capital market consequences, relevant for regulators and firms implementing climate disclosure mandates.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the causal effect of climate disclosure on bond pricing, supporting theoretical predictions about risk salience.
🏢実務担当者:Corporate treasury and IR teams should consider that climate disclosure may increase bond yields, especially when underwriter reputation is low or media coverage is scarce.
🏛政策担当者:Regulators should be aware that mandatory climate disclosure could raise borrowing costs for firms, and may need to balance transparency with market stability.
📄 Abstract（原文）
As global climate risk intensifies, capital markets, particularly bond markets, increasingly account for climate risk in asset pricing. Climate information disclosure, a key element of corporate environmental strategies and governance, plays a pivotal role in pricing climate risk in bonds. This study uses a sample of Chinese‐listed firms that issued corporate bonds from 2015 to 2021 to explore the role of climate information disclosure in bond pricing. The findings reveal that such disclosure heightens investors’ risk perceptions, amplifies the impact of climate risk on bond credit spreads, and increases the climate risk premium during bond issuance. It supports the “risk perspective”, suggesting that, as a form of risk information, climate information disclosure makes downside risk more salient to bond investors, rather than simply providing more information in a neutral manner. Further analysis indicates that high‐reputation underwriters mitigate this adverse effect by enhancing credibility, while limited media information availability exacerbates it. Additionally, refinancing risk and elevated climate risk levels intensify the adverse impact of climate information disclosure on bond pricing. These results offer policy implications for regulators to guide enterprises in developing robust climate and environmental strategies and governance frameworks for capital market risk management.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/auar.70028first seen 2026-07-13 07:25:18
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