gxceed
← 論文一覧に戻る

Climate Risk Awareness and Corporate Debt Financing Costs: Evidence from Chinese A-Share Listed Firms

気候リスク認識と企業の負債調達コスト：中国A株上場企業の証拠 (AI 翻訳)

Chong Ye

Proceedings of the 2nd International Conference on Digital Society, Information Science and Risk Management学会2026-01-23#気候金融Origin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1145/3804504.3804599
原典: https://doi.org/10.1145/3804504.3804599

🤖 gxceed AI 要約

日本語

中国のA株上場企業3,600社超を対象に、気候リスク認識が負債調達コストに与える影響を分析。パネル回帰分析の結果、気候リスク認識の高まりは負債コストを有意に低下させ、その経路はESGスコア向上と公衆注目の増加を通じたものであることが示された。非国有企業や気候リスク認識の低い企業で効果が顕著。

English

Using panel data on over 3,600 Chinese A-share listed firms, this study finds that corporate climate risk awareness significantly reduces debt financing costs. The effect operates through improved ESG scores and increased public attention, and is more pronounced in non-state-owned enterprises and firms with lower initial awareness. Policy recommendations include enhancing climate disclosure systems and ESG evaluation frameworks.

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

本論文は中国の実証結果であるが、日本でもSSBJ開示基準やESG評価が融資条件に与える影響が注目されている。間接的には、日本の気候リスク開示が調達コストに与える影響に関する研究や実務への示唆を含む。

In the global GX context

This empirical evidence from China contributes to the global debate on how climate risk disclosure and ESG performance affect corporate financing costs. Findings support the rationale behind TCFD/ISSB disclosure frameworks and green finance policies, though generalizability to other institutional contexts requires caution.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the mechanism linking climate risk awareness to financing costs via ESG and public attention, useful for further cross-country studies.

🏢実務担当者:Suggests that improving climate risk disclosure and ESG scores can lower debt financing costs, relevant for corporate treasury and IR teams.

🏛政策担当者:Highlights that mandating climate risk disclosure and standardizing ESG ratings can facilitate green finance and reduce financing constraints.

📄 Abstract（原文）

In the context of increasing carbon emissions and prominence of climate risks, exploring the impact of corporate climate risk awareness on debt financing costs is of great theoretical and practical significance for optimizing corporate financing structures and promoting green finance development. This study takes over 3,600 Chinese A-share listed companies as samples and uses a panel regression model to empirically test the effect of corporate climate risk awareness on debt financing costs and its underlying mechanisms. The results show that corporate climate risk awareness has a significant negative impact on debt financing costs, which is mainly achieved through the mediating paths of improving corporate ESG scores and enhancing public attention. Meanwhile, this impact is more pronounced in non-state-owned enterprises and those with low climate risk awareness. Based on the findings, this study puts forward policy suggestions from three aspects: improving the corporate climate risk disclosure system, strengthening the construction of the ESG evaluation system, and implementing differentiated guidance strategies for enterprises with different ownership structures, so as to provide references for regulating climate risk information disclosure, optimizing credit evaluation systems, and alleviating corporate financing constraints.

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。