Research on the impact of climate risk on corporate cost of debt financing
気候リスクが企業の負債調達コストに与える影響に関する研究 (AI 翻訳)
Huipeng Yang, Yihang Yu, Yuhan Wu, Li He, Minghao Li
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業を対象に、年次報告書のテキストマイニングで気候リスク指数を構築し、気候リスクが負債調達コストに与える影響を実証分析。回帰分析と媒介効果検証により、気候リスクが企業の支払能力低下や経営変動性増大を介して負債コストを引き上げる経路を特定。情報開示品質の低い企業、大企業、低炭素産業で効果が顕著。高炭素企業では有意でない。二酸化炭素排出削減目標（デュアルカーボン）下の企業と規制当局への示唆を提供。
English
This study constructs a climate risk index from annual report text mining of Chinese A-share firms (2016-2024) and examines its impact on the cost of debt financing. Using regression and mediation analysis, it identifies two channels: reduced solvency and increased operational volatility. The positive effect is stronger for firms with low disclosure quality, large firms, and low-carbon industries, while insignificant for high-carbon firms. Offers implications for climate risk management and green finance under China's dual-carbon goals.
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基準の策定が進み、気候リスクの開示と資本コストとの連関が注目されている。中国データではあるが、テキストマイニングによるリスク指標構築と負債調達コストへの影響経路を実証した点は、日本の開示実務や管理会計にも示唆を与える。
In the global GX context
This paper provides novel empirical evidence on how climate risk transmits to corporate financing costs, relevant to global climate disclosure standards (ISSB, TCFD) and transition finance. The finding that low disclosure quality amplifies the cost impact underscores the materiality of climate transparency.
👥 読者別の含意
🔬研究者:Provides rigorous mediation channels and endogeneity-robust evidence linking climate risk to financing costs, valuable for climate finance literature.
🏢実務担当者:Highlights the importance of climate risk disclosure quality for reducing cost of debt; firms should integrate climate risk into financial planning.
🏛政策担当者:Supports regulatory push for mandatory climate disclosure (e.g., ISSB adoption) to mitigate adverse cost effects and enhance market discipline.
📄 Abstract（原文）
Global warming and frequent extreme weather have rendered climate risks a key factor affecting corporate financial performance. This study explores how climate risk correlates with firms’ cost of debt financing and its underlying transmission channels. We take China’s A-share listed firms from 2016 to 2024 as samples, construct a climate risk index covering physical and transition risks via annual report text mining, and adopt two-way fixed-effect regressions for baseline analysis. We perform mediating mechanism tests to identify transmission paths, and conduct multiple robustness checks along with instrumental variable estimation and propensity score matching (PSM) to address potential endogeneity concerns. Subgroup analyses are conducted based on information disclosure quality, firm size and industrial carbon features. Results show climate risk is positively associated with higher cost of debt financing. Two mediating pathways are verified: climate risk reduces corporate solvency and elevates operational volatility, which pushes up the cost of debt financing. The positive correlation is more pronounced for enterprises with low information disclosure quality, large firms, and low-carbon industries, while high-carbon firms show insignificant responses. The findings offer supplementary empirical evidence on climate-related cost of debt financing. Relevant suggestions for firms and regulators are provided to improve climate risk management and green financial governance under the dual-carbon framework.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3389/fclim.2026.1763661first seen 2026-07-18 07:09:23
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