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
Research on the impact of climate risk on corporate cost of debt financing (原題)
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.
📄 抄録（日本語訳）
全球变暖和极端天气频发使气候风险成为影响企业财务绩效的关键因素。本研究探讨气候风险如何与企业债务融资成本相关及其潜在传导渠道。我们以2016年至2024年中国A股上市公司为样本，通过年报文本挖掘构建涵盖物理风险和转型风险的气候风险指数，并采用双向固定效应回归进行基准分析。我们进行中介机制检验以识别传导路径，并开展多项稳健性检验以及工具变量估计和倾向得分匹配（PSM）以应对潜在的内生性问题。基于信息披露质量、企业规模和行业碳特征进行分组分析。结果表明，气候风险与较高的债务融资成本正相关。验证了两条中介路径：气候风险降低企业偿债能力并提高经营波动性，从而推高债务融资成本。这种正相关关系在信息披露质量低的企业、大型企业和低碳行业中更为显著，而高碳企业的响应不显著。本研究为气候相关债务融资成本提供了补充性经验证据。在双碳框架下，为企业与监管机构提供了改善气候风险管理和绿色金融治理的相关建议。
AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。
📄 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://www.frontiersin.org/journals/climate/articles/10.3389/fclim.2026.1763661/pdffirst seen 2026-07-18 07:09:23 · last seen 2026-09-22 05:14:34
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