Climate Risk Perception and Corporate Responses Under the Paris Agreement: Evidence From Firms' Cash Holdings
パリ協定下における気候リスク認識と企業対応：企業の現金保有からの証拠 (AI 翻訳)
Yanling Wang, Dongmin Kong, Mingli Xu
🤖 gxceed AI 要約
日本語
本研究は、パリ協定を外生的ショックとして利用し、中国企業の気候リスク認識が現金保有行動に与える影響を因果的に特定する。分析の結果、パリ協定採択後に気候リスク認識が顕著に現金保有を増加させることが明らかになった。低炭素移行リスク認識の影響が気候変動リスク認識よりも強いこと、資金調達制約とグリーンイノベーションがメカニズムとして機能することが確認された。
English
This paper uses the Paris Agreement as an exogenous shock to causally identify the impact of climate risk perception on cash holdings of Chinese firms. It finds that climate risk perception significantly increased cash reserves post-Paris. Low-carbon transition risk perception has a stronger effect than climate change risk perception. Mechanisms include financing constraints and green innovation.
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
中国企業を対象としているが、気候リスク認識が企業の財務行動に因果効果を与えることを示しており、日本のGX政策下での企業の資金管理にも示唆を与える。日本企業でも移行リスク認識が現金保有に影響する可能性がある。
In the global GX context
Provides causal evidence that climate risk perception influences corporate financial decisions, relevant for TCFD/ISSB reporting. Highlights the role of transition risk perception and mechanisms like green innovation, offering insights for firms and policymakers worldwide.
👥 読者別の含意
🔬研究者:This paper advances climate finance theory by establishing a causal link between climate risk perception and cash holdings.
🏢実務担当者:Corporate treasurers can use these findings to understand how climate risk perception may affect optimal cash reserves.
🏛政策担当者:Regulators can see that international climate agreements like the Paris Accord have tangible financial effects on firms.
📄 Abstract（原文）
This paper leverages the Paris Agreement as an exogenous shock and employs a difference‐in‐differences design to causally identify the impact of climate risk perception on the cash holding behaviour of Chinese firms. We find that corporate climate risk perception significantly increased cash reserves following the adoption of the Paris Agreement. Our main findings remain robust after conducting a series of robustness tests. Further analysis reveals that the perception of low‐carbon transition risk has a more significant impact on corporate cash holdings than the perception of climate change risk. We also identify two potential mechanisms through which climate risk perception influences cash holdings: financing constraints and green innovation. In addition, firms' financial resilience moderates the impact of climate risk perception on cash holding decisions. This paper advances existing cash holding theories and climate finance theory and establishes the causal relationship between firms' climate risk perception and their financial decision‐making behaviours.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/acfi.70169first seen 2026-05-15 21:03:20
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