Corporate climate risk exposure and capital structure: Evidence from Chinese listed companies

被引：14
|
作者：
Li, Yunhe [2 ,3 ]
Zhang, Zhaolong [1 ]
机构：
[1] East China Normal Univ, Sch Econ, Shanghai, Peoples R China
[2] East China Normal Univ, Sch Stat, Shanghai, Peoples R China
[3] East China Normal Univ, 3663,North Zhongshan Rd,Room 326,A suite,Sci Bldg, Shanghai 200062, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 51卷
关键词：
Corporate climate risk exposure; Capital structure; Equity issuance; Credit rating; China; SHOCKS; COST;
D O I：
10.1016/j.frl.2022.103488
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates how corporate climate risk exposure (CCRE) affects corporate capital structure. We find that CCRE significantly reduces corporate financial leverage, and the result still holds after robustness tests. We further find that the negative impact of CCRE on corporate financial leverage is partly driven by both the corporate capital demand and debt supply effects. We also find that this relationship is more significant for companies with higher physical risk and transition risk. These results suggest that corporate capital structure decisions-change in response to CCRE.
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收藏
页数：9
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