Extreme climate risks and corporate bond yield spreads: evidence from China

被引：4
|
作者：
Ye, Yanyi [1 ]
Zhu, Jingjing [1 ]
Li, Bin [1 ]
Yang, Xiaoguang [2 ,3 ]
机构：
[1] Beijing Univ Chem Technol, Sch Econ & Management, Beijing, Peoples R China
[2] Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China
[3] Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2024年 / 31卷 / 05期
基金：
中国国家自然科学基金;
关键词：
extreme climate risks; offering yield spreads; corporate bonds; default risk; investor sentiment; EXECUTIVE-COMPENSATION; DEBT EVIDENCE; COST; OWNERSHIP; EVENTS;
D O I：
10.1080/16081625.2023.2257242
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the relationship between extreme climate risks and offering yield spreads using a comprehensive dataset of Chinese corporate bonds issued by publicly listed firms from 2014 to 2020. We find that extreme climate risks are positively associated with firms' offering yield spreads. This effect is more pronounced for bonds with long maturity, firms in climate-sensitive industries, and firms with lower ROE. Two economic channels are identified to explain the effect of climate risks on offering yield spreads: default risk and investor sentiment. Our results remain robust to a series of robustness tests.
引用
收藏
页码：697 / 717
页数：21
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