异质性气候政策如何影响银行贷款定价——来自欧美电力企业的证据

How Does Heterogeneous Climate Policy Affect Bank's Loan Pricing:From the Evidence of European and American Power Companies

气候政策是气候变化转型风险的重要来源,而政策对借款企业的影响使风险传导至银行信贷。本文将气候政策划分为命令型、激励型和市场型三个类型,从风险视角探究了异质性气候政策影响银行对电力企业贷款定价的作用机理,并基于欧美五国可再生能源和化石能源电力企业的银团贷款数据进行了实证检验。研究发现,相较于化石能源电力企业,命令型政策使可再生能源电力企业面临更大的政策风险定价,贷款利率被显著推升,但激励型政策会消减这种不利影响并调节其大小;激励型政策使可再生能源电力企业享有相对利率优惠,但对化石能源企业没有显著影响;市场型政策促使银行在贷款定价中“惩罚高碳,奖励低碳”,符合低碳转型趋势。本文从注重气候政策异质性、发挥市场型政策优势、加强银行高碳资产风险管理和信贷低碳转型四个方面提出了政策建议。

Climate policy is an important source of risk in the transition of climate change,and the impact of climate policy on borrowing enterprises transmits the risk to bank credit.Dividing climate policy into command-and-control,incentive and market-based policy,this paper theoretically analyzes the mechanism of the three types of climate policies affecting banks'loan pricing for power companies from the perspective of risk.Based on the unbalanced panel data of syndicated loans for power companies from five European and American countries,we empirically test the impact of heterogeneous climate policies on bank loan pricing.The results indicate that banks tend to price risk on micro-level climate policies.Specifically,the command-and-control policy has an adverse effect on the loan interest rate of renewable power companies,and this impact is suppressed and moderated by incentive policies.Incentive policies promote banks to provide more favorable interest rates for renewable power companies,but do not have a significant impact on the interest rates of fossil fuel power companies.Market-based policies have the most significant impact.Under the influence of carbon emission trading mechanisms,banks demonstrate loan pricing behavior of"punishing high-carbon companies and rewarding low-carbon ones".This paper puts forward policy suggestions from four aspects:paying attention to the heterogeneity of climate policy,giving full play to the advantages of market-oriented policy,strengthening the risk management of banks'high-carbon assets and the orientation of credit low-carbon transformation.