气候政策不确定性与企业短债长用

Climate Policy Uncertainty and Corporate Asset⁃Debt Maturity Mismatch

构建企业层面的气候政策不确定性指数,基于中国2007—2022年上市公司数据,实证检验气候政策不确定性对企业短债长用的影响。研究发现,气候政策不确定性通过降低企业风险承担能力、债务管理能力以及外部绿色金融环境质量加剧企业短债长用的程度;异质性检验发现,在市场竞争越温和的地区和内部控制体系越严格、气候信息披露质量越高的企业,气候政策不确定性对企业短债长用的加剧程度有所缓解。此外,气候政策不确定性不仅加剧了企业短债长用,而且不利于企业的高质量成长并增加了股价崩盘风险。本文拓展了气候政策不确定性与企业投融资领域的相关研究,为新兴市场国家统筹协调气候政策与金融借贷政策提供了学理支持。

This study introduces an index to quantify climate policy uncertainty at the level of enterprise and analyzes its effects on the corporate asset⁃debt maturity mismatch among Chinese A⁃share listed companies from 2007 to 2022.The findings reveal that climate policy uncertainty intensifies the preference for short⁃term debt.The heterogeneity analysis indicates that this uncertainty undermines the corporate risk⁃taking abilities,debt management,and access to green finance.Nonetheless,the adverse effects are mitigated in regions with less intense competition and companies with stringent internal controls and transparent climate information disclosure.Besides amplifying the corporate asset⁃debt maturity mismatch,climate policy uncertainty also stifles high⁃quality growth and escalates stock price crash risk.This research contributes to understanding the complex interplay between climate policy uncertainty and corporate financial strategies,offering insights for harmonizing climate policies and financial lending policies in emerging markets.