气候风险冲击与信贷融资收缩的“加速器”效应
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引用本文:李泽广,黄远标.气候风险冲击与信贷融资收缩的“加速器”效应[J].财经理论与实践,2024,(3):2-10
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作者单位
李泽广,黄远标 (南开大学 金融学院天津 300350) 
中文摘要:基于2004—2013年中国工业企业数据库的数据,构建独特气候风险指标,考察气候风险冲击对企业信贷融资的影响。结果显示:外生气候风险冲击会触发“金融加速器”效应,显著抑制企业信贷融资,尤其对高度依赖银行信贷的企业而言,这种抑制作用更为突出。机制分析显示,气候风险主要通过降低工业产出与销售收入、加速抵押品折旧渠道抑制企业信贷融资。异质性分析显示,气候风险的影响存在所有权和行业异质性,而金融深化有助于缓释气候风险的负面冲击。鉴于此,决策部门应充分关注气候风险对企业经营的“金融加速器”效应,积极推动企业提升应对气候风险的能力,优化金融结构,为企业营造更有利的融资环境。
中文关键词:气候风险  信贷可得性  银行信贷  工业企业
 
Exogenous Climate Shock and the Financial Accelerator Effect in Loan Financing
Abstract:Based on the Chinese industrial enterprise database from 2004 to 2013, a unique climate risk indicator was constructed to examine the influencing mechanisms of climate shocks on corporate loan financing. The results show that exogenous climate risk shocks can cause corporate loan financing to be confronted with “financial accelerator” effect, significantly inhibiting corporate loan financing, especially for those enterprises heavily dependent on bank credit. Mechanism analyses suggest that climate risk suppresses corporate loan financing mainly through the channels of lower industrial output and sales revenues, as well as accelerated collateral depreciation. Heterogeneity analysis further showed that there are ownership and industry-specific heterogeneity in the impact of climate risk, while financial deepening can help alleviate its negative consequences. In view of this, policymakers should pay full attention to the “financial accelerator” effect, actively help enterprises to enhance their capability in dealing with climate risks and optimize the financial structure to create a more favorable financing environment for enterprises.
keywords:climate risk  credit availability  bank credit  industrial enterprise
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