Climate risk and trade credit financing: Evidence from China
利用2009-2020年中国A股上市公司数据，通过文本分析构建企业层面气候风险指标，发现气候风险上升会抑制企业商业信用融资水平，运营风险和信息不对称是主要影响渠道，且该效应在无政企关联、环境规制强、城市信任度低的企业中更显著。
Abstract Using A‐share listed firms from 2009 to 2020 as a research sample, this study constructs firm‐level climate risk through textual analysis to examine whether and how corporate climate risk affect trade credit financing. The empirical results show that increased climate risk inhibits the level of trade credit financing of firms. The results are more prominent for those enterprises without government‐enterprise linkages and firms in cities with high levels of environmental regulation intensity and low levels of city trust. Furthermore, mechanism tests suggest that operational risk and information asymmetry are the main channels affecting the above relationships. In addition, we find that the negative impact of climate risk on trade credit financing will weaken firm value. This paper enriches the research on the impact of climate risk on microeconomic agents and provides new perspectives to alleviate corporate financing constraints.