Climate change exposure and green bonds issuance
研究发现，面临气候变化风险的企业更可能发行绿色债券，主要动机是对冲物理和监管风险，而非抓住气候相关机遇；此类债券募资额更低、票息更高、期限更长，能提升ESG评分但未降低碳排放。
• Firms exposed to climate change are more likely to issue green bonds. • The main motive behind is to hedge against physical and regulatory risks rather than to capitalize on new climate-related opportunities. • Green bonds issued by climate-exposed firms have lower proceeds, higher coupon rates and larger maturities. • The issuance of such bonds is associated with higher ESG scores but not with lower carbon emissions. In this study, we examine the relationship between firm-level climate change exposure and green bond issuance. We find that firms exposed to climate change are more likely to issue green bonds. This relationship is primarily motivated by the firms’ desire to hedge against physical and regulatory risks rather than to capitalize on new climate-related opportunities. Green bonds issued by climate-exposed firms have lower proceeds, higher coupon rates and larger maturities. The issuance of such bonds is associated with higher ESG scores but not with lower carbon emissions. Our findings survive a battery of robustness tests including endogeneity checks, and are important to issuers, asset managers and bond market regulators.