The EU Taxonomy and the Syndicated Loan Market
研究发现，在欧盟分类法正式实施前，收入中来自过渡性活动的比例越高的企业，在银团贷款中支付的利率越低，表明金融市场已提前定价了该法规的预期效果。
Abstract The European Union (EU) Taxonomy on Sustainable Activities is one of the most far-reaching financial market regulations to combat climate change. Using international data from the syndicated loan market, we demonstrate that firms with larger EU Taxonomy-eligible revenue shares paid lower interest rates in the years before the formal introduction of the Taxonomy. Business revenue is Taxonomy-eligible if it originates from “transitional activities” that substantially contribute to climate change mitigation. A one-standard-deviation increase in firm revenue from transitional activities is associated with 5 basis points (bp) lower loan spreads (5% relative to the standard deviation). Effects are more pronounced for firms in countries with greater climate risk exposure and more stringent environmental policies, and when lending institutions have green preferences. The effects of transitional revenue do not simply reflect a borrower’s ESG ratings or broad exposure to climate risks and opportunities. Overall, our results indicate that financial markets already priced in some of the intended effects of the Taxonomy.