The Impact of Climate Risks on Corporate Debt Financing
利用美国上市公司面板数据，研究发现气候风险会促使企业增加债务融资，但也会通过效率和流动性压力产生约束，小企业受益最多，供应链压力可能降低经济价值。
ABSTRACT As global resource demands and climate pressures grow, companies face the dual challenge of sustainability and environmental responsibility. Using panel data from U.S. publicly listed firms (2014–2022) and a text‐based proxy for climate risks, this study explores the impact of just transition climate risks on corporate debt financing. Results show climate risks increase debt financing, driven by optimized leverage and operational strategies, but also constrain financing through efficiency and liquidity pressures. Smaller firms benefit most, though supply chain stress can reduce economic value. This study provides actionable insights for strengthening resilience and competitiveness in a low‐carbon economy.