地方政府气候风险关注度对企业债券信用利差的影响研究  

The Impact of Local Government Climate Attention on Corporate Bond Credit Spreads

作　　者：刘澜飚 原晨 Liu Lanbiao;Yuan Chen(School of Finance,Nankai University,Tianjin 300350,China)

机构地区：[1]南开大学金融学院,300350

出　　处：《南开经济研究》2025年第2期61-80,共20页Nankai Economic Studies

基　　金：国家自然科学基金重大项目“间接融资模式下的科技金融体系建设与风险分担机制”(72495155);国家自然科学基金面上项目“外部冲击对中国金融稳定的影响机理:不确定性与公共事件冲击视角”(72073076)的资助。

摘　　要：面对全球气候变化的紧迫挑战,各国政府和监管机构不断出台和调整相关政策,以完善气候政策监管框架,降低温室气体排放量,推动全球可持续发展。由于气候治理问题具有外部性,我国在应对气候变化与绿色发展的进程中,强化了包括地方政府在内的政府责任与作用。各地方政府通过将对气候风险的关注纳入施政目标和相关政策中,意图运用“软法律”形成对企业绿色发展的引导。本文通过对地方政府工作报告进行文本分析,构建出政府气候风险关注度指数,结合2011—2022年沪深A股上市公司债券发行信息,研究了地方政府气候风险关注度对企业债券融资成本的影响。结果表明,地方政府对气候风险关注度的提升,通过增加企业财务约束与环境投资,促使企业债券信用利差增大,然而对于拥有较高ESG得分与数字化转型程度较高的企业,其能够借助自身优势改善企业的债券融资成本。In the face of the urgent global climate change challenge,governments and regulatory bodies around the world have been continuously introducing and adjusting policies to improve climate governance frameworks,reduce greenhouse gas emissions,and promote global sustainable development.Due to the externalities associated with climate governance,China has strengthened the role and responsibility of governments,including local governments,in addressing climate change and green development.Local governments have incorporated climate risk concerns into their policy goals and related strategies,aiming to use"soft law"to guide the green development of enterprises.This study conducts a text analysis of local government work reports and constructs a government climate risk attention index.Using bond issuance data from A-share listed companies between 2011 and 2022,the study explores the impact of local government climate risk attention on corporate bond financing costs.The results show that the increase in local governments’climate risk at-tention leads to higher bond credit spreads by raising corporate financial constraints and environmental investments.Companies with higher ESG scores and more advanced digital transformation are able to reduce their financing costs,thereby promoting their engagement in social responsibility and accelerating digital transformation,which ultimately facilitates the green transition of enterprises.

关 键 词：气候风险 政府气候风险关注 风险溢价 债券信用利差 

分 类 号：F83[经济管理—金融学]