Effects of climate change on firm credit risk: evidence from China

被引：0
|
作者：
Lu, Xiaonan [1 ]
Hou, Xiaohui [1 ]
Zeng, Wentao [1 ]
机构：
[1] Sch Econ & Finance, Xian Ning West Rd 28, Xian 710049, Shaanxi, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2024年
关键词：
Climate change; extreme weather; credit risk; listed company; China; ECONOMIC-GROWTH; PERFORMANCE; INVESTMENT; FUTURE; EVENTS;
D O I：
10.1080/16081625.2024.2405498
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Our study examines the impact of extreme weather on corporate credit risk, identifies the impact pathway, and explores the influences of different heterogeneity contexts. We propose a modified version of the climate risk measure, Modified Regional Wise Climate Risk Index for Company (MRW-CRIc), which considers not only the climate risk on financial loss but also company-specific factors. We find that climate risk significantly affects enterprise credit risk and that the impact of extreme weather varies across three industries. This research contributes to regulatory efforts by enhancing the measurement of climate risk and deepening understanding of its implications for market stability.
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页数：25
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