Impact of dual control system of energy consumption and intensity on cost of debt financing: micro-evidence from Chinese listed companies

被引：2

作者：

Tang, Siyan ^{[1
]}

Qi, Shaozhou ^{[2
]}

Zhou, Chaobo ^{[3
]}

机构：

[1] Sun Yat Sen Univ, Int Sch Business Finance, Guangzhou 510275, Peoples R China

[2] Wuhan Univ, Climate Change & Energy Econ Study Ctr, Econ & Management Sch, Wuhan 430072, Peoples R China

[3] Ningbo Univ Finance & Econ, Coll Int Econ & Trade, Ningbo 315175, Peoples R China

来源：

ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH | 2023年 / 30卷 / 19期

关键词：

Dual controls; Cost of debt financing; Green transition; Difference-in-differences; ENVIRONMENTAL-REGULATION; CARBON RISK; COMPETITIVENESS; INNOVATION;

D O I：

10.1007/s11356-023-26408-4

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

Capital providers have placed increasing importance on risks associated with transitioning to a low-carbon economy. This study investigates the causal link between energy regulation and cost of debt financing by exploiting regional variations in stringency of the dual control system of total energy consumption and energy intensity (dual controls) to construct a continuous difference-in-difference model. We use a sample of A-share listed firms in 2010-2020 and find that tighter energy regulation leads to higher cost of debt financing. We find that the underlying mechanism is risk premium brought by compliance cost and uncertainties. Further analysis indicates that the impact of dual controls is mainly driven by non-state-owned firms. Lastly, capital providers did not differentiate the interest rates they charge companies based on their level of green transition.

引用

页码：56969 / 56983

页数：15

共 28 条

[1] Impact of dual control system of energy consumption and intensity on cost of debt financing: micro-evidence from Chinese listed companies
Siyan Tang
Shaozhou Qi
Chaobo Zhou
Environmental Science and Pollution Research, 2023, 30 : 56969 - 56983
[2] Minority Shareholders' Dissent and Cost of Debt Financing: Evidence from Voting on Guarantee Proposals of Listed Companies in China
Jia, Yingdan
Chen, Shiyi
Yang, Haiyan
Zhang, Yuyu
EMERGING MARKETS FINANCE AND TRADE, 2025,
[3] Understanding the investment of renewable energy firms in the face of economic policy uncertainty - Micro-evidence from listed companies in China
Lin, Boqiang
Li, Minyang
CHINA ECONOMIC REVIEW, 2022, 75
[4] Corporate social responsibility, financing constraints, and corporate carbon intensity: new evidence from listed Chinese companies
Chen, Pengyu
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH, 2023, 30 (14) : 40107 - 40115
[5] The effect of local government debt on green innovation: Evidence from Chinese listed companies
Chen, Wen
Zhu, Yufeng
He, Zehui
Yang, Yang
PACIFIC-BASIN FINANCE JOURNAL, 2022, 73
[6] Carbon risk, cost of debt financing and the moderation effect of media attention: Evidence from Chinese companies operating in high-carbon industries
Zhou, Zhifang
Zhang, Tao
Wen, Kang
Zeng, Huixiang
Chen, Xiaohong
BUSINESS STRATEGY AND THE ENVIRONMENT, 2018, 27 (08) : 1131 - 1144
[7] The Impact of Mandatory CSR Disclosure on the Cost of Debt Financing: Evidence from China
Xu, Huifeng
Xu, Xiaodong
Yu, Junli
EMERGING MARKETS FINANCE AND TRADE, 2021, 57 (08) : 2191 - 2205
[8] Impact of air quality on enterprise productivity: Evidence from Chinese listed companies
Liu, Su
Yang, Yuetao
Cai, Ling
FRONTIERS IN ENVIRONMENTAL SCIENCE, 2023, 10
[9] The Effect and Mechanism of ESG Performance on Corporate Debt Financing Costs: Empirical Evidence from Listed Companies in the Heavy-Polluting Industries
Hou, QiaoYu
Zhang, Qiang
POLISH JOURNAL OF ENVIRONMENTAL STUDIES, 2024, 33 (02): : 1753 - 1766
[10] Impact of Environmental Investment on Financial Performance: Evidence from Chinese listed Companies
Jin, Zhenji
Xu, Jian
POLISH JOURNAL OF ENVIRONMENTAL STUDIES, 2020, 29 (03): : 2235 - 2245

← 1 2 3 →