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

被引:0
作者
Siyan Tang
Shaozhou Qi
Chaobo Zhou
机构
[1] Sun Yat-Sen University,International School of Business Finance
[2] Economics and Management School of Wuhan University,Climate Change and Energy Economics Study Center
[3] Ningbo University of Finance and Economics,College of International Economics and Trade
来源
Environmental Science and Pollution Research | 2023年 / 30卷
关键词
Dual controls; Cost of debt financing; Green transition; Difference-in-differences;
D O I
暂无
中图分类号
学科分类号
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
收藏
页码:56969 / 56983
页数:14
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