气候灾害对股权资本成本的影响——来自中国的证据

IF 1.9 4区 地球科学 Q3 ENVIRONMENTAL STUDIES Weather Climate and Society Pub Date : 2022-09-20 DOI:10.1175/wcas-d-22-0002.1
Xiaojun Chu, Jing Xu
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引用次数: 1

摘要

气候变化加剧了灾害发生的可能性和强度,给社会经济活动带来不利影响。本文介绍了气候风险对股权资本成本的影响,并揭示了发展中国家气候灾害冲击与股权资本成本之间的影响机制和调节因素。我们首先从理论上解释了以干旱为代表的气候风险如何影响COE。利用2004年至2019年A股上市公司的样本数据,我们发现,由于信息环境的恶化和商业风险的上升,干旱导致了COE的上升。具体来说,对影响机制进行了检验,结果表明:(1)干旱增加了企业的实际盈余管理,(2)干旱对企业的ROA产生了负面影响。也就是说,干旱对COE的影响机制是干旱改变了企业的信息环境和商业活动。进一步分析表明,干旱对异质企业COE的影响是不同的。干旱对低能力管理者的企业、国有企业和政治关联企业的COE有显著影响,但对高能力管理者、非国有企业和非政治关联企业没有显著影响。我们的研究帮助人们从微观企业的角度理解气候变化的后果。
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The Impact of Climate Disaster on The Cost of Equity Capital: Evidence from China
Climate change intensifies the probability and intensity of disaster and brings adverse impact on social and economic activities. This paper presents the impact of climate risk on the cost of equity capital (COE) and sheds light on the influence mechanisms and moderating factors between climate disasters shocks and the COE in the developing country. We first explain how climate risk represented by drought impact on the COE theoretically. Using the sample data of listed in A-share market from 2004 to 2019, we find that drought leads to the rise of the COE due to the deterioration of information environment and the rise of business risk. Specifically, the influence mechanism is tested and the results show that (1) drought increases firms’ real earnings management, (2) and drought has a negative impact on the firms’ ROA. Namely, the influence mechanism of drought on the COE is drought changes the firms’ information environment and business activities. Further analysis shows that the impact of drought on the COE is different in heterogeneous firm. The drought has a significant impact on the COE in firms with low-ability managers, state-owned enterprises, and politically connected firms, but not significant in firms with high-ability managers, non-state-owned enterprises, and non-politically connected firms. Our research helps people understand the consequences of climate change from the micro firm’s perspective.
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来源期刊
Weather Climate and Society
Weather Climate and Society METEOROLOGY & ATMOSPHERIC SCIENCES-
CiteScore
3.40
自引率
13.60%
发文量
95
审稿时长
>12 weeks
期刊介绍: Weather, Climate, and Society (WCAS) publishes research that encompasses economics, policy analysis, political science, history, and institutional, social, and behavioral scholarship relating to weather and climate, including climate change. Contributions must include original social science research, evidence-based analysis, and relevance to the interactions of weather and climate with society.
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