4206 
3907随着气候问题愈发严峻，气候政策的重要性也与日俱增，已有文献大多聚焦于物理层面气候风险的经济影响，较少探究气候政策不确定性亦即政策层面风险的潜在效应。债券发行作为企业转型升级的重要资金来源，是否会受到外部气候政策不确定性的影响？为此，文章首先构建了公司层面的气候政策不确定性指标，实证检验了其对企业债券信用利差的影响。结果显示，企业面临的气候政策不确定性每上升一个标准差，其债券信用利差约上升5.20%，经过工具变量回归等一系列稳健性检验后，上述正向效应仍保持显著。机制检验表明，气候政策不确定性同时增加了企业的财务风险与非财务风险，进而影响到债券发行的风险溢价，而异质性分析则表明，上述效应在受冲击幅度较大、风险免疫力较差以及政策纾困力度较小的企业样本中更为显著。经济后果检验则表明，气候政策不确定性不仅会导致债券发行成本的上升，也不利于企业的绿色高质量转型。
气候政策不确定性与企业债券发行——基于债券信用利差的经验证据
摘要
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引用本文
汪顺, 周泽将. 气候政策不确定性与企业债券发行——基于债券信用利差的经验证据[J]. 上海财经大学学报, 2023, 25(6): 59-72.
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