Exogenous Climate Shock and the Financial Accelerator Effect in Loan Financing
Based on the Chinese industrial enterprise database from 2004 to 2013,a unique cli-mate risk indicator was constructed to examine the influencing mechanisms of climate shocks on corporate loan financing.The results show that exogenous climate risk shocks can cause corpo-rate loan financing to be confronted with"financial accelerator"effect,significantly inhibiting corporate loan financing,especially for those enterprises heavily dependent on bank credit.Mech-anism analyses suggest that climate risk suppresses corporate loan financing mainly through the channels of lower industrial output and sales revenues,as well as accelerated collateral deprecia-tion.Heterogeneity analysis further showed that there are ownership and industry-specific heter-ogeneity in the impact of climate risk,while financial deepening can help alleviate its negative consequences.In view of this,policymakers should pay full attention to the"financial accelera-tor"effect,actively help enterprises to enhance their capability in dealing with climate risks and optimize the financial structure to create a more favorable financing environment for enterprises.
万方数据
