Climate Policy Uncertainty and Corporate Asset-Debt Maturity Mismatch

CHEN Mo; ZHANG Ji-jian; XU Zhe

Volume 39 Issue 3

May 2024

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2024 > 39(3): 35-51

CHEN Mo, ZHANG Ji-jian, XU Zhe. Climate Policy Uncertainty and Corporate Asset-Debt Maturity Mismatch[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(3): 35-51.

Citation:

CHEN Mo, ZHANG Ji-jian, XU Zhe. Climate Policy Uncertainty and Corporate Asset-Debt Maturity Mismatch[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(3): 35-51.

CHEN Mo, ZHANG Ji-jian, XU Zhe. Climate Policy Uncertainty and Corporate Asset-Debt Maturity Mismatch[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(3): 35-51.

Citation:

CHEN Mo, ZHANG Ji-jian, XU Zhe. Climate Policy Uncertainty and Corporate Asset-Debt Maturity Mismatch[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(3): 35-51.

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Climate Policy Uncertainty and Corporate Asset-Debt Maturity Mismatch

1.
School of Finance and Economics, Jiangsu University, Zhenjiang 212013, China
2.
School of Business, East China University of Science and Technology, Shanghai 200237, China

Received Date: 2024-03-29
Available Online: 2024-06-15
Publish Date: 2024-05-28

Abstract

Abstract

This study introduces an index to quantify climate policy uncertainty at the level of enterprise and analyzes its effects on the corporate asset-debt maturity mismatch among Chinese A-share listed companies from 2007 to 2022. The findings reveal that climate policy uncertainty intensifies the preference for short-term debt. The heterogeneity analysis indicates that this uncertainty undermines the corporate risk-taking abilities, debt management, and access to green finance. Nonetheless, the adverse effects are mitigated in regions with less intense competition and companies with stringent internal controls and transparent climate information disclosure. Besides amplifying the corporate asset-debt maturity mismatch, climate policy uncertainty also stifles high-quality growth and escalates stock price crash risk. This research contributes to understanding the complex interplay between climate policy uncertainty and corporate financial strategies, offering insights for harmonizing climate policies and financial lending policies in emerging markets.
- policy uncertainty,
- climate policy,
- asset-debt maturity mismatch,
- risk-taking capacity,
- green finance environment,
- liability management

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References(58)

References

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