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原文：Wang, L. L. Transmission effects of ESG disclosure regulations through bank lending networks[J]. Journal of Accounting Research, 2023,61(3), 935-978.
Transmission Effects of ESG Disclosure Regulations through Bank Lending Networks
ABSTRACT: This paper studies whether and how environmental, social, and governance (ESG) disclosure regulations imposed on banks generate transmission effects along the lending channel. I use a setting of U.S. firms borrowing from nonU.S. banks and exploit the staggered adoption of ESG disclosure regulations in banks’ home countries. I find that exposed borrowers of affected banks improve their environmental and social (E&S) performance following the disclosure mandate. Consistent with banks enhancing both their engagement and selection activities, affected banks impose more environmental action covenants in loan contracts, and they are more likely to terminate a borrower with bad E&S records following the regulation. Further evidence shows that the transmission effects are stronger when a disclosure regulation is wellenforced (as indicated by a greater increase in banks’ disclosure) and among borrowers with greater switching costs. Collectively, the findings document the role of lending relationships in transmitting the real effect of ESG disclosure regulations from banks to borrowing firms.
ESG披露监管通过银行借贷网络的传导效应
摘要：本文研究对银行施加的环境、社会和治理( ESG )披露管制是否以及如何沿着贷款渠道产生传导效应。本文使用了一个从非美国银行借款的美国公司，并且银行母国交错出台ESG披露法规的设定。本文发现，受影响银行的借款人在披露法规出台之后提高了他们的环境和社会( E & S )绩效。与银行加强其参与和选择活动一致，受影响的银行在贷款合同中强加了更多的环境行动条款，并且他们更有可能按照监管规定终止具有不良E & S记录的借款人。进一步的证据表明，当披露监管得到很好的执行时，以及借款人具有更大转换成本时的传导效应更强。总体而言，研究结果证实了借贷关系在将ESG信息披露监管的真实效果从银行传递到借款企业中的作用。
亮点：（1）本文的研究表明施加在银行上的监管，会通过银企借贷网络从银行传递到企业; (2)本文使用了一个从非美国银行借款的美国企业的设定，通过检验在非美国地区出台的政策对美国公司的影响，来排除在同一地区对银行的政策同时会对企业产生影响而对本文结果产生的干扰；(3)本文也进一步指出了银行通过参与到对企业的监督活动以及事后筛选来改善企业的ESG表现。
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原文：Houston, J. F., & Shan, H. Corporate ESG profiles and banking relationships. The Review of Financial Studies [J], 2022,35(7), 3373-3417.
Corporate ESG Profiles and Banking Relationships
ABSTRACT: We show that banking relationships promote corporate environmental, social, and governance (ESG) policies. Specifically, banks are more likely to grant loans to borrowers with ESG profiles similar to their own and positively influence the borrower’s subsequent ESG performance. Their influence is more pronounced when (1) banks have significantly better ESG ratings than borrowers and (2) borrowers are bank dependent. We exploit M&A among lenders as a source of quasi-exogenous variation in the lender’s ESG standard to alleviate endogeneity concerns. Overall, our study presents the first evidence on the interplay between responsible bank lending and borrowers’ ESG behavior.
企业ESG概况与银行关系
摘要：本文表明，银行关系促进企业环境、社会和治理( ESG )政策。具体而言，银行更有可能将贷款发放给与自身ESG特征相似的借款人，并正向影响借款人后续的ESG表现。当( 1 )银行的ESG评级显著优于借款人和( 2 )借款人具有银行依赖性时，其影响更加明显。本文利用贷款人之间的M & A作为贷款人ESG标准中准外生变化的来源，以缓解内生性问题。总体而言，本文的研究提供了关于负责任的银行贷款和借款人ESG行为之间相互作用的第一个证据。
亮点：（1）本文研究银行与企业在建立借贷关系时以及建立借贷关系后银行对企业ESG的筛选以及影响的作用；(2)本文利用银行的并购事件作为外生冲击来缓解本文的内生性问题；(3)作者还指出银行对企业ESG的影响具有非对称性的特点，具体来讲，只有银行的ESG表现优于企业时，其才能对企业ESG产生影响。
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原文：Flammer, C. Corporate green bonds [J]. Journal of financial economics, 2021, 142(2), 499-516.
Corporate Green Bonds
ABSTRACT: examine corporate green bonds, whose proceeds finance climate-friendly projects. These bonds have become more prevalent over time, especially in industries where the environment is financially material to firm operations. I show that investors respond positively to the issuance announcement, a response that is stronger for first-time issuers and bonds certified by third parties. The issuers improve their environmental performance post-issuance (i.e., higher environmental ratings and lower CO2 emissions) and experience an increase in ownership by long-term and green investors. Overall, the findings are consistent with a signaling argument—by issuing green bonds, companies credibly signal their commitment toward the environment.
公司绿色债券
摘要：本文研究了企业绿色债券，其收益为气候友好型项目融资。随着时间的推移，这些债券变得更加普遍，特别是在环境对企业运营具有财务重要性的行业。本文研究表明，投资者对发行公告的反应是积极的，对首次发行人和经第三方认证的债券的反应更加强烈。发行人在发行(即较高的环境评级和较低的CO2排放量)后提高了其环境绩效，并经历了长期和绿色投资者的所有权增加。总体而言，这些发现与一个信号论点是一致的- -通过发行绿色债券，公司可信地表明了他们对环境的承诺。
亮点：（1）本文采用事件研究法研究绿色债券发行后对企业产生的影响，发现企业发行第一支绿色债券时产生的影响最显著，与信号传递理论一致；(2) 本文通过匹配的方法，研究绿色债券的融资成本与普通债权的差别，研究发现，绿色债券的融资成本与普通债券并无差别。
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总编：游家兴
解析：李姝蕾
审校：朱书谊 李文卓
编辑：潘芳妍
