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原文：Ivanov I. T., Kruttli M. S., Watugala S. W., 2024, Banking on carbon: Corporate lending and cap-and-trade policy[J]. The Review of Financial Studies, 37(5): 1640-1684.
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy
ABSTRACT: We evaluate the effect of carbon pricing policy on bank credit to greenhouse gas emitting firms. Exploiting a discontinuity in the embedded free-permit threshold of the US Waxman-Markey cap-and-trade bill, we show that affected high-emission firms face shorter loan maturities, lower access to permanent forms of bank financing, and higher participation of shadow banks in their lending syndicates. These effects are concentrated among private firms, suggesting banks are less concerned about the policy’s impact on public firms. A difference-in-differences analysis around the introduction of the California cap-and-trade program yields consistent findings. Overall, we show that banks react quickly to mitigate their exposure to climate transition risks.
碳排放信贷：公司贷款与碳排放限额交易政策
摘要：文章评估了碳定价政策对银行对温室气体排放企业信贷的影响。作者利用美国Waxman-Markey总量控制与交易法案中嵌入的自由许可门槛的不连续性，表明受影响的高排放企业面临着贷款期限缩短、获得定期贷款等永久性形式的银行融资的机会减少、利率上升、银行参与银团的程度降低、影子银行的参与增加等问题。这些影响主要集中在私营企业，表明银行不太担心政策对上市公司的影响。一项针对加州碳排放限额与交易计划的差异分析得出了一致的结论。总体而言，文章表明银行反应迅速，以减轻其对气候转型风险的敞口。
亮点：（1）文章研究了企业融资对引入旨在向低碳经济转型的两个明确且具有法律约束力的监管框架的反应。（2）文章的数据使文章能够区分上市公司和私营公司，并全面衡量债务合同结构以及双边和银团银行贷款的价格之外的债务合同结构，这对于了解银行如何管理其气候变化立法方面的风险敞口至关重要。
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原文：Choy S., Jiang S., Liao S., Wang E., 2023, Public environmental enforcement and private lender monitoring: Evidence from environmental covenants[J], Journal of Accounting and Economics, 77(2-3): 101621.
Public Environmental Enforcement and Private Lender Monitoring: Evidence from Environmental Covenants
ABSTRACT: This paper examines whether and how public environmental enforcement affects private lenders’ monitoring efforts and the effectiveness of such monitoring. We capture lender monitoring using environmental covenants in loan agreements. Consistent with the prediction that stringent public environmental enforcement increases lenders’ monitoring incentives, we find that in the presence of higher environmental regulatory enforcement intensity, lenders are more likely to use environmental covenants when lending to polluting borrowers and when the loans are secured by real property collateral. Moreover, consistent with the prediction that stringent public environmental enforcement facilitates lender monitoring, we find that environmental covenants are more effective in reducing borrowers’ toxic chemical releases when environmental regulatory enforcement is stronger. Taken together, our findings corroborate the importance of public environmental enforcement in inducing lenders’ monitoring efforts, as well as the joint role of public enforcement and private lender monitoring in curbing corporate pollution.
公共环境执法和私人贷款机构监管：来自环境契约的证据
摘要：本文探讨了公共环境执法是否以及如何影响私人贷款机构的监管工作以及此类监管的有效性。本文利用贷款协议中的环境契约来捕捉贷款人的监管活动。与严格的公共环境执法会增加贷款人的监管激励的预测相一致，本文发现，在环境监管执法强度较高的情况下，贷款人在向借款人放贷时，以及当贷款以不动产作为担保时更有可能在贷款合同中使用环境契约。此外，与严格的公共环境执法有助于贷款人监督的预测相一致，我们发现，当环境监管执法力度加大时，环境契约在减少借款人有毒化学物质排放方面更有效。综上所述，我们的研究结果证实了公共环境执法在引导贷款人监督工作方面的重要性，以及公共执法和私人贷款人监督在遏制企业污染方面的共同作用。
亮点：（1）本文扩展了有关公共执法和私人监督在解决环境问题方面的相互作用的文献。先前的研究侧重于公共和私人环境执法之间通过公民诉讼、非营利组织和行业自律之间的相互作用，本文表明，公共执法也会诱导和促进私人贷款人的监督。（2）本文通过关注私人贷款人在贷款契约中的监督机制，扩展了私人贷款人在可持续金融中作用的新兴文献。与以往研究的不同之处在于，本文关注公共环境执法和私人环境监测之间的相互作用，并强调贷款人环境监测在公共执法力度加大的情况下会更加有效。
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原文：Hrazdil K., Anginer D., Li J., Zhang R., 2024, Climate reputation and bank loan contracting[J]. Journal of Business Ethics, 192: 875–896.
Climate Reputation and Bank Loan Contracting
ABSTRACT: We investigate how negative news coverage of borrower’s impacts on climate change affects bank loan contracting. Using a sample of publicly traded US firms for the period 2000–2016, we show that loans initiated following negative news coverage about firm’s adverse climate-related incidents have significantly higher spreads, shorter maturities, more covenant restrictions, and a higher likelihood of collateral security requirements. We find no changes in client firm’s credit fundamentals after such incidents, indicating that lender’s reputational concerns rather than the longer-term environmental impacts of their borrower’s actions are the primary drivers of these changes. This observation highlights the need for increased scrutiny of banks’ lending practices to ensure that they are genuinely committed to sustainability rather than merely engaging in symbolic actions.
气候声誉与银行贷款合同
摘要：本文研究了借款人对气候变化影响的负面新闻报道如何影响银行贷款合同。使用2000-2016年期间美国上市公司的样本，文章表明，在公司不利气候相关事件的负面新闻报道后启动的贷款具有显着更高的利差，更短的期限，更多的契约限制以及更高的抵押品安全要求的可能性。研究发现，在此类事件发生后，客户公司的信贷基本面没有变化，这表明贷款人对声誉的担忧，而不是借款人行为对长期环境的影响，是这些变化的主要驱动因素。这一观察结果突显出，有必要加强对银行放贷行为的审查，以确保它们真正致力于可持续发展，而不仅仅是采取象征性的行动。
亮点：（1）文章创新性地使用特定不利气候相关事件的时间变化来推断因果关系，并衡量气候相关事件的强度和影响对贷款定价的影响，表明企业不利气候相关事件的外生变化导致贷款息差显著溢价。（2）文章关于不利气候相关事件对贷款合同各种特征的重大影响的研究发现也扩充了关于银行贷款合同条款决定因素的文献，表明贷款协议条款主要受贷款人声誉问题的影响，而不是受借款人环境可持续实践及其对未来现金流的潜在影响的新信息的影响。
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总编：游家兴
解析：刘晗
审校：苏三妹 骆美婷
编辑：潘芳妍
