RESEARCH ARTICLE
Climate risk and trade credit financing: Evidence from China
Jinyu Chen,
Xinyu Guo,
Yuan Geng,
Ran Liu,
Jinyu Chen
School of Business, Central South University, Changsha, China
Institute of Metal Resources Strategy, Central South University, Changsha, China
Search for more papers by this authorXinyu Guo
School of Business, Central South University, Changsha, China
Search for more papers by this authorYuan Geng
School of Business, Central South University, Changsha, China
Search for more papers by this authorCorresponding Author
Ran Liu
School of Business, Central South University, Changsha, China
Correspondence
Ran Liu, School of Business, Central South University, Changsha 410083, China.
Email: [email protected]
Search for more papers by this authorJinyu Chen,
Xinyu Guo,
Yuan Geng,
Ran Liu,
Jinyu Chen
School of Business, Central South University, Changsha, China
Institute of Metal Resources Strategy, Central South University, Changsha, China
Search for more papers by this authorXinyu Guo
School of Business, Central South University, Changsha, China
Search for more papers by this authorYuan Geng
School of Business, Central South University, Changsha, China
Search for more papers by this authorCorresponding Author
Ran Liu
School of Business, Central South University, Changsha, China
Correspondence
Ran Liu, School of Business, Central South University, Changsha 410083, China.
Email: [email protected]
Search for more papers by this authorAbstract
Using A-share listed firms from 2009 to 2020 as a research sample, this study constructs firm-level climate risk through textual analysis to examine whether and how corporate climate risk affect trade credit financing. The empirical results show that increased climate risk inhibits the level of trade credit financing of firms. The results are more prominent for those enterprises without government-enterprise linkages and firms in cities with high levels of environmental regulation intensity and low levels of city trust. Furthermore, mechanism tests suggest that operational risk and information asymmetry are the main channels affecting the above relationships. In addition, we find that the negative impact of climate risk on trade credit financing will weaken firm value. This paper enriches the research on the impact of climate risk on microeconomic agents and provides new perspectives to alleviate corporate financing constraints.
CONFLICT OF INTEREST STATEMENT
The authors declare no conflicts of interest.
Open Research
DATA AVAILABILITY STATEMENT
The data that support the findings of this study are available from the corresponding author upon reasonable request.
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