Finance银行学 / BankingTop 5%

Climate Risk and Bank Lending: Evidence from Syndicated Loan Markets

Anderson P., Lee S., Thompson R.MIT Sloan School of ManagementJournal of Financial Economics(JFE)2025-11

Abstract

We examine how physical and transition climate risks affect bank lending decisions in the syndicated loan market. Using granular climate exposure data matched with loan-level information, we find that banks charge higher spreads and impose stricter covenants on borrowers with greater climate risk exposure. The pricing of climate risk has increased significantly since the Paris Agreement.

AI SUMMARY

GENERATED

核心观点Key Findings

气候风险暴露较高的借款人面临更高的贷款利差和更严格的契约条款。巴黎协定后，气候风险的定价效应显著增强，物理风险和转型风险均被银行纳入信贷决策。

研究方法Methodology

将精细化的气候暴露数据与银团贷款层面信息匹配，采用多维固定效应模型分析气候风险对贷款条件的影响，并以巴黎协定为时间断点进行事件研究。

主要结论Conclusions

银行体系已开始系统性地将气候风险纳入信贷定价。这一趋势将加速高碳行业的融资成本上升，推动经济绿色转型。

关键词 Keywords

气候风险银行信贷银团贷款巴黎协定绿色金融

论文信息

METADATA

期刊Journal of Financial Economics

期刊缩写JFE

发表日期2025-11

学科金融学 (Finance)

子领域银行学 / Banking

机构MIT Sloan School of Management

排名Top 5%

引用格式

CITATION

Anderson, P., Lee, S., Thompson, R. (2025). Climate Risk and Bank Lending: Evidence from Syndicated Loan Markets. *Journal of Financial Economics*.

Climate Risk and Bank Lending: Evidence from Syndicated Loan Markets

Abstract

论文信息

引用格式

相关研究推荐AI-POWERED