Impact of dual control system of energy consumption and intensity on cost of debt financing: micro-evidence from Chinese listed companies
Capital providers have placed increasing importance on risks associated with transitioning to a low-carbon economy. This study investigates the causal link between energy regulation and cost of debt financing by exploiting regional variations in stringency of the dual control system of total energy...
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| Veröffentlicht in: | Environmental science and pollution research international 2023-04, Vol.30 (19), p.56969-56983 |
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| creator | Tang, Siyan Qi, Shaozhou Zhou, Chaobo |
| description | Capital providers have placed increasing importance on risks associated with transitioning to a low-carbon economy. This study investigates the causal link between energy regulation and cost of debt financing by exploiting regional variations in stringency of the dual control system of total energy consumption and energy intensity (dual controls) to construct a continuous difference-in-difference model. We use a sample of A-share listed firms in 2010–2020 and find that tighter energy regulation leads to higher cost of debt financing. We find that the underlying mechanism is risk premium brought by compliance cost and uncertainties. Further analysis indicates that the impact of dual controls is mainly driven by non-state-owned firms. Lastly, capital providers did not differentiate the interest rates they charge companies based on their level of green transition. |
| doi_str_mv | 10.1007/s11356-023-26408-4 |
| format | Article |
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This study investigates the causal link between energy regulation and cost of debt financing by exploiting regional variations in stringency of the dual control system of total energy consumption and energy intensity (dual controls) to construct a continuous difference-in-difference model. We use a sample of A-share listed firms in 2010–2020 and find that tighter energy regulation leads to higher cost of debt financing. We find that the underlying mechanism is risk premium brought by compliance cost and uncertainties. Further analysis indicates that the impact of dual controls is mainly driven by non-state-owned firms. 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| subjects | Aquatic Pollution Atmospheric Protection/Air Quality Control/Air Pollution Capital Financing - economics Carbon China Climate change Commerce - economics Compliance Control systems Cost analysis Cost reduction Debt financing Earth and Environmental Science Ecotoxicology Energy consumption Energy economics Energy regulation Energy utilization Environment Environmental Chemistry Environmental Health Environmental regulations Environmental science Fees and Charges Financing Interest rates Research Article Risk premiums Sustainable Development - economics Waste Water Technology Water Management Water Pollution Control |
| title | Impact of dual control system of energy consumption and intensity on cost of debt financing: micro-evidence from Chinese listed companies |
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