本論文包含三項獨立的跨國研究，分別著重於研究氣候風險和環境政策嚴格性對企業決策的影響。前兩項研究調查了氣候風險對銀行流動性創造和現金持有量現金流敏感度的影響。第三項研究檢視了環境政策嚴格性對企業槓桿率的影響。 在第一篇文章中，我使用1995年至2012年的綜合跨國銀行層級資料來研究氣候風險與銀行流動性創造之間的關係。主要實證結果表明，氣候風險與銀行流動性創造大致呈負相關。更具體地說，氣候敏感性和暴露對流動性創造產生負面影響，而氣候調適則與流動性創造呈正相關。對於規模較大、資本較低的銀行或發展中國家的銀行來說，這些影響更為突出。總體而言，第一篇文章的結果有力地支持了氣候變遷可能對銀行流動性創造產生不利影響的觀點，從而促使政策制定者制定政策來幫助銀行應對氣候變遷。 在第二篇文章中，我研究了1994年至2014年氣候風險如何影響87個國家現金持有的現金流量敏感度。 ，即企業累積現金持有的現金流敏感度。這種現像在存在重大財務限制的情況下更為明顯。本文的實證研究結果表明，目前的氣候風險影響可以促使企業透過額外現金流增加企業現金持有量，作為抵禦外部氣候衝擊的預防手段。 在上一篇文章中，我研究了1994年至2020年39個國家環境政策嚴格對企業槓桿率的影響。此外，企業分別提高長期企業槓桿率和降低短期槓桿率。對於財務拮据的企業、氣候風險嚴重的國家或亞洲的企業來說，這種影響尤其明顯。本文的研究結果也支持這樣的觀點：當企業對這些外部環境政策的影響做出反應時，環境政策可以影響企業的融資決策。 關鍵字：流動性創造、現金流、氣候風險、環境政策嚴格性。 ;This thesis contains three independent cross-country studies focusing on examining the effects of climate risks and environmental policy stringency on corporate decision-making, respectively. The first two studies investigate the effects of climate risks on the bank liquidity creation and the cash flow sensitivity of cash holdings. The third study examines the effects of environmental policy stringency on corporate leverage.
In the first essay, I use a comprehensive cross-country bank-level database from 1995 to 2012 to examine the relationship between climate risk and bank liquidity creation. The main empirical findings illustrate that climate risks have a general negative relationship with bank liquidity creation. To be more specific, climate sensitivity and exposure negatively affect liquidity creation, while climate adaptation is positively related to liquidity creation. These effects are more prominent for banks with larger sizes and lower capital, or banks in developing countries. Overall, the results from the first essay lend significant support to the view that climate change can have detrimental effects on bank liquidity creation, thus prompting policymakers to formulate policies to assist banks with coping with climate change.
In the second essay, I examine how climate risks can influence the cash flow sensitivity of cash holdings across 87 countries from 1994 to 2014. The main empirical results reveal that climate risks induce a positive cash flow sensitivity of cash holdings, that is, firms accumulate cash holdings by saving from additional positive cash flows. Such phenomenon is more apparent in the presence of significant financial constraints. The empirical findings of this essay illustrate the current climate risk impacts can induce firms to increase corporate cash holdings from additional cash flows as a precautionary means against external climate shocks.
In the last essay, I investigate the influence of environmental policy stringency on corporate leverage across 39 countries from 1994 to 2020. The main results illustrate that environmental policy stringency leads to a decline in leverage; additionally, firms increase the use of long-term corporate leverage and decrease short-term leverage, respectively. Such effects are pronounced for firms with financial constraints, in countries with significant climate-risk exposure, or in Asia. The findings from this essay also support that environmental policies can influence corporate financing decisions as firms respond to the impacts of these external environmental policies.
