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ESG lending

delete2025-09-04
delete0
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OA
AI
S
Sehoon Kim
N
Nitish Kumar *
J
Jongsub Lee
J
Junho Oh
DOI：10.1016/j.jfineco.2025.104150delete
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摘要

摘要

En 中文
企业越来越多地通过可持续发展挂钩贷款（SLLs）进行融资，并在合同中将利差与其ESG表现挂钩。SLLs在可持续发展相关合同细节披露的透明度方面存在显著差异，且倾向于发放给ESG表现优异的借款人。尽管高透明度SLL借款人能够维持其ESG表现，但低透明度SLL借款人在贷款发放后表现出ESG表现的显著恶化。高透明度和低透明度借款人双方均需支付高额费用以获得SLLs。结果表明，高透明度借款人使用SLLs是为了“认证”其既有的ESG承诺，而低透明度借款人则通过空有标签的SLLs进行“漂绿”行为。提款情况、重新谈判以及股票市场反应的证据进一步支持了这些解释。
Keyword:
G21, G32, M14
Bank lending
ESG
ESG lending
Greenwashing
Sustainability-linked loans (SLLs)
Sustainable debt
Sustainable finance
AI总结

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期刊

Journal of Financial Economics 封面图
Journal of Financial Economics
IF:
12
论文数:
3.8K
被引数:
5.5W

机构

W
Warrington College of Business
学者数:
6
论文数: 6
被引数: 0
D
Department of Finance
学者数:
71
论文数: 52
被引数: 0
R
Rutgers University
学者数:
1.3K
论文数: 683
被引数: 4.9W
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