Less is More? Sustainability-Linked Loan Principles and ESG Regulation少即是多?可持续链接贷款准则和ESG管理

时间:2022-12-05         阅读:

光华讲坛——社会名流与企业家论坛第6377

主题:Less is More? Sustainability-Linked Loan Principles and ESG Regulation少即是多?可持续链接贷款准则和ESG管理

主讲人:中山大学 朱效禹助理教授

主持人:会计学院 周长运副教授

时间:12月8日 10:00-11:30

举办地点:腾讯会议,会议ID:276-284-366

主办单位:会计学院 科研处

主讲人简介

朱效禹,中山大学岭南学院助理教授。博士毕业于纽约城市大学巴鲁克商学院,从事公司金融、企业社会责任方向的研究。论文参加的会议包括美国经济学年会(ASSA/AEA Society of Government Economists annual meeting);美国东部金融年会(Eastern Finance Association);夏威夷会计学研究年会(Hawaii Accounting Research Conference);中国金融学年会;亚洲金融管理年会(FMA Asia)。最新论文发表在Review of Accounting Studies。

内容简介

This paper studies the interplay of market-based mechanisms and government regulations in the context of sustainability linked loans (SLLs) and the corresponding sustainability linked loan principles (SLLPs). We compare how both the syndicate loan market and the stock market values SLLs before and after SLLPs’ revisions in the US versus Europe, two jurisdictions that adopt markedly different approaches in regulating corporations’ ESG behavior. We find large disparities in the loan pricing and the stock market responses to SLLs around SLLP revisions between the US and Europe. In the US, before SLLP revisions, SLLs carry higher loan spread and trigger worse stock market reaction than non-SLLs, whereas in Europe no such differences between SLLs and non-SLLs are observed. The findings suggest that market-based mechanisms could serve an important role in regulating ESG assets, especially when the public regulations are slack.

本论文通过可持续链接贷款准则研究了在不同公共管理程度下私有市场机制的作用。我们着重对比了可持续链接贷款准则(SLLP)发布后,美国和欧洲对于可持续链接贷款的市场反应。由于对于绿色资产公共管理的程度不同,在SLLP施行后,美国市场的贷款发售利率变小,股票市场反应更正向。而欧洲在SLLP实施前后贷款利差和股票市场并没有显著变化。本论文的发现表明私有市场机制在公共管理不足的情况下,对绿色证券能起到显著的合规作用。

Baidu
sogou