【摘要】 随着我国经济转型进程的不断深入，企业搁浅资产增加导致银行面临的气候转型风险不断增大，并可能通过银行流动性导致不良贷款率攀升。基于中国上市公司数据，构建搁浅资产组合，测度银行气候转型风险，从流动性角度实证考察气候转型风险对银行不良贷款率的影响。研究表明：（1）气候转型风险会造成银行资产流动性和负债流动性下降，削减特定行业信贷，进而提高不良贷款率。（2）气候转型风险对不良贷款率的影响会随着经济政策不确定性的增加而增加，随着银行ESG表现的提升而缓解。（3）气候转型风险对不良贷款率的冲击对于地处华北、中南和西部地区的银行更为明显，资本充足率越高和资产规模越大的银行对冲击的缓释能力越强。更多还原

【Abstract】 With the deepening of China’s economic transition,the increase in stranded assets of enterprises has led to a continuous rise in climate transition risks faced by banks,which may cause an increase in nonperforming loan(NPL)ratios through bank liquidity.Based on the data from Chinese listed companies,a stranded asset portfolio is constructed to measure the climate transition risks of banks,and the impact of climate transition risks on the NPL ratio of banks is empirically examined from the perspective of liquidity.The research shows that:(1)Climate transition risks will cause a decline in the asset liquidity and liability liquidity of banks,as well as a reduction in credit to specific industries,thereby increasing the NPL ratio.(2)The impact of climate transition risks on the NPL ratio will increase with greater economic policy uncertainty,but can be mitigated with the improvement of banks’ESG performance.(3)The impact of climate transition risks on the NPL ratio is more pronounced for banks located in North,Central South and Western China,and banks with higher capital adequacy ratios and larger asset scales have stronger capabilities to mitigate the impact.更多还原