The Impact of Climate Change Transition Innovations on the Default Risk

• DOI: 10.20944/preprints202403.0716.v2
• Publication Date: 2024-04-03T04:11:57Z
• Authors: Yujun Huang; Zhihao Huang; Shuaishuai Zhang
• Keywords: Default Risk

In the process of climate change mitigation and adaptation, focus on risk driven by transition innovations has received widespread attention from governments, regulators, investors. Based identification low-carbon patents through Green Low-carbon Technology Inventory in China, this study constructs innovation measurements listed firms China 2015 to 2021. Then, an empirical model is used investigate impact mechanism default risk. The baseline regression shows that can mitigate firms. Moreover, our findings are supported instrumental variable regressions use time costs innovation. Finally, mediation effect demonstrates investor attention, total factor productivity, technology spillovers paths which affect This reveals technological advances have a positive risks.