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<p>Using a dataset from Chinese A-share listed companies between 2003 and 2023, we investigate the impact of climate policy uncertainty (CPU) on corporate trade credit. The results show that CPU significantly reduces trade credit at the 1% significance level. Mechanism analysis reveals that both corporate financial risk and regional marketization level serve as mediating channels. Specifically, elevated corporate financial risk and higher regional marketization levels amplify the negative impact of CPU on external financing. Furthermore, the impact of climate policy uncertainty on trade credit exhibits significant financing constraints heterogeneity. Specifically, CPU significantly reduces trade credit in the subsamples of low-financing-constraint enterprises, which are characterized by low pollution and state-owned ownership. This result suggests that the formulation and implementation of climate policies should fully evaluate the external financing capacity of different types of enterprises to mitigate their transition risks. The findings provide certain reference value for the formulation of future climate policies as well as enterprises’ climate-related investment and financing activities.</p>

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Climate policy uncertainty and trade credit: evidence from Chinese listed firms

  • 期刊论文

  • 发表日期：

    2026年3月24日

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  • Shuai Zhang,
  • Licheng Xu,
  • Qihang Zhu

摘要

Using a dataset from Chinese A-share listed companies between 2003 and 2023, we investigate the impact of climate policy uncertainty (CPU) on corporate trade credit. The results show that CPU significantly reduces trade credit at the 1% significance level. Mechanism analysis reveals that both corporate financial risk and regional marketization level serve as mediating channels. Specifically, elevated corporate financial risk and higher regional marketization levels amplify the negative impact of CPU on external financing. Furthermore, the impact of climate policy uncertainty on trade credit exhibits significant financing constraints heterogeneity. Specifically, CPU significantly reduces trade credit in the subsamples of low-financing-constraint enterprises, which are characterized by low pollution and state-owned ownership. This result suggests that the formulation and implementation of climate policies should fully evaluate the external financing capacity of different types of enterprises to mitigate their transition risks. The findings provide certain reference value for the formulation of future climate policies as well as enterprises’ climate-related investment and financing activities.