We examine the impact of climate change uncertainty on supply chain financing. We find that firms significantly curtail trade credit provision during periods of high climate change uncertainty. The cross-sectional variations of this effect with firm-specific factors such as vulnerability to climate change, asset redeployability, and pollution severity suggest that it is primarily driven by managerial anticipation of physical damage cost rather than regulatory cost that the uncertainty could incur. The moderation of this effect by exogenous regulatory interventions such as state-level staggered adoption of the Climate Change Adaptation Plans and the Interstate Banking and Branching Efficiency Act suggests that managerial concerns of such cost can be alleviated through the improvement of climate change preparation and external financing respectively. Overall, our study reveals that climate change undermines the financial resilience of the supply chain and provides timely policy implications for tackling climate change against the backdrop of the global supply chain crisis.

中文翻译：

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气候变化的不确定性与供应链融资


我们研究了气候变化不确定性对供应链融资的影响。我们发现，在气候变化高度不确定性时期，企业大幅削减贸易信贷供应。这种效应与企业特定因素（例如气候变化的脆弱性、资产可重新部署性和污染严重程度）的横截面变化表明，它主要是由管理层对物理损害成本的预期驱动的，而不是由不确定性可能产生的监管成本驱动的。通过外生监管干预措施（例如州级交错采用气候变化适应计划和州际银行和分行效率法案）可以缓解这种影响，这表明管理层对此类成本的担忧可以通过改善气候变化准备和外部融资来缓解分别。总体而言，我们的研究揭示了气候变化破坏了供应链的财务弹性，并为全球供应链危机背景下应对气候变化提供了及时的政策启示。