Econ Papers Daily / 期刊论文
客户极端高温暴露是否影响供应商的违约风险？
Does customer extreme heat exposure affect default risk of suppliers?
摘要
This article explores whether suppliers adapt to climate shocks experienced by their customers. Using daily meteorological data from Chinese weather stations for 2009 to 2019, we construct a temperature-based extreme heat exposure index and assign it to customers based on geographic proximity. We propose competing hypotheses regarding whether customer heat exposure increases or decreases supplier default risk, and our empirical results support the adaptation hypothesis: suppliers’ default risk is significantly negatively associated with customers’ exposure to extreme heat. Enhanced risk management practices and accelerated green upgrading are identified as the two main mechanisms. This effect is more pronounced when suppliers are in regions with higher marketization and lower economic policy uncertainty and when customers operate in non-climate-sensitive industries. Our findings illustrate how firms proactively adapt and adjust in response to the uncertainty induced by climate shocks affecting their supply chain partners.
中文摘要
本文探讨供应商是否会对其客户所经历的气候冲击作出适应性调整。利用2009年至2019年中国气象站的每日气象数据，我们构建了基于温度的极端高温暴露指数，并依据地理邻近性将其匹配至客户。我们提出了关于客户高温暴露是提高还是降低供应商违约风险的竞争性假说，实证结果支持适应性假说：供应商违约风险与客户极端高温暴露显著负相关。强化风险管理实践与加速绿色升级被识别为两个主要机制。当供应商位于市场化程度较高、经济政策不确定性较低的地区，且客户处于非气候敏感行业时，这一效应更为显著。我们的发现揭示了企业如何主动适应并调整，以应对影响其供应链合作伙伴的气候冲击所引发的不确定性。