On the afternoon of June 16, the 13th issue in 2023 (the 174th issue in total) DUFE·Accounting and Finance Forum was held in Room 245 Quanxue Building as scheduled. Associate Professor Xiaoran Ni of Xiamen University was invited to the forum. Associate Professor Xiaoran Ni shared an academic paper titled "Navigating Climate Changes: How Do Adaptation Initiatives Affect Corporate Debt Choice" with the attending teachers and students.
Generally speaking, climate change adaptation initiatives aim to manage the risks brought by climate change. However, it is currently unclear how corporations and creditors view the regulatory risks and adaptation strategies associated with these initiatives. Associate Professor Xiaoran Ni and his collaborators used the "Climate Change Adaptation Plans (CLAPs)" introduced by US states as exogenous shocks to study the impact on corporate debt financing sources. Research has found that the “Climate Change Adaptation Plans” significantly increases the scale of private debt financing of affected enterprises. Furthermore, this effect is more obvious in enterprises that are more susceptible to climate risk impacts, have more fragile fundamentals, and have higher levels of information asymmetry. The research findings of the paper reveal how climate change affects the risk attitudes of various creditors and thus affects enterprises’ decision-making.
Associate Professor Xiaoran Ni's research sparked strong resonance and heated discussion among the attending teachers and students. After the report, everyone had an in-depth exchange on the institutional context, theoretical derivation, and evidence-based design of the paper. The successful organization of this forum plays an important role in expanding the research horizons of teachers and students, and promoting academic exchange and cooperation between universities.
