气候变化风险对企业可持续发展绩效的影响机制研究

摘要/Abstract

摘要： 全球气候无序化、极端化趋势显著，气候变化对经济生产和社会生活的冲击日益突出。现有研究侧重于关注气候变化风险对企业财务绩效的作用，忽视了其对企业可持续发展的影响。探究气候变化风险对可持续发展绩效的影响，有利于促进企业适应并缓解气候事件，推动社会整体向可持续发展迈进。本文以2010-2022年沪深A股2594家上市企业为样本，检验气候变化风险对可持续发展绩效的影响效应和作用机制，结果表明：气候变化风险显著提升了企业可持续发展绩效。在机制分析中，绿色创新在气候变化风险与可持续发展绩效间起部分中介作用，冗余资源强化了气候变化风险对可持续发展绩效的正向作用。在异质性分析中，首先从企业碳排放量来看，气候变化风险对高碳排放企业可持续发展绩效的促进作用更强；其次就环境规制对象而言，气候变化风险对重污染企业可持续发展绩效的正向作用更突出。此外，气候变化风险对企业可持续发展绩效的影响还因其自身产权性质、行业性质而异。研究结论对提升企业气候韧性和环境适应能力，助力企业转型升级，促进人类社会可持续发展具有一定借鉴意义。

关键词: 气候变化风险, 绿色创新, 可持续发展绩效, 冗余资源, 自然资源依赖理论

Abstract:

The escalating trends of global climate disorder and extremism are pronounced, with the repercussions of climate change increasingly affecting economic production and societal living. While extant research predominantly addresses the ramifications of climate change risks on corporate financial outcomes, it often overlooks their broader implications for sustainability. Investigating the effects of climate change risks on sustainability performance is pivotal in fostering corporate adaptability, alleviating the severity of climatic incidents, and steering societal advancement towards sustainability. This study utilizes data from 2594 A-share listed corporations in Shanghai and Shenzhen spanning 2010 to 2022 to examine the influence and underlying mechanisms of climate change risks on sustainability performance. Findings indicate a substantial enhancement in corporate sustainability performance attributable to climate change risks. Mechanistic analysis reveals that green innovation serves as a partial intermediary in the relationship between climate change risks and sustainability performance, while surplus resources amplify the positive trajectory of this relationship. Heterogeneity analysis demonstrates that, from the standpoint of corporate carbon emissions, climate change risks exert a more pronounced promotional effect on the sustainability performance of high-emission entities. Similarly, for entities subject to stringent environmental regulations, the beneficial impact of climate change risks on sustainability performance is more marked. Moreover, the influence of climate change risks on sustainability performance is contingent upon the specific property rights and industrial characteristics of the enterprise. The conclusions of this research offer valuable insights for bolstering corporate climate resilience and environmental adaptability, facilitating business transformation and elevation, and contributing to the sustainable progression of human society.

Key words: climate change risk, green innovation, sustainability performance, slack resource; natural resource dependence theory

田鸣, 沈少奇, 严佳蕊.

气候变化风险对企业可持续发展绩效的影响机制研究 [J]. 资源与产业.

TIAN Ming, SHEN Shao-qi, YAN Jia-rui. Mechanism of Impact of Climate Change Risk on the Sustainability Performance of Enterprises[J]. Resources & Industries.

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