CLIMATIC CHANGE RISKS AND CHINESE ENTERPRISES' INVESTMENT EFFICIENCY

doi:10.13776/j.cnki.resourcesindustries.20250303.001

Abstract

Abstract: As climate changes abruptly, climatic risks increasingly affect Chinese enterprises' investment efficiency. This paper uses Chinese A-listed companies' 2007 to 2022 data to establish an enterprise climatic risks index, and applies bi-directional fixed effect model to systematically study the impacts and mechanism of climatic risks on enterprises' investment efficiency. Climatic risks largely decrease enterprises' investment efficiency, still valid after stability tests and endogeneity tests, through accelerating agenting conflicts, operational risks, financing constraints and decreasing productivity which lead to over investment or insufficient investment indicated by mechanism analysis. Transformation risks negatively impact investment efficiency largely, but severe risks and slow risks impact a little. Economic aftermath shows that decreasing investment efficiency resulted by climatic risks further accumulate the risks of stock prices collapse. Digital transformation, green upgrades, media attention, and constraining executives may help mitigate the negative impacts of climatic risks on investment efficiency. This paper presents suggestions on incorporating climatic risks management into strategies to increase capabilities against risks, on optimizing internal structures to mitigate agenting conflicts and financing constraints, on boosting green and digital transformation to raise enterprises' climatic resilience so as to reach a sustainability.

Key words: climatic changing risks, investment efficiency, text analysis, digital transformation, stock price collapse

摘要： 随着气候变化的不断加剧，气候风险对中国企业投资效率的影响逐渐显现。基于2007—2022年中国A股上市企业数据，构建企业气候风险指标，采用双向固定效应模型，系统分析气候风险对企业投资效率的影响及其作用机制。研究发现：1）气候风险显著降低了企业的投资效率，并且在一系列稳健性和内生性检验后仍然成立；2）机制分析表明，气候风险通过加剧代理冲突、经营风险、融资约束以及降低企业生产率，导致过度投资和投资不足现象产生，从而削弱企业投资效率；3）分项分析表明，转型风险对投资效率的负面影响显著，而严重风险和慢性风险影响并不显著；4）经济后果分析表明，气候风险导致的投资效率削弱进一步加剧了企业的股价崩盘风险；5）此外，推进企业数字化转型、绿色化转型，加强媒体关注以及对管理者行为进行约束，有助于缓解气候风险对投资效率的负面影响。基于上述研究结论，提出如下建议：企业应将气候风险管理纳入战略规划，提升风险应对能力；优化企业内部治理结构，缓解代理冲突和融资约束；积极推进企业绿色化和数字化转型，增强企业的气候韧性，从而实现企业的可持续发展。

关键词: 气候变化风险, 投资效率, 文本分析, 数字化转型, 股价崩盘风险

CLC Number:

F069.9

YOU Di, YU Haozhen, HUANG Yong, DAI Guilin, YANG Chengye. CLIMATIC CHANGE RISKS AND CHINESE ENTERPRISES' INVESTMENT EFFICIENCY[J]. Resources & Industries, 2025, 27(3): 77-96.

尤荻, 余昊臻, 黄永, 戴桂林, 杨成业. 气候变化风险与中国企业投资效率[J]. 资源与产业, 2025, 27(3): 77-96.

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