Abstract:

With the intensification of climate change, the impact of climate risk on the investment efficiency of Chinese enterprises has gradually emerged. Based on the data of Chinese A-share listed companies from 2007 to 2022, this paper constructs corporate climate risk indicators and adopts a two-way fixed-effects model to systematically analyze the impact of climate risk on corporate investment efficiency and its mechanism of action. The study finds that (1) climate risk significantly reduces the investment efficiency of enterprises, and it still holds after a series of robustness and endogeneity tests. (2) The mechanism analysis shows that climate risk weakens corporate investment efficiency by exacerbating agency conflicts, business risks, financing constraints, and reducing corporate productivity, leading to overinvestment and underinvestment. (3) Sub-analysis shows that the negative impact of transition risk on investment efficiency is significant, while the impact of severe risk and chronic risk is not significant; (4) Analysis of economic consequences shows that the weakening of investment efficiency due to climate risk further exacerbates the risk of firms' share price collapse. (5) In addition, promoting digital and green transformation of enterprises, strengthening media attention as well as disciplining managers' behavior can help mitigate the negative impact of climate risk on investment efficiency. Therefore, this paper systematically reveals the multiple transmission mechanisms of climate risk on investment efficiency by constructing enterprise-level climate risk indicators based on the analytical framework of “risk impact-behavioral mechanism-investment result” and provides empirical analyses and resource allocation optimization methods to cope with climate risk. It also provides empirical analysis and policy recommendations to cope with climate risk and optimize resource allocation.

Key words: climate change risk, investment efficiency, text analysis, digital transformation, stock price crash risk

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。本文基于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。因此，本文通过构建企业层面的气候风险指标，基于“风险影响—行为机制—投资结果”的分析框架，系统揭示气候风险对投资效率的多重传导机制，并提供了应对气候风险、优化资源配置的实证分析和政策建议。

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