IMPACTING MECHANISM OF CLIMATIC CHANGE RISKS ON FIRM'S SUSTAINABILITY PERFORMANCES

doi:10.13776/j.cnki.resourcesindustries.20240914.001

Abstract

Abstract: This paper, based on data of China's A-listed 2 594 companies from 2010 to 2022, uses natural resources dependence theory to study the impacting effects and mechanism of climatic change risks on firm's sustainability performance aiming at providing theoretical basis for companies to boost their adaptability to climatic changes and at offering references on green transformation and sustainable development. Climatic change risks dramatically enhance firm's sustainability performance, boost their transformation to adapt to changing climates and stimulate them to undertake social responsibilities to sustainability. Green innovation plays a mediating role between climatic change risks and sustainability performance. Climatic change risks drive firms to deploy green innovation to reduce dependence on single resource, decrease natural resource consumption and ecosystem damage, boost firm's adaptability and emergency responding capabilities to climatic changes, and cultivate their diversified core competitiveness. Redundant resources amplify the positive impact of climate change risks on sustainability performance, providing a buffering mechanism for enterprises to cope with climate challenges. This not only reduces losses from climatic disasters but also ensures resource availability to enterprise development and transformation. Heterogeneity analysis shows that climate change risks have a more pronounced effect on promoting the sustainability performance of high-carbon emission enterprises and heavily polluting enterprises. Moreover, the influence of climate change risks on sustainability performance varies depending on the specific property rights and industrial characteristics of the enterprises. Specifically, state-owned enterprises, compared to non-state-owned ones, possess greater resources and capabilities to respond to climate change risks, making them more likely to achieve the goal of harmonizing economic development and environmental protection. Regarding industry nature, labor-intensive enterprises, due to their higher dependence on human resources, are more sensitive to climate change risks and consequently place greater emphasis on sustainability practices compared to technology-intensive and asset-intensive enterprises.

Key words: climatic change risks, green innovation, sustainability performance, redundant resources, natural resources dependence theory

摘要： 以2010—2022年沪深A股2 594家上市企业为样本，以自然资源依赖理论为基础，实证分析气候变化风险对企业可持续发展绩效的影响效应与作用机制，以期为提升企业气候适应能力提供理论依据，为推动企业绿色转型、促进社会可持续发展提供借鉴。研究表明：1）气候变化风险显著提升了企业可持续发展绩效，推动企业转型升级以适应变化多端的气候环境，激发企业承担社会责任，促使其向可持续发展迈进。2）绿色创新在气候变化风险与可持续发展绩效间起中介作用。气候变化风险推动企业积极开展绿色创新以降低对单一资源的依赖，减少自然资源消耗与生态系统破坏，促进企业增强气候适应能力与应急能力，培养多元化的核心竞争优势。3）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，为企业应对气候挑战提供了缓冲机制，能减少气候灾害引发的损失，也为企业发展转型提供了资源支持。4）在异质性分析中，就企业碳排放量而言，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；从环境规制对象来看，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；从产权性质来看，相较于非国有企业，国有企业在应对气候变化风险时具备更强的资源与能力，更易达成经济发展与环境保护相统一的目标；就行业性质而言，气候变化风险对劳动密集型企业的可持续发展绩效正向作用最显著，技术密集型企业次之，对资产密集型企业则不具有显著影响。

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

CLC Number:

F205

TIAN Ming, SHEN Shaoqi, YAN Jiarui. IMPACTING MECHANISM OF CLIMATIC CHANGE RISKS ON FIRM'S SUSTAINABILITY PERFORMANCES[J]. Resources & Industries, 2025, 27(1): 146-162.

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, 2025, 27(1): 146-162.

References

陈国进, 丁赛杰, 赵向琴, 等, 2021. 中国绿色金融政策、融资成本与企业绿色转型: 基于央行担保品政策视角[J].金融研究(12): 75-95.〔CHEN G J, DING S J, ZHAO X Q, et al., 2021. China's green finance policy, financing costs and firms' green transition: a central bank collateral framework perspective[J]. Journal of Financial Research(12): 75-95.〕

陈劲, 刘景江, 杨发明, 2002. 绿色技术创新审计实证研究[J]. 科学学研究(1): 107-112.〔CHEN J, LIU J J, YANG F M, 2002. Empirical research on the green technological innovation auditing[J]. Studies in Science of Science(1): 107-112. 〕

陈诗一, 陈登科, 2018. 雾霾污染、政府治理与经济高质量发展[J]. 经济研究, 53(2): 20-34.〔CHEN S Y, CHEN D K, 2018. Air pollution, government regulations and high-quality economic development[J]. Economic Research Journal, 53(2): 20-34.〕

程宏伟, 冯茜颖, 王艳, 2010. 自然契约、生态利润与企业可持续发展 [J]. 中国工业经济(5): 88-98.〔CHENG H W, FENG Q Y, WANG Y, 2010. The natural contract, ecological profits and firm sustainable development[J]. China Industrial Economy(5): 88-98.〕

丛建辉, 刘学敏, 赵雪如, 2014. 城市碳排放核算的边界界定及其测度方法[J]. 中国人口·资源与环境, 24(4): 19-26.〔CONG J H, LIU X M, ZHAO X R, 2014. Demarcation problems and the corresponding measurement methods of the urban carbon accounting[J]. China Population, Resources and Environment, 24(4): 19-26.〕

杜剑, 滕丹妮, 杨杨, 2023a. 机构投资者持股能刺激企业气候转型风险信息披露吗?: 基于企业年报文本的实证分析[J]. 现代财经, 43(6): 56-77.〔DU J, TENG D N, YANG Y, 2023a. Can institutional investors' shareholdings stimulate corporate climate transition risk disclosure?: an empirical analysis based on the text of corporate annual reports[J]. Modern Finance and Economics, 43(6): 56-77.〕

杜剑, 徐筱彧, 杨杨, 2023b. 气候风险影响权益资本成本吗?: 来自中国上市公司年报文本分析的经验证据[J]. 金融评论, 15(3): 19-46, 125.〔DU J, XU X Y, YANG Y, 2023b. Does corporate climate risk affect the cost of equity?: evidence from textual analysis with machine learning [J]. Chinese Review of Financial Studies, 15(3): 19-46, 125.〕

龚已迅, 杨丹, 2021. 养殖户气候适应性行为对提高养殖业生产效率的影响[J]. 自然资源学报, 36(11): 2966-2979.〔GONG Y X, YANG D, 2021. The effect of farmer adaptation behavior to climate change on the improvement of breeding industry production efficiency[J]. Journal of Natural Resources, 36(11): 2966-2979.〕

高枝欣, 许纪校, 2023. 重污染企业社会责任、高管激励与绿色技术创新[J]. 资源与产业, 25(2): 88-100.〔GAO Z X, XU J X, 2023. Social responsibilities, executive incentives and green technical innovation of heavy pollution industries[J]. Resources & Industries, 25(2): 88-100.〕

郝芳静, 谢远涛, 刘小娇, 2024. 环境规制与重污染企业技术创新: 基于新《环保法》的一项准自然实验[J].投资研究, 43(1): 26-45.〔HAO F J, XIE Y T, LIU X J, 2024. Impact of environmental regulations on the technological innovation of heavy polluting enterprises: a quasi-natural experiment based on the new environmental protection law[J]. Review of Investment Studies, 43(1): 26-45.〕

焦豪, 杨季枫, 金宇珂, 2022. 企业消极反馈对战略变革的影响机制研究: 基于动态能力和冗余资源的调节效应[J].管理科学学报, 25(8): 22-44.〔JIAO H, YANG J F, JIN Y K, 2022. Negative feedback and firm strategic change: the moderating effect of dynamic capabilities and slack resources[J]. Journal of Management Sciences in China, 25(8): 22-44.〕

孔令池, 郝少博, 高波, 2023. 地区间市场分割对制造业企业生产率的非对称影响[J]. 当代经济科学, 45(5): 74-88.〔KONG L C, HAO S B, GAO B, 2023. A symmetric influence of regional market segmentation on productivity of manufacturing enterprises[J]. Modern Economic Science, 45(5): 74-88.〕

刘文欢, 赵衍馨, 李斌, 2023. 气候变化下高碳企业转型对金融风险的影响研究[J]. 金融发展研究(7): 33-42.〔LIU W H, ZHAO Y X, LIN B, 2023. Research on the impact of the transformation of high-carbon enterprises on financial risk under climate change[J]. Journal of Financial Development Research(7): 33-42.〕

罗子嫄, 靳玉英, 2018. 资本账户开放对企业融资约束的影响及其作用机制研究[J]. 财经研究, 44(8): 101-113.〔LUO Z Y, JIN Y Y, 2018. A study on the effects and mechanisms of capital account liberalization on the corporate financial constraints[J]. Journal of Finance and Economics, 44(8): 101-113.〕

雒京华, 赵博雅, 2022. ESG表现与企业短期财务绩效: 基于制度环境的调节效应检验[J]. 武汉金融(7): 20-28.〔LUO J H, ZHAO B Y, 2022. ESG performance and short-term financial performance of enterprises: the moderating effect test based on institutional environment[J]. Wuhan Finance(7): 20-28.〕

潘爱玲, 刘昕, 邱金龙, 等, 2019. 媒体压力下的绿色并购能否促使重污染企业实现实质性转型[J]. 中国工业经济(2):174-192.〔PAN A L, LIU X, QIU J L, et al., 2019. Can green M&A of heavy polluting enterprises achieve substantial transformation under the pressure of media[J]. China Industrial Economics(2): 174-92.〕

潘蓉蓉, 罗建强, 杨子超, 2021. 冗余资源与吸收能力调节作用下的制造企业服务化与企业价值研究 [J]. 管理学报, 18(12): 1772-1779.〔PAN R R, LUO J Q, YANG Z C, 2021. An analysis of the moderating role of slack resources and absorptive capacity on the relationship between servitization of manufacturing and enterprise value[J]. Chinese Journal of Management, 18(12): 1772-1779.〕

谭劲松, 黄仁玉, 张京心, 2022. ESG表现与企业风险: 基于资源获取视角的解释[J]. 管理科学, 35(5): 3-18.〔TAN J S, HUANG R Y, ZHANG J X, 2022. ESG performance and corporate risk: an explanation from a resource acquisition perspective[J]. Journal of Management Science, 35(5): 3-18.〕

陶然, 2024. 气候风险会加剧企业避税吗?[J]. 财经科学(1): 91-102.〔TAO R, 2024. Does climate risk induce corporate tax avoidance? [J]. Finance & Economics(1): 91-102.〕

田虹, 崔悦, 姜雨峰, 2018. 绿色供应链管理能提升企业可持续发展吗?[J]. 财经论丛(10): 77-85.〔TIAN H, CUI Y, JIANG Y F, 2018. Can green supply chain management improve corporate sustainable development?[J]. Collected Essays on Finance and Economics(10): 77-85.〕

汪顺, 周泽将, 余璐, 2023. 供应链气候风险与企业商业信用契约[J]. 系统工程理论与实践, 43(9): 2517-2538.〔WANG S, ZHOU Z J, YU L, 2023. Climate risk of supply chain and trade credit contract[J]. Systems Engineering Theory & Practice, 43(9): 2517-2538.〕

王丽萍, 姚子婷, 李创, 2021. 环境战略对环境绩效和经济绩效的影响: 基于企业成长性和市场竞争性的调节效应[J]. 资源科学, 43(1): 23-39.〔WANG L P, YAO Z T, LI C, 2021. Effect of environmental strategy on environmental performance and economic performance: based on the regulating effect of enterprise growth and market competition[J]. Resources Science, 43(1): 23-39. 〕

温忠麟, 叶宝娟, 2014. 中介效应分析: 方法和模型发展[J]. 心理科学进展, 22(5): 731-745.〔WEN Z L, YE B J, 2014. Analyses of mediating effects: the development of methods and models[J]. Advances in Psychological Science, 22(5): 731-745.〕

席龙胜, 赵辉, 2022. 高管双元环保认知、绿色创新与企业可持续发展绩效[J]. 经济管理, 44(3): 139-158.〔XI L S, ZHAO H, 2022. Senior executive dual environmental cognition, green innovation and enterprise sustainable development performance[J]. Business and Management Journal, 44(3): 139-158.〕

解学梅, 霍佳阁, 王宏伟, 2019. 绿色工艺创新与制造业行业财务绩效关系研究[J]. 科研管理, 40(3): 63-73.〔XIE X M, HUO J G, WANG H W, 2019. A research on the relationship between green process innovation and financial performance of the manufacturing industry[J]. Science Research Management, 40(3): 63-73.〕

解学梅, 朱琪玮, 2021. 企业绿色创新实践如何破解“和谐共生”难题？ [J]. 管理世界, 37(1): 128-149, 129.〔XIE X M, ZHU Q W, 2021. How can green innovation solve the dilemmas of “harmonious coexistence”?[J]. Journal of Management World, 37(1): 128-149, 129.〕

徐浩庆, 林浩锋, 邢洁, 2024. 环境规制与重污染企业的ESG表现[J]. 广东财经大学学报, 39(1): 85-99.〔XU H Q, LIN H F, XING J, 2024. Environmental regulation and ESG performance of heavy polluting firms[J]. Journal of Guangdong University of Finance & Economics, 39(1): 85-99.〕

徐玉高, 2011. 全球气候变化风险下的企业竞争战略[J]. 中国能源, 33(12): 21-24, 36.〔XU Y G, 2011. Repositioning business strategy in a global carbon constraint[J]. Energy of China, 33(12): 21-24, 36.〕

许德惠, 李刚, 孙林岩, 等, 2012. 环境不确定性、供应链整合与企业绩效关系的实证研究[J]. 科研管理, 33(12): 40-49.〔XU D H, LI G, SUN L Y, et al., 2012. The relationship among environmental uncertainty, supply chain integration and firm performance[J]. Science Research Management, 33(12): 40-49.〕

闫海洲, 陈百助, 2017. 气候变化、环境规制与公司碳排放信息披露的价值[J]. 金融研究(6): 142-158.〔YAN H Z, CHEN B Z, 2017. Climate change, environment regulation and the firm value of carbon emissions disclosure[J]. Journal of Financial Research (6): 142-158.〕

阎俊爱, 安韬, 周芳玲, 等, 2020. 资源型企业转型路径研究: 基于四家企业的案例研究[J]. 经济问题(4): 104-113.〔YAN J A, AN T, ZHOU F L, et al., 2020. Research on the transformation path of resourcebased enterprises: case studies of four enterprises[J]. On Economic Problems(4): 104-113.〕

尹美群, 盛磊, 李文博, 2018. 高管激励、创新投入与公司绩效: 基于内生性视角的分行业实证研究[J]. 南开管理评论, 21(1): 109-117.〔YIN M Q, SHENG L, LI W B, 2018. Executive incentive, innovation input and corporate performance: an empirical study based on endogeneity and industry categories[J]. Nankai Business Review, 21(1): 109-117.〕

余伟, 郭小艺, 2024. 管理者短视对企业绿色创新的影响研究: 市场关注的调节作用[J]. 软科学, 38(4): 76-82.〔YU W, GUO X Y, 2024. Impact of managerial myopia on corporate green innovation: moderating role of market attention[J]. Soft Science, 38(4): 76-82.〕

张国清, 陈晓艳, 肖华, 2020. 过程、结果维度的环境治理与企业财务绩效[J].经济管理, 42(5): 120-139.〔ZHANG G Q, CHEN X Y, XIAO H, 2020. Process and outcome dimensions of environmental governance and corporate financial performance[J]. Business and Management Journal, 42(5): 120-139.〕

张帅, 陆利平, 张兴敏, 等, 2022. 金融系统气候风险的评估、定价与政策应对: 基于文献的评述[J]. 金融评论, 14(1): 99-120, 124.〔ZHANG S, LU L P, ZHANG X M, et al., 2022. Climate risk in financial system: assessment, pricing, and management[J]. Chinese Review of Financial Studies, 14(1): 99-120, 124.〕

张秀娥, 杨柳, 李帅, 2021. 绿色创业导向对可持续竞争优势的影响: 绿色组织认同与绿色创新的链式中介作用[J]. 科技进步与对策, 38(1): 26-33.〔ZHANG X E, YANG L, LI S, 2021. The influence of green entrepreneurial orientation on the sustainable competitive advantage: a chain intermediary effect based on green organizational identity and green innovation[J]. Science & Technology Progress and Policy, 38(1): 26-33.]

张意翔, 成金华, 徐卓程, 等, 2021. 绿色创新是否适应气候变化: 中国专利和GHG排放数据的实证[J]. 中国人口·资源与环境, 31(1): 48-56.〔ZHANG Y X, CHENG J H, XU Z C, et al., 2021. Whether green innovation can adapt to climate change: an empirical study of China's patent and GHG emission data[J]. China Population, Resources and Environment, 31(1): 48-56.〕

张颖, 孙林岩, 冯泰文, 2014. 从市场导向到利益相关者导向: 基于企业可持续发展视角[J]. 科技进步与对策, 31(13): 7-10.〔ZHANG Y, SUN L Y, FENG T W, 2014. From market orientation to stakeholder orientation: the perspective of enterprises' sustainable development[J]. Science & Technology Progress and Policy, 31(13): 7-10.〕

张渝, 王娟茹, 2018. 主观规范对绿色技术创新行为的影响研究[J]. 软科学, 32(2): 93-95.〔ZHANG Y, WANG J R, 2018. The effect of subjective norm on green technological innovative behavior[J]. Soft Science, 32(2): 93-95.〕

ALEXOPOULOS I, KOUNETAS K, TZELEPIS D, 2018. Environmental and financial performance. Is there a win-win or a win-loss situation?: evidence from the Greek manufacturing[J]. Journal of Cleaner Production, 197: 1275-1283.

ANSOFF H I, 1965. Corporate strategy: an analytic approach to business policy for growth and expansion [M]. New York: McGraw-Hill Companies.

BAGNOLI M, WATTS S G, 2003. Selling to socially responsible consumers: competition and the private provision of public goods [J]. Journal of Economics & Management Strategy, 12(3): 419-445.

BERTRAND J L, PARNAUDEAU M, 2019. Understanding the economic effects of abnormal weather to mitigate the risk of business failures[J]. Journal of Business Research, 98: 391-402.

COSTANZA R, DALY H E, 1992. Natural capital and sustainable development [J]. Conservation Biology, 6(1): 37-46.

DARVISHMOTEVALI M, ALTINAY L, DE VITA G, 2018. Emotional intelligence and creative performance: looking through the lens of environmental uncertainty and cultural intelligence [J]. International Journal of Hospitality Management, 73: 44-54.

HUANG J W, LI Y H, 2017. Green innovation and performance: the view of organizational capability and social reciprocity[J]. Journal of Business Ethics, 145: 309-324.

MCWILLIAMS A, VAN FLEET D D, Cory K D, 2002. Raising rivals' costs through political strategy: an extension of resource-based theory [J]. Journal of Management Studies, 39(5): 707-724.

MEINEL U, ABEGG B, 2017. A multi-level perspective on climate risks and drivers of entrepreneurial robustness: findings from sectoral comparison in alpine Austria[J]. Global Environmental Change, 44: 68-82.

MEYER A D, 1982. Adapting to environmental jolts[J]. Administrative Science Quarterly: 515-537.

MUTHULINGAM S, DHANORKAR S, CORBETT C J, 2022. Does water scarcity affect environmental performance?: evidence from manufacturing facilities in Texas [J]. Management Science, 68(4): 2785-2805.

NEUMANN J E, STRZEPEK K, 2014. State of the literature on the economic impacts of climate change in the United States[J]. Journal of Benefit-Cost Analysis, 5(3): 411-443.

OLIVER C, 1997. Sustainable competitive advantage: combining institutional and resource-based views [J]. Strategic Management Journal, 18(9): 697-713.

PORTER M E, VAN DER LINDE C, 1995. Toward a new conception of the environment-competitiveness relationship[J]. Journal of Economic Perspectives, 9(4): 97-118.

SCOTT D, MCBOYLE G, 2006. Climate change adaptation in the ski industry [J]. Mitigation and Adaptation Strategies for Global Change, 12(8): 1411-1431.

SEMAN N A A, GOVINDAN K, MARDANI A, et al., 2019. The mediating effect of green innovation on the relationship between green supply chain management and environmental performance[J]. Journal of Cleaner Production, 229: 115-127.

SEYFANG G, SMITH A, 2007. Grassroots innovations for sustainable development: towards a new research and policy agenda [J]. Environmental Politics, 16(4): 584-603.

TASHMAN P, 2011. Corporate climate change adaptation, vulnerability and environmental performance in the United States
ski resort industry [D]. Washington: George Washington University.

TASHMAN P, 2021. A natural resource dependence perspective of the firm: how and why firms manage natural resource scarcity[J]. Business & Society, 60(6): 1279-1311.

WACKERNAGEL M, REES W E, 1997. Perceptual and structural barriers to investing in natural capital: economics from an ecological footprint perspective[J]. Ecological Economics, 20(1): 3-24.

WINN M, KIRCHGEORG M, GRIFFITHS A, et al., 2011. Impacts from climate change on organizations: a conceptual foundation[J]. Business Strategy and the Environment, 20(3): 157-173.

[1]	JU Jialiang, XIN Peizhu, ZHAO Min. GREEN FINANCE, INSTITUTIONAL ENVIRONMENT AND DUAL GREEN INNOVATION [J]. Resources & Industries, 2023, 25(5): 61-71.
[2]	XU Jixiao, LU Qianqian. IMPACTS OF DEPOSITIONAL REDUNDANT RESOURCES ON TECHNICAL INNOVATIVE PERFORMANCE OF CHINA'S MANUFACTURING ENTERPRISES [J]. Resources & Industries, 2023, 25(4): 116-126.
[3]	XUE Song, ZHAO Jingjing, YANG Tao. COLLABORATION AMONG KNOWLEDGE SHARING, GREEN INNOVATION AND INFRASTRUCTURES SUSTAINABLE DEVELOPMENT [J]. Resources & Industries, 2023, 25(1): 109-121.
[4]	WEI Qingming, ZHAO Xinxin, FENG Xin, ZHANG Miaomiao. ENVIRONMENTAL REGULATION, GREEN INNOVATION AND INDUSTRIAL STRUCTURE UPGRADING: SPATIAL DUBIN MODEL ANALYSIS BASED ON PROVINCIAL PANEL DATA [J]. Resources & Industries, 2022, 24(6): 54-63.
[5]	JIANG Rongmei, CHEN Guisong. Governmental allowance, enterprise ESG and green innovation [J]. Resources & Industries, 2022, 24(6): 90-102.
[6]	TIAN Ze, XIAO Qianqian, CHEN Kejing, LIANG Wei. TEMPORAL-SPATIAL VARIANCE AND FACTORS OF ECOLOGICAL EFFICIENCY IN YANGTZE RIVER DELTA UNDER GREEN INNOVATION [J]. Resources & Industries, 2022, 24(2): 42-53.
[7]	SHU Huan, XU Yiyin. IMPACTING MECHANISM OF CONSTRUCTION COMPANIES' SOCIAL RESPONSIBILITIES ON VALUES BASED ON ADJUSTMENT OF REDUNDANT RESOURCE [J]. Resources & Industries, 2022, 24(2): 143-154.
[8]	SUN Tingting, FAN Chuanhao. VISUALIZED COMPARISON OF DOMESTIC & OVERSEAS GREEN INNOVATION RESEARCH BASED ON CITESAPCE DATA [J]. Resources & Industries, 2021, 23(6): 52-63.