气候变化对公司绩效的影响研究——基于上市公司的实证检验  

Research on the Impact of Climate Change on Corporate Performance—Empirical Test Based on Listed Companies

作　　者：李文启[1] 牛健敏 郝甜甜 LI Wenqi;NIU Jianmin;HAO Tiantian(School of Economics and Trade,Henan University of Technology,Zhengzhou 450001,China)

机构地区：[1]河南工业大学经济贸易学院,河南郑州450001

出　　处：《河南科技》2024年第20期95-103,共9页Henan Science and Technology

基　　金：河南省高等学校哲学社会科学创新团队建设计划资助(2025-CXTD-08);河南省高等学校哲学社会科学创新人才支持计划资助(2024-CXRC-10);河南省高等教育教学改革研究与实践项目(研究生教育类)(2023SJGLX039Y)。

摘　　要：【目的】气候变化问题日益加剧,影响波及各行各业,需对气候变化产生的经济后果进行研究。【方法】以2013—2022年我国A股上市公司为样本,使用静态面板双向固定效应模型,实证研究气候变化对企业经营绩效的影响。【结果】研究发现,随着极端气温的影响,企业的经营绩效显著下降。机制检验发现,气候变化通过降低企业营运能力、增加企业融资约束从而削弱企业绩效。异质性分析发现,重污染行业和国有企业的受气候变化的影响程度更为明显。进一步分析发现,高温天气并未对企业绩效产生负面影响,而低温天气显著降低了企业的经营绩效。【结论】气候变化的物理风险与转型风险对生产活动造成较大阻碍,加强政策保护与自身预防可以有效降低气候变化带来的不利影响,提高适应环境变化的能力。[Purposes]Climate change is becoming more and more serious,and its impact affects all walks of life.Therefore,it is necessary to study the economic consequences of climate change.[Methods]In this paper,A sample of China's A-share listed companies from 2013 to 2022 was used to empirically study the impact of climate change on business performance by using a static panel two-way fixed effect model.[Findings]The study found that with the influence of extreme temperature,the business perfor-mance of enterprises had a significant decline.Mechanism tests show that climate change weakens firm performance by reducing firm operating capacity and increasing firm financing constraints.Heterogene-ity analysis found that heavy pollution industries and state-owned enterprises were more significantly af-fected by climate change.Further analysis shows that the high temperature weather has no negative im-pact on enterprise performance,while the low temperature weather significantly reduces the business per-formance of enterprises.[Conclusions]The physical risk and transition risk of climate change have caused great obstacles to production activities.Strengthening policy protection and self-prevention can effectively reduce the adverse impact of climate change and improve the adaptability to environmental change.

关 键 词：气候风险 ROA EBIT Heckman两阶段 

分 类 号：F272.35[经济管理—企业管理]