气候物理冲击与企业金融资产配置:来自异常降水的证据  

Climate Shock and Corporate Financial Asset Allocation:Evidence from Abnormal Precipitation

作　　者：宁博[1] 汤旭东 梁师赫 纪翔阁 Ning Bo;Tang Xudong;Liang Shihe;Ji Xiangge

机构地区：[1]厦门大学管理学院 [2]华南理工大学工商管理学院 [3]厦门国家会计学院

出　　处：《世界经济》2025年第2期196-229,共34页The Journal of World Economy

基　　金：国家自然科学基金(72102201,72202073,72302200);广东省基础与应用基础研究基金(2024A1515011137)的支持。

摘　　要：气候风险作为阻碍人类社会可持续发展的重要因素,成为政府部门和市场各方共同关注的热点话题。本文以异常降水(降水的标准差)测度气候物理冲击,深入考察气候物理冲击对企业金融资产投资的潜在影响。结果显示,气候物理冲击越大,实体企业配置在金融资产上的份额越高,该结论在使用气象学Nino指数作为工具变量等一系列稳健性检验后依然成立。机理分析显示,企业做出前述投资组合调整主要是为了规避气候物理冲击导致的实物投资损失。进一步的研究发现,当企业的主营业务更加脆弱、市场套利空间更大以及企业所在地的金融市场化程度更高时,气候物理冲击对企业金融资产投资的影响更加明显;此外本研究还发现,城市具有更强的气候物理风险应对能力有助于削弱前述影响。本文深化了气候风险与经济学的跨学科交叉研究内涵,有利于市场各方更加全面地洞悉实体企业投资金融资产背后的影响因素,为政府部门审视和应对气候风险提供了证据支持。As a significant factor hindering the sustainable development of human society, climate change-related risk has emerged as a major concern for government bodies and market participants.While prior research has predominantly concentrated on the macroeconomic impacts of climate change risk and its effects on financial markets, there has been limited attention paid to its influence on the decision-making processes of micro-enterprises. Given that climate shocks elevate the risk exposure associated with enterprises' tangible assets, managers may need to adjust their investment strategies accordingly, which could ultimately affect the long-term growth trajectory of China's real economy.However, existing literature has largely overlooked this critical issue. This paper investigates the potential impacts of climate shocks on corporate financial asset allocation, thereby providing valuable insights for market participants seeking to gain a comprehensive understanding of the determinants influencing corporate financial asset allocation. Furthermore, it offers empirical evidence that can assist Chinese government bodies in assessing and addressing risks related to climate change within an evolving developmental context.This paper develops a portfolio choice model to analyze corporate investment decisions in the context of climate shocks, utilizing the level of abnormal precipitation(i. e., the standard deviation of precipitation) as a measure for such shocks. Based on a sample of non-financial Chinese listed firms from 2006 to 2019, our findings indicate that the intensity of climate shocks increases with the proportion of financial assets held by non-financial enterprises. Our conclusions remain robust after conducting various tests, including employing the meteorological Ni?o index as an instrumental variable. Mechanistic analysis reveals that enterprises primarily undertake these portfolio adjustments to mitigate potential physical investment losses stemming from climate shocks. The impact of climate shocks on financial

关 键 词：气候风险 气候物理冲击 异常降水 金融资产投资 

分 类 号：F279.2[经济管理—企业管理] F832[经济管理—国民经济] P467[天文地球—大气科学及气象学]