气候变化对企业风险承担能力与金融化关系的影响研究——来自A股非金融类上市公司的证据

The Impact of Climate Change on The Relationship Between Corporate Risk-taking Capacity and Financialization:Evidence from Chinese A-share Non-financial Listed Companies

气候变化对企业经济活动和金融体系带来的冲击在不断加深。气候变化的不确定性因素不仅会影响企业的风险承担水平,而且还对金融稳定造成威胁。以2011—2019年中国A股非金融类上市公司为样本,实证检验了企业风险承担能力对其金融化的影响以及气候变化对两者关系的调节作用。研究发现:企业风险承担能力越大,其金融化水平越高,两者之间的正向关系在高融资约束企业、非国有企业和非制造业企业中更为明显。更为重要的是,随着气候变化风险的增大,企业风险承担能力与其金融化行为之间的正向关系会被减弱。研究结果不仅为引导非金融类企业需要基于自身的风险承担能力来进行金融资产配置,而且还为应对气候变化所带来的不确定性提供了理论参考和借鉴。

The impact of climate change on enterprise economic activities and financial system is deepening.The uncertainty factor of climate change not only affects the risk-taking level of enterprises, but also impacts financial stability.Based on a sample of non-financial listed companies in China’s A stock market from 2011 to 2019,the paper empirically analyzes the impact of corporate risk-taking on their financialization and the moderating effect of climate change on the relationship between the two.The results indicate that the greater the risk-taking capacity of a company, the higher its level of financialization, and vice versa;at the same time, the positive relationship between the two is more obvious in companies with high financing constraints, non-state-owned companies, and non-manufacturing companies.And more importantly, as the risk of climate change increases, the positive relationship between corporate risk-taking capacity and its financial behavior will be weakened.The research in this article not only guides non-financial enterprises to hold financial assets based on their own risk-bearing capacity, but also provides decision-making reference for coping with the uncertainty brought by climate change and promoting the healthy development of non-financial enterprises.