气候风险对企业价值的影响

Impact of climate risks on enterprise value

极端天气事件频发不但给全球经济增长与金融稳定带来了严峻挑战,而且实体企业也受到多维度的负向影响。科学度量并缓解气候风险对企业价值的负向冲击已成为企业风险管理的重要内容,亦是实现经济可持续发展的重要微观基础。该研究以2012—2022年中国A股上市公司为样本,通过文本分析法刻画企业面临的气候风险,运用固定效应模型实证检验了气候风险对企业价值的影响及其机制。研究发现:①气候风险对企业价值具有显著的负向影响,这一结论在经过一系列稳健性检验和处理内生性问题后依然稳健。②企业收益率和企业信用风险均是气候风险负向冲击企业价值的有效渠道,气候风险可通过降低企业的资产收益率以及增加企业的信用风险进而对企业价值产生负向影响。③气候风险对企业价值的负向影响因行业特性、区域位置和企业规模差异而具有异质性。气候风险对重污染行业企业、非东部地区企业以及中小型企业的负向影响更大,上述企业经营过程中更应注重气候风险所带来的负面影响。④企业绿色经营、提升风险管理与内控能力、机构投资者持股,有助于抑制气候风险对企业价值的不利影响。调节效应研究发现,企业ESG表现、企业风险管理能力、企业内部控制水平以及机构投资者持股比例对气候风险与企业价值之间的关系具有正向调节作用,显著抑制了气候风险对企业价值的负面影响。因此,企业应密切关注气候风险冲击,建立气候风险管理的长效机制,逐步强化对可持续发展理念的认知、提升风险管理与内控水平,多措并举加强对气候风险的管理。

The frequent occurrence of extreme weather events not only poses serious challenges to global economic growth and financial stability but also affects corporate entities negatively across multiple dimensions.Scientific measurement and mitigation of the negative impact of climate risks on enterprise value has become a crucial aspect of enterprise risk management and an essential micro-foundation for sustainable economic development.This paper used a sample of Chinese A-share listed companies from 2012 to 2022 to characterize the climate risks faced by enterprises through text analysis and empirically examine the impact of climate risks on enterprise value and its mechanisms by using a fixed-effect model.The study found that:①Climate risks had a significant negative impact on enterprise value,and this finding remained robust after a series of robustness tests and dealing with endogeneity issues.②Both corporate return and credit risk served as effective channels through which climate risks negatively affected enterprise value.Climate risks could negatively affect enterprise value by reducing corporate return on assets and increasing corporate credit risk.③The negative impact of climate risks on enterprise value was heterogeneous due to differences in industry characteristics,regional location,and enterprise scale.Climate risks had a greater negative impact on enterprises in high-pollution industries,those in non-eastern regions,and small and medium-sized enterprises,which should pay more attention to the negative impact of climate risks in their operations.④Implementing green operational practices,improving risk management and internal control capabilities,and fostering institutional investor shareholding could mitigate the negative impact of climate risks on enterprise value.The moderating effect study found that corporate ESG performance,green transformation,risk management capabilities,internal control levels,and institutional investor shareholding had a positive moderating effect on the relationship between climate risks and enterprise value,significantly inhibiting the negative impact of climate risks on enterprise value.Therefore,enterprises should pay close attention to the impact of climate risks,establish a long-term mechanism for climate risk management,gradually strengthen their understanding of sustainable development concepts,improve risk management and internal control,and adopt multiple measures to strengthen climate risk management.