How does climate risk affect corporate financialization?

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-06-01 DOI:10.1016/j.ribaf.2025.102954

Teng Yuan Cheng , Liang Dong , Yuxuan Dong , Keith S.K. Lam

引用次数: 0

Abstract

Using a sample of Chinese A-share listed firms from 2010 to 2020 and a local climate risk measure synthetizing meteorological observations, this paper examines the impact of climate risk on corporate financialization. We document the following new findings. First, climate risk has a significant inhibitory effect on corporate financialization. Second, climate risk negatively affects firms’ financialization by exacerbating cash flow shortages and liquidity uncertainty. The reduction in financialization is larger among firms with excessive financialization, private ownership, weak external financing ability, and small size. Lastly, the reduction in financialization caused by climate risk has an inverse-U shape effect on corporate value, dampening firm value in the short term due to increased real and R&D investments but enhancing firm value in the longer term. This study highlights the need for firms to integrate climate risk into their financial investment strategies.

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气候风险如何影响企业金融化？

本文以2010 - 2020年中国a股上市公司为样本，采用综合气象观测的局地气候风险测度，考察了气候风险对企业金融化的影响。我们记录了以下新发现。首先，气候风险对企业金融化具有显著的抑制作用。其次，气候风险通过加剧现金流短缺和流动性不确定性，对企业的金融化产生负面影响。金融化程度过高、私有制、外部融资能力较弱、规模较小的企业金融化程度降低幅度较大。最后，气候风险导致的金融化程度降低对企业价值呈倒u型效应，由于实际和研发投资的增加，短期内会抑制企业价值，但长期内会提升企业价值。这项研究强调了企业将气候风险纳入其金融投资战略的必要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance