Climate risk and corporate cross-boundary digital innovation: An analysis based on the threshold effect of green digital finance

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI:10.1016/j.frl.2026.109537

Yue Zhu , Yuyang Wu

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Abstract

This study employs data from Chinese A-share listed firms from 2012 to 2023 to investigate the direct impact and underlying mechanisms by which climate risk (CR) on cross-boundary digital innovation (DI) of traditional firms. The findings indicate that CR significantly enhances DI, which is supported by robustness tests and endogeneity estimates using El Niño index and air ventilation as instrumental variables. Identify three key mechanisms for driving DI: increasing patient capital, analyst attention, and industrial robot application level. In addition, DI in firms with lower financing constraints, non-state-owned, high-polluting industries, and eastern regions are particularly driven by CR. This indicates that DI may be a conscious selection for firms to adapt to climate change, implying that there are business opportunities behind climate change to promote digital-real integration. Finally, the impact of CR on DI is influenced by the threshold effect of green digital finance (GDF). Research provides new insights for policy makers to guide firms to adjust innovation strategies to adapt to climate change from the perspective of coordinated development of green finance and digital finance.

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气候风险与企业跨境数字创新——基于绿色数字金融门槛效应的分析

本文采用2012 - 2023年中国a股上市公司数据，探讨气候风险对传统企业跨境数字创新的直接影响及其机制。研究结果表明，CR显著提高了DI，这得到了鲁棒性检验和内生性估计的支持，并将El Niño指数和空气通风量作为工具变量。确定驱动人工智能的三个关键机制：增加患者资本、分析师关注和工业机器人应用水平。此外，融资约束程度较低的企业、非国有、高污染行业和东部地区企业的直接投资受到企业责任的驱动尤为明显。这表明直接投资可能是企业适应气候变化的有意识选择，意味着气候变化背后存在促进数字与现实融合的商业机会。最后，CR对DI的影响受到绿色数字金融（GDF）阈值效应的影响。研究从绿色金融与数字金融协同发展的视角为政策制定者指导企业调整创新战略以适应气候变化提供了新的视角。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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