Climate change risks and financial performance of the electric power sector: Evidence from listed companies in China

IF 4.8 2区 环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES
Yongping Sun , Ya Zou , Jingning Jiang , Ying Yang
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引用次数: 5

Abstract

The frequency, intensity and duration of extreme weather events have seriously affected human life and production. The electric power sector is the foundation of economic activity as well as a core participant in the adaptation and mitigation of climate change. Therefore, in the context of climate change, it is crucial for the stable operation of the national economy for power sector to cope with different climate change risks and improve their adaptability to climate change. In this paper, listed power companies in China are selected as samples to analyse the impact of climate change risk on the financial performance of the power system's supply and transmission-distribution sides. The empirical results show a significant positive correlation between climate change risks and the financial performance of listed electric power companies. The rainfall index and drought index positively impact the financial performance of listed electric power companies. The cryogenic freezing index has a negative impact on the financial performance of listed electric power companies., which is further analysed and proved that a cryogenic freezing disaster will cause the regional breakdown of the power system. The operating cost ratio and the proportion of clean energy supply play a mediating effect on the correlation between the comprehensive climate risk index and the return on equity of companies. To increase electric power companies' ability to adapt to climate change, climate change risks should be integrated into the risk management framework, and the company's financial performance can be improved by optimizing the energy mix and constructing safe lines. The government can promote the transformation of electric power companies by launching green financial tools.

气候变化风险与电力行业财务绩效:来自中国上市公司的证据
极端天气事件的发生频率、强度和持续时间严重影响了人类的生活和生产。电力部门是经济活动的基础,也是适应和减缓气候变化的核心参与者。因此,在气候变化背景下,电力部门应对不同的气候变化风险,提高对气候变化的适应能力,对国民经济的稳定运行至关重要。本文以中国上市电力公司为样本,分析了气候变化风险对电力系统供配电双方财务绩效的影响。实证结果表明,气候变化风险与电力上市公司财务绩效之间存在显著的正相关关系。降雨指数和干旱指数对电力上市公司财务业绩有正向影响。深冷冻结指数对电力上市公司财务业绩有负面影响。,进一步分析并证明了低温冻结灾害会造成电力系统的局部瘫痪。运营成本比和清洁能源供应比例对综合气候风险指数与企业净资产收益率之间的相关性起中介作用。为了提高电力公司适应气候变化的能力,应将气候变化风险纳入风险管理框架,并通过优化能源结构和建设安全线路来提高公司的财务绩效。政府可以通过推出绿色金融工具来促进电力公司的转型。
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
Climate Risk Management
Climate Risk Management Earth and Planetary Sciences-Atmospheric Science
CiteScore
8.20
自引率
4.50%
发文量
76
审稿时长
30 weeks
期刊介绍: Climate Risk Management publishes original scientific contributions, state-of-the-art reviews and reports of practical experience on the use of knowledge and information regarding the consequences of climate variability and climate change in decision and policy making on climate change responses from the near- to long-term. The concept of climate risk management refers to activities and methods that are used by individuals, organizations, and institutions to facilitate climate-resilient decision-making. Its objective is to promote sustainable development by maximizing the beneficial impacts of climate change responses and minimizing negative impacts across the full spectrum of geographies and sectors that are potentially affected by the changing climate.
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