行业层面的气候政策风险暴露和企业ESG绩效

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-06 DOI:10.1016/j.frl.2025.107542

Chentong Sun , Chu Pan , Nuo Xu

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引用次数: 0

摘要

本研究采用时变参数随机波动回归（tpv - sv）模型，创造性地测量了中国31个行业的气候政策风险暴露。结果表明，气候政策风险暴露在行业间呈现动态变化和异质性。利用2009-2023年a股上市公司的数据，我们还研究了企业对气候政策风险敞口的ESG响应，结果显示，气候政策风险敞口的增加显著提高了企业的ESG绩效，在中西部地区和低技术、重污染企业中观察到的影响更强。

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Industry-level climate policy risk exposure and corporate ESG performance

This study employs a time-varying parameter regression with stochastic volatility (TVP-SV) model to creatively measure climate policy risk exposure at the industry level across 31 industrial sectors in China. The results indicate that climate policy risk exposure exhibits dynamic changes and heterogeneity across industries. Using 2009–2023 data from A-share listed companies, we also examined corporate ESG responses to climate policy risk exposure, revealing that increases in exposure significantly enhance ESG performance, with stronger effects observed in the central and western regions and among low-tech, heavily polluting firms.

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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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