气候风险下的企业投资决策：搬迁还是留下来？

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-06-18 DOI:10.1016/j.jimonfin.2025.103388

Yi-Shuai Ren , Tony Klein , Yong Jiang

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引用次数: 0

摘要

气候变化的物理和过渡风险已引起广泛关注。基于2007 - 2022年中国a股上市公司的数据，我们发现气候风险与企业跨区域投资（CORI）呈正相关，特别是通过转型风险而不是物理风险。此外，在气候风险下，非严重和非政治关联的企业、规模较大和多元化程度较高的企业以及处于成长期和成熟期的企业更倾向于CORI。机制研究表明，气候风险可以通过增加公司的财务压力和破坏其供应链的稳定来积极影响CORI。此外，地方政府的气候政策和更好的管理放大了气候风险对CORI的影响。此外，气候风险提高了ESG绩效和生产力，CORI作为中介渠道。

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Corporate investment decisions amid climate risks: Relocate or stay?

The physical and transitional risks of climate change have garnered widespread attention. Based on data on companies listed in China’s A-shares from 2007 to 2022, we find that climate risks are positively associated with corporate cross-regional investment (CORI), particularly through transition risks rather than physical risks. Furthermore, non-heavily and non-politically connected firms, larger and more diversified firms, and those in the growth and maturity stages are more inclined toward CORI under climate risk. Mechanistic studies show that climate risk can positively impact CORI by increasing the financial pressure on firms and destabilising their supply chains. Furthermore, local government climate policies and better management amplify the impact of climate risks on CORI. Additionally, climate risk improves ESG performance and productivity, with CORI acting as the mediating channel.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.