气候政策不确定性对企业投资的影响

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-02-23 DOI:10.1016/j.irfa.2026.105118

Wendi Huang

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引用次数: 0

摘要

本研究探讨气候政策不确定性对企业投资的影响。运用实物期权理论，发现CPU与企业投资率和投资效率呈负相关关系。对于那些受气候变化影响更大、投资不可逆性更高、财务约束更严重的公司来说，这种影响尤为明显。此外，CPU与经营业绩和股票回报的下降有关，与观察到的投资效率下降一致。这些结果强调了气候政策不确定性对企业经营绩效和投资决策过程的破坏性影响。

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The impact of climate policy uncertainty on corporate investment

This study investigates the impact of climate policy uncertainty (CPU) on corporate investment. Drawing on real options theory, the findings reveal a negative relationship between CPU and both corporate investment rate and investment efficiency. The effects are particularly pronounced for firms with greater exposure to climate change, higher levels of investment irreversibility, and more severe financial constraints. Additionally, CPU is associated with declines in operating performance and stock returns, consistent with the observed reductions in investment efficiency. These results underscore the disruptive impact of climate policy uncertainty on firms’ operational performance and investment decision-making processes.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.