证券市场导报Issue(5)：3-15,13.
企业气候风险与现金持有水平
摘要
Abstract
Climate risk is posing significant challenges to all aspects of human society,including production and everyday living.As key entities in addressing climate change,whether firms can adequately respond to climate risk,through what mechanisms climate risk affects firms,and what economic consequences result from corporate responses to the impact are important research questions.Based on a textual analysis of the interactive text from investor platforms of the Shanghai and Shenzhen Stock Exchanges,this study innovatively constructs firm-level climate risk indicators and their sub-measures and examines corporate responses to climate risk from the perspective of cash holdings.The paper finds that climate risk,including climate physical risks and climate transition risks,increases the volatility of corporate cash flows and raises the likelihood of financial distress,thereby prompting firms to increase cash reserves for precautionary motives.These conclusions remain robust after addressing endogeneity issues such as omitted variables,alternative explanations,sample selection bias,and measurement errors.Further analysis finds that the behavior of firms increasing cash holdings significantly enhances the market value of cash,providing market-based evidence for the effectiveness of corporate responses to climate risk.This study offers indicator support for future research on climate risk and provides practical implications for improving firms'capabilities to manage climate risk.关键词
气候风险/现金持有水平/现金流风险/财务困境风险/文本分析Key words
climate risk/cash holdings/cash flow risk/financial distress risk/textual analysis分类
管理科学引用本文复制引用
顾乃康,邱奇唯,罗燕..企业气候风险与现金持有水平[J].证券市场导报,2025,(5):3-15,13.基金项目
国家自然科学基金面上项目"中国场景下气候风险与企业财务行为:影响、作用路径与经济后果"(72372165) （72372165）
