经济与管理研究2025，Vol.46Issue(11)：127-144,18.DOI:10.13502/j.cnki.issn1000-7636.2025.11.008
迎"险"而上:城市气候风险与企业绿色创新
Embracing Risks and Forging Ahead:Urban Climate Risks and Corporate Green Innovation
摘要
Abstract
Escalating urban climate risks are exerting multifaceted and profound influences on corporate operations.Clarifying the characteristics of corporate green innovation in response to urban climate shocks holds significant theoretical and policy implications for achieving dual carbon goals.Therefore,this paper examines the impact of urban climate risks on corporate green innovation. After using a panel dataset of A-share listed firms in Shanghai and Shenzhen stock exchanges from 2014 to 2022,the empirical results demonstrate that urban climate risks can facilitate corporate green innovation.The conclusion remains robust after a battery of endogeneity checks and robustness tests.Mechanism analysis indicates that climate risks spur green innovation through channels such as increased environmental investment,heightened corporate risk perception,elevated green awareness among executives,and tightened environmental regulations.Moreover,green credit and media attention amplify this positive relationship.In terms of heterogeneity,the effect holds across firms with different ownership types and pollution levels,though it is more pronounced in state-owned and heavily polluting enterprises.Geographically,the effect is more evident in the eastern region and first-tier cities. This paper makes three main marginal contributions.First,it introduces a novel perspective by linking urban climate risks to corporate green innovation-a connection underexplored in the extant literature.By adopting a micro-level approach,this paper not only broadens the research on the economic consequences of climate risks but also offers managerial insights for fostering climate-resilient green development.Second,it unveils the internal mechanisms through which climate risks influence green innovation,thereby enriching the literature on drivers and transmission channels of corporate environmental innovation.Third,it advances the measurement of urban climate risks by manually constructing a city-level dataset on direct economic losses from climate-related disasters over the 2014-2022 period,yielding a more precise and reliable metric. Based on these findings,this paper proposes the following policy recommendations.Firms should proactively pursue green innovation to mitigate climate risk exposure.They are advised to strengthen internal climate risk awareness and top management's green cognition to foster innovation.Media should be leveraged as a positive external force to encourage corporate green transformation.The government ought to implement well-designed environmental regulations,including enacting clear environmental standards to ensure compliance;providing fiscal subsidies and R&D grants,along with tax incentives for firms adopting green technologies;and establishing green product certification standards to enhance market competitiveness and guide eco-friendly design and production.关键词
城市气候风险/绿色创新/气候风险感知/高管绿色认知/环境规制Key words
urban climate risk/green innovation/climate risk perception/top management's green cognition/environmental regulation分类
经济学引用本文复制引用
陈妍玲,郭文伟,简彤凌..迎"险"而上:城市气候风险与企业绿色创新[J].经济与管理研究,2025,46(11):127-144,18.基金项目
广东省基础与应用基础研究基金"粤港澳大湾区创新要素流动对科技创新效率的影响机制研究"(2023A1515012445) （2023A1515012445）
广东省哲学社会科学规划项目"要素集聚与流动对粤港澳大湾区协同创新绩效的影响机制研究"(GD25CYJ39) （GD25CYJ39）
