经济与管理研究2026，Vol.47Issue(1)：35-50,16.DOI:10.13502/j.cnki.issn1000-7636.2026.01.003
气候风险与企业金融化
Climate Risks and Corporate Financialization
摘要
Abstract
In the context of escalating global climate risks and the ongoing implementation of China's dual carbon goals,effectively coordinating climate governance initiatives,enhancing capital allocation efficiency,and curbing the growing tendency of excessive capital diversion from the real economy to speculative financial activities have become core issues concerning high-quality economic development and financial stability.Therefore,based on the panel data of China's A-share listed companies from 2007 to 2023,this paper uses text mining technology and the Word2Vec algorithm to conduct systematic semantic analysis and keyword recognition on the annual reports,and then constructs a climate risk exposure index at the micro-firm level.Using this indicator,this paper empirically tests the impact of climate risks on corporate financialization and its internal mechanism. The empirical results show that climate risks faced by firms have an inhibitory effect on the degree of financialization.This finding remains valid after rigorous endogeneity treatment and robustness tests.Further mechanism analysis reveals that climate risks mainly inhibit corporate financialization through three pathways.First,aggravating financing constraints.By increasing firms'costs of debt financing and equity capital,climate risks intensify the pressure of capital occupation in the supply chain,thus limiting firms'ability to make financial investment.Second,strengthening external supervision.Climate risks have increased firms'visibility,attracting greater media scrutiny and analyst coverage,thereby reducing managerial leeway to engage in short-term financial arbitrage.Third,weakening risk appetite.In the face of climate uncertainty,management is less willing to take risks and more inclined to allocate scarce resources to long-term strategic investments that enhance corporate climate resilience and strengthen corporate competitiveness,thereby reducing the tendency toward financialization.Heterogeneity analysis indicates that the inhibitory effect of climate risks on financialization is stronger among firms with high levels of financial misallocation,concentrated supply chains,and climate policy uncertainty.These findings suggest that internal structural characteristics and external institutional environment are important conditions to regulate the economic consequences of climate risks. From the theoretical perspective of the formation and allocation of patient capital,this paper reveals that climate risks,as a key external pressure,can drive a systematic change in firms'capital allocation strategy,that is,from the greedy arbitrage mode of pursuing short-term financial returns to the patient investment mode of cultivating long-term real capacity and green competitiveness,thus channeling capital from the virtual economy to the real economy.This paper provides important empirical evidence and policy references for the government to develop climate governance policy tools and steer capital back to the real economy.关键词
气候风险/企业金融化/脱虚向实/融资约束/外部监督/风险承担Key words
climate risk/corporate financialization/shift from the virtual economy to the real economy/financing constraint/external supervision/risk taking分类
管理科学引用本文复制引用
李博阳,张玉浩,张嘉望..气候风险与企业金融化[J].经济与管理研究,2026,47(1):35-50,16.基金项目
国家自然科学基金青年科学基金项目"复杂网络下房价波动空间多维风险溢出效应研究"(72104035) （72104035）
陕西省软科学基金项目"陕西省企业创新主体地位强化策略与实践路径研究"(2025KG-YBXM-068) （2025KG-YBXM-068）
中央高校基本科研业务费专项资金优秀青年学者项目"气候变化冲击引发系统性金融风险的评估、机理和政策应对研究"(300102234606) （300102234606）
