中国人口·资源与环境2026，Vol.36Issue(4)：23-34,12.DOI:10.12062/cpre.20250637
气候风险管理与绿色投资者进入
Climate risk management and green investor entry:from a perspective integrating external information capital enhancement and internal dynamic adjustments
摘要
Abstract
As climate change continues to exacerbate losses to human life,health,and property safety,climate risk has evolved into a critical global sustainability challenge requiring collective action.As microeconomic entities in the socio-economic system,enterprises play a key role in addressing climate risk,and their climate risk management behaviors and derivative impacts constitute a vital path-way for exploring sustainable economic development.Using a sample of Chinese A-share listed companies from 2011 to 2022,this study constructed a fixed-effects model and examined the impact of corporate climate risk management levels on attracting green inves-tors and its underlying mechanisms.The findings revealed that:① Proactive corporate climate risk management significantly promoted green investor entry.② Mechanism analyses indicated that corporate climate risk management affected green investor entry primarily by enhancing external information capital and facilitating internal dynamic adjustments.③ Heterogeneity analysis demonstrated that enterprises with high information disclosure quality,strong risk-bearing capacity,and those in non-manufacturing sectors were more ef-fective in leveraging corporate climate risk management to attract green investors.Both state-owned and private enterprises could signif-icantly leverage corporate climate risk management to attract green investors,while foreign-funded enterprises showed no notable effect.④ Moderating effect analysis highlighted that both long-term corporate reputation and the quality of internal control positively moderat-ed the impact of corporate climate risk management on green investor entry.⑤ Further analysis uncovered opportunistic behaviors-such as tone manipulation and greenwashing—during corporate climate risk perception,disclosure,and response processes under cli-mate risk pressure.Consequently,when facing climate risk,enterprises should adopt proactive climate risk strategies,improve the quali-ty of information disclosure and risk resilience,and demonstrate to external stakeholders their resilience for long-term sustainable devel-opment.Meanwhile,the government should incentivize robust corporate climate risk management systems through tax breaks,subsi-dies,and other measures,while establishing punitive mechanisms to deter opportunistic practices by increasing violation costs.关键词
气候风险管理/绿色投资者/外部信息资本/内部动态调整Key words
climate risk management/green investor/external information capital/internal dynamic adjustment分类
资源环境引用本文复制引用
李照令,赖杨帅,刘佳宁,耿涌..气候风险管理与绿色投资者进入[J].中国人口·资源与环境,2026,36(4):23-34,12.基金项目
上海市浦江人才项目"能源密集型行业的碳中和实现路径研究"(批准号:22PJC052). （批准号:22PJC052）
