绿色金融改革创新试验区政策如何影响企业气候风险？——基于中国重污染行业上市公司的研究

顾雪松; 侯语珂; 邓晶; 幸小云; 宋肖肖

绿色金融改革创新试验区政策如何影响企业气候风险？——基于中国重污染行业上市公司的研究

引用本文：顾雪松，侯语珂，邓晶，幸小云，宋肖肖.绿色金融改革创新试验区政策如何影响企业气候风险？——基于中国重污染行业上市公司的研究[J].财经理论与实践,2025,(3):2-9

摘要点击次数: 648

全文下载次数: 553

作者	单位
顾雪松，侯语珂，邓晶，幸小云，宋肖肖	（北京林业大学经济管理学院，北京 100083）

中文摘要:基于2007—2022年中国重污染行业上市公司和按公司经纬度匹配的气象站点数据，运用两阶段模型研究绿色金融改革创新试验区政策对企业气候风险承担的影响。结果表明：极端气候导致重污染企业全要素生产率（TFP）显著下降。绿色金融改革创新试验区政策对TFP的下降起到遏制作用，且这一政策效果在大型、国有和东部地区的企业更显著。鉴于此，我国应因地制宜地优化试验区政策，为重污染企业抵御气候风险的负面影响提供差异化的绿色金融支持。

中文关键词:绿色金融改革创新试验区气候风险重污染企业全要素生产率

How Green Finance Reform and Innovation Pilot Zone Policy Affect Corporate Climate Risk? — Research Based on Heavily Polluting Listed Companies in China

Abstract:Based on the data of listed companies in China’s heavily polluting industry and meteorological stations matched by latitude and longitude from 2007 to 2022, a two-stage model is used to study the impact of green finance reform and innovation pilot zone policies on corporate climate risk bearing. The results indicate that extreme weather conditions lead to a significant decrease in total factor productivity (TFP) of heavily polluting enterprises; the policy of the green finance reform and innovation pilot zone has played a restraining role in the decline of TFP, and this policy effect is more significant in large, state-owned, and eastern enterprises. In view of this, China should optimize its pilot zone policies according to local conditions and provide differentiated green finance support for heavily polluting enterprises to reduce the negative impact of climate risks.

keywords:green finance reform and innovation pilot zone climate risk heavily polluting enterprise total factor productivity

查看全文 查看/发表评论 下载pdf阅读器