市场化
内生性
业务
中国
面板数据
气候变化
实证研究
自然资源经济学
气候风险
投资(军事)
经济
地理
生态学
哲学
考古
认识论
政治
政治学
法学
计量经济学
生物
作者
Shixian Ling,Hongfu Gao
标识
DOI:10.3389/fenrg.2023.1177927
摘要
Chinese heavy-polluting companies have been facing enormous challenges in responding to climate risk and energy transformation. This paper uses panel regression model and investigates the impact of climate risk on corporate green innovation in Chinese heavy-polluting listed companies from 2011 to 2020. The empirical results show that climate risk adversely affects green innovation in heavy-polluting companies, and this effect persists throughout a series of robustness and endogeneity tests. Climate risk may affect corporate green innovation through decreasing R&D investment, lowing resource allocation efficiency and increasing company risk. Climate risk has a greater negative impact on mid-western, state-owned and large-size heavy-polluting companies, but can be mitigated by the development of green finance, digital finance and marketization. These findings may help heavy-polluting companies fully utilize existing resources, policies, and channels for green innovation and mitigate climate risks.
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