气候风险对重污染企业绿色投资的影响研究
首发时间:2025-06-11
摘要:基于 2000-2023 年深圳证券交易所 438 家上市公司的 5623 份年报数据,通过文本挖掘构建气候风险指数(CRI)和在上市公司年报附注中搜集符合绿色投资定义的数据运用面板数据模型展开实证分析。并探究财务压力和政策法规压力为中介变量探究其在气候风险对重污染企业绿色投资的中介效应,同时,企业规模、年龄、行业类别和区域经济水平等因素对气候风险与绿色投资之间的异质性分析。最后根据理论综述和实证结果,得到结论并提出政策建议。
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Study on the Impact of Climate Risk on Green Investment of Heavily Polluted Enterprises
Abstract: Based on the data of 5623 annual reports of 438 listed companies on the Shenzhen Stock Exchange from 2000 to 2023, the climate risk index (CRI) was constructed through text mining, and the data that met the definition of green investment were collected in the notes to the annual reports of listed companies to carry out empirical analysis. At the same time, the heterogeneity between climate risk and green investment is analyzed by exploring the mediating effects of financial pressure and policy and regulatory pressure as mediating variables, and the heterogeneity between climate risk and green investment is analyzed by factors such as enterprise size, age, industry category and regional economic level. Finally, based on the theoretical review and empirical results, the conclusions are obtained and policy suggestions are put forward.
Keywords: Finance climate risk Heavily polluting enterprises Green investment
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气候风险对重污染企业绿色投资的影响研究
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