迎“险”而上：城市气候风险与企业绿色创新

陈妍玲　郭文伟　简彤凌

（广东财经大学）

内容提要：日益严重的城市气候风险对企业产生全方位的深刻影响，厘清企业应对城市气候风险冲击的绿色创新行为特征对实现“双碳”目标具有重要的理论意义和政策价值。本文以2014—2022年沪深A股上市企业为研究对象，实证分析城市气候风险对企业绿色创新的影响。研究结果表明，面对城市气候风险冲击，企业会主动迎“险”而上来加强自身绿色创新能力，该结论经过内生性分析和一系列稳健性检验后依然成立。进一步分析结果显示，城市气候风险通过增加企业环保投资、提高企业气候风险感知和高管绿色认知、加强环境规制四大路径来推动企业绿色创新；绿色信贷和媒体关注能够在城市气候风险影响企业绿色创新中发挥正向交互效应。异质性分析结果表明，城市气候风险对企业绿色创新的推动作用在国有企业和重污染企业、东部地区和一线城市更为明显。本文的研究结论有助于进一步厘清气候风险对企业绿色创新的影响机制，以及对如何制定政策引导企业进行绿色创新来积极应对城市气候风险提供启示。

关键词：城市气候风险；绿色创新；气候风险感知；高管绿色认知；环境规制

作者简介：陈妍玲，广东财经大学外国语学院讲师，广州，510320；郭文伟，广东财经大学金融学院教授、博士生导师；简彤凌，广东财经大学金融学院金融硕士。

基金项目：广东省基础与应用基础研究基金“粤港澳大湾区创新要素流动对科技创新效率的影响机制研究”（2023A1515012445）；广东省哲学社会科学规划项目“要素集聚与流动对粤港澳大湾区协同创新绩效的影响机制研究”（GD25CYJ39）

引用格式：陈妍玲,郭文伟,简彤凌.迎“险”而上：城市气候风险与企业绿色创新[J].经济与管理研究,2025,46(11):127-144.

Embracing Risks and Forging Ahead: Urban Climate Risks and Corporate Green Innovation

CHEN Yanling, GUO Wenwei, JIAN Tongling

(Guangdong University of Finance & Economics, Guangzhou 510320)

Abstract: Escalating urban climate risks are exerting multifaceted and profound influences on corporate operations. Clarifying the characteristics of corporate green innovation in response to urban climate shocks holds significant theoretical and policy implications for achieving dual carbon goals. Therefore, this paper examines the impact of urban climate risks on corporate green innovation.

After using a panel dataset of A-share listed firms in Shanghai and Shenzhen stock exchanges from 2014 to 2022, the empirical results demonstrate that urban climate risks can facilitate corporate green innovation. The conclusion remains robust after a battery of endogeneity checks and robustness tests. Mechanism analysis indicates that climate risks spur green innovation through channels such as increased environmental investment, heightened corporate risk perception, elevated green awareness among executives, and tightened environmental regulations. Moreover, green credit and media attention amplify this positive relationship. In terms of heterogeneity, the effect holds across firms with different ownership types and pollution levels, though it is more pronounced in state-owned and heavily polluting enterprises. Geographically, the effect is more evident in the eastern region and first-tier cities.

This paper makes three main marginal contributions. First, it introduces a novel perspective by linking urban climate risks to corporate green innovation—a connection underexplored in the extant literature. By adopting a micro-level approach, this paper not only broadens the research on the economic consequences of climate risks but also offers managerial insights for fostering climate-resilient green development. Second, it unveils the internal mechanisms through which climate risks influence green innovation, thereby enriching the literature on drivers and transmission channels of corporate environmental innovation. Third, it advances the measurement of urban climate risks by manually constructing a city-level dataset on direct economic losses from climate-related disasters over the 2014-2022 period, yielding a more precise and reliable metric.

Based on these findings,this paper proposes the following policy recommendations. Firms should proactively pursue green innovation to mitigate climate risk exposure. They are advised to strengthen internal climate risk awareness and top management’s green cognition to foster innovation. Media should be leveraged as a positive external force to encourage corporate green transformation. The government ought to implement well-designed environmental regulations, including enacting clear environmental standards to ensure compliance; providing fiscal subsidies and R&D grants, along with tax incentives for firms adopting green technologies; and establishing green product certification standards to enhance market competitiveness and guide eco-friendly design and production.

Keywords: urban climate risk; green innovation; climate risk perception; top management’s green cognition; environmental regulation

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