气候风险与企业金融化

李博阳¹　张玉浩¹　张嘉望²

（1.长安大学；2.陕西师范大学）

摘要：在全球气候风险加剧与“双碳”目标深入推进背景下，如何平衡气候应对与资本配置效率、避免金融化对实体经济的“挤出效应”，已成为推动经济高质量发展过程中亟待破解的重要命题。本文基于2007—2023年沪深A股上市公司数据，通过文本挖掘技术和机器学习算法构建企业层面的气候风险指标，分析气候风险对企业金融化的影响。研究结果显示，气候风险会抑制企业金融化程度，这一结论在经过内生性分析和稳健性检验后依然成立。机制分析结果显示，气候风险主要通过三条路径抑制企业金融化倾向：一是加剧企业融资约束，增大其在融资市场获取资金的难度；二是强化外部监督压力，促使企业更审慎地配置资本；三是削弱管理层的风险承担意愿，使其更倾向于规避金融资产投资带来的波动。异质性分析表明，在金融错配程度高、供应链集中度高和面临高气候政策不确定性的企业中，这一抑制效应更为明显。本文的研究不仅揭示了气候风险冲击下企业资本配置的“耐心培养”机制，也为政府构建气候治理政策工具体系、引导资本回归实体经济提供了重要的经验证据与政策参考。

关键词：气候风险；企业金融化；脱虚向实；融资约束；外部监督；风险承担

作者简介：李博阳，长安大学经济与管理学院副教授，西安，710064；张玉浩，长安大学经济与管理学院硕士研究生；张嘉望，陕西师范大学经济与管理学院副教授，西安，710119。

基金项目：国家自然科学基金青年科学基金项目“复杂网络下房价波动空间多维风险溢出效应研究”(72104035) ；陕西省软科学基金项目“陕西省企业创新主体地位强化策略与实践路径研究”(2025KG-YBXM-068)；中央高校基本科研业务费专项资金优秀青年学者项目“气候变化冲击引发系统性金融风险的评估、机理和政策应对研究”（300102234606）

引用格式：李博阳,张玉浩,张嘉望.气候风险与企业金融化[J].经济与管理研究,2026,47(1):35-50.

Climate Risks and Corporate Financialization

LI Boyang¹, ZHANG Yuhao¹, ZHANG Jiawang²

(1. Chang’an University, Xi’an 710064;

2. Shaanxi Normal University, Xi’an 710119)

Abstract: In the context of escalating global climate risks and the ongoing implementation of China’s dual carbon goals, effectively coordinating climate governance initiatives, enhancing capital allocation efficiency, and curbing the growing tendency of excessive capital diversion from the real economy to speculative financial activities have become core issues concerning high-quality economic development and financial stability. Therefore, based on the panel data of China’s A-share listed companies from 2007 to 2023, this paper uses text mining technology and the Word2Vec algorithm to conduct systematic semantic analysis and keyword recognition on the annual reports, and then constructs a climate risk exposure index at the micro-firm level. Using this indicator, this paper empirically tests the impact of climate risks on corporate financialization and its internal mechanism.

The empirical results show that climate risks faced by firms have an inhibitory effect on the degree of financialization. This finding remains valid after rigorous endogeneity treatment and robustness tests. Further mechanism analysis reveals that climate risks mainly inhibit corporate financialization through three pathways. First, aggravating financing constraints. By increasing firms’ costs of debt financing and equity capital, climate risks intensify the pressure of capital occupation in the supply chain, thus limiting firms’ ability to make financial investment. Second, strengthening external supervision. Climate risks have increased firms’ visibility, attracting greater media scrutiny and analyst coverage, thereby reducing managerial leeway to engage in short-term financial arbitrage. Third, weakening risk appetite. In the face of climate uncertainty, management is less willing to take risks and more inclined to allocate scarce resources to long-term strategic investments that enhance corporate climate resilience and strengthen corporate competitiveness, thereby reducing the tendency toward financialization. Heterogeneity analysis indicates that the inhibitory effect of climate risks on financialization is stronger among firms with high levels of financial misallocation, concentrated supply chains, and climate policy uncertainty. These findings suggest that internal structural characteristics and external institutional environment are important conditions to regulate the economic consequences of climate risks.

From the theoretical perspective of the formation and allocation of patient capital, this paper reveals that climate risks, as a key external pressure, can drive a systematic change in firms’ capital allocation strategy, that is, from the greedy arbitrage mode of pursuing short-term financial returns to the patient investment mode of cultivating long-term real capacity and green competitiveness, thus channeling capital from the virtual economy to the real economy. This paper provides important empirical evidence and policy references for the government to develop climate governance policy tools and steer capital back to the real economy.

Keywords: climate risk; corporate financialization; shift from the virtual economy to the real economy; financing constraint; external supervision; risk taking

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