城市韧性治理如何驱动企业气候信息披露？

——基于气候适应型城市建设试点政策的准自然实验

裴潇¹　刘勇¹　袁帅²

（1. 长江大学；2. 南开大学）

摘要：气候适应型城市建设作为国家防范气候物理风险、提升系统韧性的关键制度安排，能否驱动微观企业实现从被动合规向韧性治理的战略跨越，是关乎气候政策效能的重要议题。本文以气候适应型城市建设试点政策为准自然实验，基于2010—2023年沪深A股上市公司数据，采用双重差分模型考察气候适应型城市建设对企业气候信息披露的影响。研究发现，气候适应型城市建设试点政策提升了企业气候信息披露水平，且该结论经过一系列稳健性检验后依然成立；机制分析表明，基于“意愿-能力”双重驱动，该政策主要通过提高高管绿色认知和政府补助发挥作用，驱动企业实现气候信息披露的“言行合一”；基于气候脆弱性框架的异质性分析结果显示，在气候暴露度较高、敏感度较大和适应能力较强的地区，政策促进效应更明显。本文的研究揭示了宏观城市韧性治理驱动微观企业行为转型的内在机理，为提升企业气候风险应对能力及优化政策效能提供了决策参考。

关键词：城市韧性；气候适应型城市建设试点；企业气候信息披露；高管绿色认知；政府补助

作者简介：裴潇，长江大学经济与管理学院教授，荆州，434023；刘勇，长江大学经济与管理学院硕士研究生；袁帅，南开大学商学院博士研究生，通信作者，天津，300071。

基金项目：国家社会科学基金一般项目“‘双碳’目标下政府环境治理与民营企业绿色发展协同机制与路径研究”（22BGL082

引用格式：裴潇，刘勇，袁帅. 城市韧性治理如何驱动企业气候信息披露？——基于气候适应型城市建设试点政策的准自然实验[J]. 经济与管理研究，2026，47（7）：125-139.

How Does Urban Resilience Governance Drive Corporate Climate Information Disclosure?

—A Quasi-Natural Experiment Based on the Climate-Resilient City Pilot Policy

PEI Xiao¹, LIU Yong¹, YUAN Shuai²

(1. Yangtze University, Jingzhou 434023;

2. Nankai University, Tianjin 300071)

Abstract: The Climate-Resilient City Pilot (CRCP) policy serves as a critical institutional arrangement for China to address climate change and mitigate physical risks. Whether it can drive firms from passive compliance to resilience governance remains an urgent issue requiring clarification. The CRCP policy explicitly requires pilot cities to establish climate risk assessment systems. Firms are the building blocks of the urban economy, and their climate risk exposures form the foundation of the city’s overall risk assessment. Notably, information disclosure is a prerequisite for risk identification. To obtain resilience-related funding or avoid administrative barriers, firms located in pilot cities tend to signal their strategic commitment to climate resilience through higher levels of climate information disclosure.

Using the CRCP policy as a quasi-natural experiment, this paper examines the impact of this policy on corporate climate information disclosure and its underlying mechanisms. By drawing on a sample of A-share listed companies from 2010 to 2023 and employing a difference-in-differences model, the findings show that the policy enhances the quality of corporate climate information disclosure. The conclusion remains valid after a series of robustness tests. Mechanism analysis indicates that enhanced executive green awareness and increased government subsidies serve as key channels through which the CRCP policy exerts its effects. Heterogeneity analysis based on the climate vulnerability framework reveals that this promoting effect is more pronounced in regions with higher climate exposure, greater sensitivity, and stronger climate adaptation capability. Based on the above findings, in order to further unleash the policy effectiveness, this paper proposes policy recommendations, including improving the institutional design and precise incentives, smoothing the two major transmission channels of executive green awareness and government subsidies, and implementing differentiated support according to local conditions.

This paper makes three marginal contributions. First, it overcomes the limitation of existing literature that focuses on the impact of mitigation-oriented climate policies on hard indicators of corporate carbon emissions and incorporates climate-resilient city construction into the analytical framework, thereby expounding how resilience-oriented policies reshape corporate non-financial information disclosure strategies from a resilience perspective. Second, to address the insufficient exploration of the mechanism in existing studies, it constructs a systematic theoretical framework from the willingness-capability structure, thus clarifying the micro logic of policy effects. Third, grounded in the climate vulnerability framework, this paper employs grouping tests to investigate the boundary conditions and applicable scopes of the CRCP policy in driving corporate climate information disclosure, providing empirical evidence to inform differentiated policy optimization.

Keywords: urban resilience; Climate-Resilient City Pilot; corporate climate information disclosure; executive green awareness; government subsidy

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