气候风险暴露和绿色并购:来自中国的证据
Huanyong Ji1, Rui Zhang1, Zhongzhen Miao2
1Business School, Beijing Information Science & Technology University, Beijing, 102206, China.
Journal of environmental management
|November 23, 2025
概括
面临更大的气候风险暴露的公司参与了更多的绿色并购 (GM&A). 这一战略由过渡风险驱动,并带来积极的财务回报,帮助绿色转型.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 适应气候变化 适应气候变化
背景情况:
- 气候风险暴露与绿色并购 (GM&A) 之间的联系存在有限的研究.
- 了解这种关系对于企业的可持续性和气候变化减缓战略至关重要.
研究的目的:
- 调查气候风险暴露与转基因和转基因生物的可能性之间的关联.
- 探索影响这种关系的潜在机制和调节因素.
- 确定气候风险驱动的GM&As的财务影响.
主要方法:
- 利用了2007-2022年中国A股公司的面板数据集.
- 采用计量经济学分析来检查这种关系,解决内因性问题.
- 基于动态能力和风险脆弱性理论进行机制分析.
主要成果:
- 在气候风险暴露和GM&As之间发现了显著的积极关联.
- 管理层的环境意识和绿色创新能力加强了这种联系,而近视和财务限制削弱了它.
- 转型风险暴露,而不是物理风险,主要是GM&A的驱动力,特别是在脆弱的行业.
- 由气候风险驱动的GM&As产生了积极的累积异常回报.
结论:
- 气候风险暴露激励绿色并购活动作为战略反应.
- 作为气候适应工具的GM&As的有效性受到公司内部能力和约束的影响.
- 转基因和转基因企业代表了企业在经济上可行的途径,以应对气候风险并追求绿色转型.
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