Theimpact of climate risk on corporate financing constraints—empirical evidence based on listed companies in highly carbon-intensive industries in China
ZHANG Mingming
PANG Zhichao
LIU Liyun
ZHOU Dequn
Abstract：With the continuous deterioration of the climate environment,the climate risk faced by enterprises as the micro-main body of the economy is increasing.In this paper,Chinese A-share listed companies in high-carbon-intensive industries from 2011 to 2020 are selected as research samples.The two-way fixed effect model is used to explore the relationship between climate risk and corporate financing constraints,and the green transformation of enterprises is introduced to adjust the relationship between the two and analyze the threshold effect.The results show that:① Climate risk intensifies the financing constraints of enterprises,and this relationship has regional heterogeneity,which is more significant in the eastern region;② Enterprises'green transformation can effectively mitigate the negative impact of climate risk on corporate financing constraints;③ The impact of climate risk on corporate financing constraints varies according to the degree of green transformation of enterprises,which specifically presents three stages:increasing the aggravating effect on financing constraints,decreasing the aggravating effect,and easing the financing constraints.Based on the above research conclusions,this paper puts forward countermeasures and suggestions to incorporate climate risk into the enterprise risk management framework and accelerate the green transformation of enterprises.
Keywords：climate riskfinancing constraintshigh-carbon intensive industriesenterprise green transformation
Publication Date：2024-03-20
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：9( 168-176 )