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论文编号：	15330
作者编号：	2120233694
上传时间：	2025/6/5 17:03:36
中文题目：	气候物理风险与企业融资成本
英文题目：	Physical Climate Risk and Corporate Financing Costs
指导老师：	张玉利
中文关键字：	气候物理风险；权益资本成本；债务融资成本；信息不对称
英文关键字：	Physical climate risk；Cost of equity capital；Cost of debt financing；Information asymmetry
中文摘要：	近年来，随着全球气候风险加剧，其对金融体系稳定和经济发展的冲击已逐渐演变为实现可持续发展的重要议题，极端天气事件带来的风险正通过多种渠道向微观经济主体传导。企业作为市场运行的核心单位，在气候变化的背景下受到多维度的挑战：既包括资产损毁等造成的直接损失，也涉及供应链中断、能源价格波动等带来的间接危害。这些经济后果不仅直接影响了企业的经营活动，更改变了投资者对其未来发展的评估，从而影响企业融资过程的风险溢价。 在此背景下，气候物理风险与企业融资成本的关系及作用机制，成为学术与实业界日益关注的话题。通过理论分析可得出，气候变化不仅直接影响企业的生产经营与收入，还可能改变投资者对企业的风险预期，进而间接加剧其融资难度。深入探讨气候物理风险与企业融资成本之间的内在联系，能够为企业制定有效的风险应对策略提供支持，也能为政策制定者提供有益参考。 本文以2010-2023年中国沪深A股上市公司为研究对象，构建气候物理风险指数，探究气候物理风险对企业融资成本的影响。研究发现，气候物理风险显著提高了企业的权益资本成本和债务融资成本，且该效果在重污染行业企业、资本密集型企业和公司治理水平较差的企业中体现的更加明显。影响机制上，气候物理风险通过加剧企业与投资者的信息不对称、削减企业经营绩效、放大企业财务风险等渠道推高了企业融资成本。研究结论在经过替换变量衡量方式、更换样本区间、增加地区固定效应、倾向得分匹配回归以及滞后解释变量等一系列内生性、稳健性检验后依然成立。 本文拓展了气候物理风险在微观企业层面经济后果的研究；并基于物理冲击视角，丰富了气候灾害作为外部风险因素对企业资本获取能力影响的文献。同时，使用气象观察数据构建气候物理风险的衡量指标，更具外部独立性。本研究就企业如何应对气候变化的负面影响提供了实践指导，认为有关部门应完善气候风险披露制度，做好气候风险预案，为受灾企业提供基础保障；投资者应理性评估气候物理风险，重视气候变化的危害；企业应主动采取风险管理措施，将多元化经营、供应链一体化等措施纳入战略决策，以缓解气候物理风险下的经营压力。
英文摘要：	In recent years, as global climate risks have intensified and their impact on the financial system’s stability and economic development has gradually evolved into an important issue for sustainable development, the risks posed by extreme weather events are being transmitted to microeconomic agents through multiple channels. Businesses, as the core units of market operations, are challenged in multiple dimensions in the context of climate change: direct losses, such as destruction of assets, and indirect damages, such as disruptions in the supply chain and volatility in energy prices. These economic consequences not only directly affect business activities but also change investors’ assessment of the future development of the business, thus affecting the risk premium of the financing process. In this context, the relationship between physical climate risk and financing cost and the mechanism of its role has become a topic of increasing concern in both academic and practical circles. Through theoretical analysis, it can be concluded that climate change not only directly affects firms’ production, operation and income expectations, but also change their risk expectations, indirectly aggravating their financing difficulties. An in-depth discussion of the intrinsic relationship between physical climate risk and corporate finance costs can support the development of effective risk-coping strategies for firms and provide useful references for policymakers. This thesis takes Chinese A-share listed firms in Shanghai and Shenzhen from 2010 to 2023 as the research object, constructs the physical climate risk index and explores the impact of climate physical risk on corporate financing costs. It is found that the impact of physical climate risk significantly increases the cost of equity capital and the cost of debt financing of firms, and the effect is more obvious in firms in heavy pollution industry, capital-intensive industry and firms with poorer corporate governance. In terms of the impact mechanism, physical climate risk pushes up the cost of corporate finance through the channels of aggravating the information asymmetry between firms and investors, cutting down the business performance of firms and amplifying the financial risk. The findings of this thesis remain unchanged after a series of endogeneity and robustness tests by replacing variable measures, replacing sample intervals, adding regional fixed effects, propensity score matching regression, and lagged explanatory variables. This thesis extends the research on the economic consequences of physical climate risk at the micro-firm level by supplementing the study of the impact of climate hazards as an external risk factor on firms’ ability to access capital based on the physical shock perspective. Meanwhile, using weather observation data to construct a measure of physical climate risk is more externally independent. This paper provides practical guidance on how firms can cope with the negative impacts of climate change and argues that relevant departments should improve the climate risk disclosure system, make climate risk plans and provide basic protection for disaster-stricken firms; investors should rationally assess the physical climate risk and pay attention to the hazards of climate change. Besides, firms should take risk management measures initiatively and incorporate measures such as diversification and supply-chain integration into their strategic decisions to alleviate the risk pressure.
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