In the context of heightened climate risks and frequent occurrence of extreme weather,the government hopes to regulate and guide stakeholder behavior through climate policy,but it may give rise to increased climate poli-cy uncertainty.Investors,as important participants in capital markets,are inevitably affected by climate policy uncer-tainty,but there is a lack of valid evidence on the relationship between climate policy uncertainty and investors'green concerns.To this end,this paper takes A-share listed companies as samples,and empirically examines the relation-ship between climate policy uncertainty and investors'Green Attention based on investor Q&A data from the"E-in teractive"platform of Shanghai Stock Exchange and"Easy Interactive"platform of Shenzhen Stock Exchange.The findings suggest that climate policy uncertainty significantly increases investors'Green Attention,a conclusion sup-ported by the results of a series of robustness tests.Mechanism tests find that climate policy uncertainty triggers green investor concerns by affecting corporate debt risk and business investment.In addition,the extent to which climate policy uncertainty affects investors'Green Attention is more pronounced in SOEs,high-polluting firms,high-growth firms,and firms in climate-adaptive cities.Furthermore,the impact of climate policy uncertainty on investors'Green Attention can also have economic consequences in the form of additional cash dividends.This paper provides new perspectives on the study of climate policy uncertainty and new evidence for steering investor behavior through cli-mate policy.
Climate Policy UncertaintyInvestor Green AttentionDebt RiskBusiness Investment
维普
万方数据
