Research on the Impact of Climate Change on Corporate Performance—Empirical Test Based on Listed Companies
[Purposes]Climate change is becoming more and more serious,and its impact affects all walks of life.Therefore,it is necessary to study the economic consequences of climate change.[Methods]In this paper,A sample of China's A-share listed companies from 2013 to 2022 was used to empirically study the impact of climate change on business performance by using a static panel two-way fixed effect model.[Findings]The study found that with the influence of extreme temperature,the business perfor-mance of enterprises had a significant decline.Mechanism tests show that climate change weakens firm performance by reducing firm operating capacity and increasing firm financing constraints.Heterogene-ity analysis found that heavy pollution industries and state-owned enterprises were more significantly af-fected by climate change.Further analysis shows that the high temperature weather has no negative im-pact on enterprise performance,while the low temperature weather significantly reduces the business per-formance of enterprises.[Conclusions]The physical risk and transition risk of climate change have caused great obstacles to production activities.Strengthening policy protection and self-prevention can effectively reduce the adverse impact of climate change and improve the adaptability to environmental change.
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