摘要：全球气候风险的日益严峻势必会影响企业的可持续发展，进而对促进我国经济高质量发展、实现中国式现代化进程形成制约作用。基于2009—2022年沪深A股数据，本文探究了气候转型风险对企业可持续发展绩效的影响。研究表明，气候转型风险显著降低了企业的可持续发展绩效。异质性分析表明，上述负面影响在非高碳行业、非重污染行业以及低碳试点区域的企业中更为突出。机制分析表明，气候转型风险通过降低企业的维持性投资而抑制其可持续发展绩效，但增加耐心资本、提升地区绿色金融水平可缓解该负面影响。本文为防范气候风险、促进经济低碳转型提供了决策参考。
关键词：气候转型风险;可持续发展;耐心资本
The Impact of Climate Transition Risks on Corporate Sustainable Development: The Moderating Role of Patient Capital
Cui Jie, Zhang Jianwei, Wu Yupeng
Abstract: The increasing severity of global climate risks is bound to affect corporate sustainable development, thereby constraining the promotion of China’s high-quality economic development and the realization of its Chinese-style modernization process. Based on data from Shanghai and Shenzhen A-shares from 2009 to 2022, this study investigates the impact of climate transition risks on corporate sustainable development performance. The research finds that climate transition risks significantly reduce corporate sustainable development performance. Heterogeneity analysis indicates that the aforementioned negative impact is more pronounced in low-carbon industries, low-pollution industries, and enterprises located in low-carbon pilot regions. Mechanism analysis reveals that climate transition risks inhibit sustainable development performance by reducing corporate maintenance investment, but increasing patient capital and enhancing regional green finance levels can mitigate this negative impact. This paper provides decision-making references for preventing climate risks and promoting a low-carbon economic transition.
Keywords: Climate Transition Risks; Sustainable Development; Patient Capital
