Chunmian Ge;Xiyue Zhang;Yuyuan Chang;Huiqi Deng;

• 1:School of Business Administration
• 2:South China University of Technology

Abstract：

Using public data from Chinese A-share listed companies, this paper investigates impact of extreme climate risks on corporate innovation. The results show that the managerial risk perceptions from extreme climate changes exert a constraining effect on companies' innovation efforts, a relationship that holds true across various dimensions of extreme climate events, including scope, magnitude, frequency. This association persists even after accounting for the potential impact of changes in industry policies on firm innovation. Moreover, our analysis suggests that higher-risk response capacity can moderate the negative impact of climate change on company innovation. In addition, companies' digital transformation plays an active role in increasing managers' confidence and activating companies toward climate risks through innovation. In summary, this paper enriches the management and response strategies of enterprises for climate risks through the path of enterprise independent innovation. The implications of this research are significant in terms of promoting corporate innovation, mitigating and addressing substantial risks, and fostering high-quality economic development.

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Foundation: 国家自然科学基金面上项目(项目编号:72272055);国家自然科学基金优秀青年科学基金项目(项目编号:72422022);; 广东省基础与应用基础研究基金项目区域联合基金青年基金项目(项目编号:2022A1515110425);; 广东省自然科学基金项目面上项目(项目编号:2023A1515010223);; 广州市哲学社会科学规划课题(项目编号:2022GZYB24)的资助

Authors: Chunmian Ge;Xiyue Zhang;Yuyuan Chang;Huiqi Deng;

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• (1)资料来源:世界气象组织WMO(2021),World Meteorological Organization,Atlas of mortality and economic losses from weather,climate and water extremes,Geneva.
• (2)资料来源:政府间气候变化专门委员会IPCC(2022),Climate Change 2022:Impacts,Adaptation and Vulnerability,Intergovernmental Panel on Climate Change,Geneva.https://www.ipcc.ch/report/ar6/wg2/。
• (3)资料来源:世卫组织-气候与健康专题,https://cdn.who.int/media/docs/default-source/climate-change/fast-facts-on-climate-and-health.pdf?sfvrsn=157ecd81_5。
• (4)本文利用百度地图API获取自然灾害发生地和上市公司所在地的经纬度信息,并利用ARCGIS软件识别灾害事件发生地和企业所在地的地理距离。
• (5)资料来源:中国海上油田实现台风无人化生产,中新网 (chinanews.com.cn)。