气候风险如何影响企业投资效率？——基于机构投资者持股的调节效应分析

How Does Climate Risk Affect Corporate Investment Efficiency?—Based on the Moderating Effect of Institutional Investors’ Holdings

摘要: 在全球气候变化与我国“双碳”战略深入推进的现实背景下，本文基于2010~2024年中国A股上市公司数据，采用双向固定效应模型，实证研究气候风险对企业投资效率的影响，并探讨了机构投资者持股的调节作用。研究发现，气候风险会显著加剧企业投资偏离度，降低企业投资效率，而且会通过企业债务融资成本的传导渠道影响其投资效率。机构投资者持股能够显著抑制气候风险对企业投资效率的负面影响。此外，相较于企业投资不足现象，气候风险更容易导致企业过度投资。本文研究结论为理解气候风险的微观经济后果提供了新证据，并为如何利用外部治理力量缓解其冲击提供了政策启示。

Abstract: Against the backdrop of global climate change and the deepening implementation of China’s “dual carbon” strategy, this paper uses data from China A-share listed companies from 2010 to 2024 and employs a two-way fixed effects model to empirically study the impact of climate risk on corporate investment efficiency, while exploring the moderating role of institutional investor ownership. Research indicates that climate risks significantly exacerbate corporate investment deviation, reduce investment efficiency, and negatively impact it through the transmission channel of corporate debt financing costs. Institutional investor ownership can effectively mitigate the adverse effects of climate risks on corporate investment efficiency. Moreover, compared to underinvestment, climate risks are more likely to lead to overinvestment. The conclusions of this study provide new evidence for understanding the microeconomic consequences of climate risk and offer policy insights on how to leverage external governance forces to mitigate its impacts.