气候风险对企业创新合作的影响

The Impact of Climate Risks on Corporate Innovation Collaboration

摘要: 近年来，全球极端天气事件频发，气候风险已从遥远的未来威胁转变为现实中的高频经济扰动，对微观企业行为产生影响。本文利用2010~2024年中国A股上市公司数据，检验了气候风险对企业创新合作的影响及其作用路径。研究结果表明：气候风险显著促进了企业的创新合作行为，结果在一系列稳健性检验后依然成立。调节效应分析表明，融资约束正向调节了气候风险对创新合作的促进效应，资金压力越紧，合作动机越强；社会信任则发挥了负向调节作用，低信任地区中气候风险的共同经历能够弥补信任不足，更强地促进企业开展创新合作。异质性分析表明，气候风险对创新合作的促进效应在大规模企业、污染型企业以及绿色转型程度较高的企业中表现得更为突出。本文拓展了气候风险微观经济后果的研究边界，也为企业在气候风险背景下优化创新战略、为政府部门制定差异化的气候适应政策提供了依据。

Abstract: In recent years, extreme weather events have occurred frequently worldwide. Climate risks have evolved from a distant future threat into recurring real economic shocks, exerting tangible impacts on the operational decisions of micro-enterprises. This paper uses data of Chinese A-share listed firms from 2010 to 2024 to examine the effect of climate risks on corporate innovation collaboration and its underlying mechanisms. The empirical results show that climate risks significantly boost firms’ innovation collaboration, and this finding remains robust across a battery of validation tests. Mechanism analyses reveal that financing constraints and social trust serve as key transmission channels. Climate risks tighten corporate financing conditions, and resultant funding pressures push firms to share R&D costs and operational risks via collaborative innovation. Furthermore, social trust plays a substitutive mediating role in this relationship. In regions with low social trust, the shared risk experience brought by climate risks can offset the lack of trust, thereby generating a stronger positive effect on innovation collaboration. Heterogeneity tests indicate that the promoting effect is more pronounced among large-scale firms, polluting enterprises, and firms with a higher level of green transition. This study extends the research on the microeconomic consequences of climate risks, and provides practical references for firms to adjust innovation strategies amid climate risks, as well as for policymakers to formulate targeted climate adaptation policies.