來源：市場資訊

（來源：經濟管理學刊）

近日，據JIBS官網顯示，來自香港中文大學（深圳）經管學院的張博輝教授、中央財經大學創新發展學院的倪驍然教授、西安交通大學管理學院的司毅教授合作撰寫的論文“Climate vulnerability and stock price crash risk worldwide”在國際商務頂刊 Journal of International Business Studies 線上正式發表。

# 論文簡介 #

Title：

Climate vulnerability and stock price crash risk worldwide

Author：

Xiaoran Ni, Yi Si,Bohui Zhang

Abstract：

Using a global dataset, we document that an increase in country-level climate vulnerability, measured by exposure, sensitivity, and adaptive capacity to the negative effects of climate change, results in an increase in firm-level stock price crash risk. Among these components, adaptive capacity exhibits the most prominent and persistent explanatory power. We confirm our main findings using an instrumental variable approach and exploring two regulatory shocks that tend to generate worldwide or within-country variations in adaptive capacity. In addition, we show that greater climate vulnerability is associated with weaker firm fundamentals, more aggressive bad news hoarding, and narrower institutional ownership breadth, all of which tend to trigger future stock price crashes. Moreover, the main effect varies with institutional or cultural differences across countries. Our overall findings indicate that climate vulnerability has adverse stock market consequences through a pronounced destabilizing effect. These findings highlight the critical role of formal and informal institutions in mitigating and adapting to climate change, an important issue for business operations and policymakers worldwide. International investors and multinational corporations should closely monitor country-level policies and initiatives aimed at enhancing climate resilience when selecting investees and managing global supply chains.

標題：

全球氣候脆弱性與股價崩盤風險

中文摘要：

基于全球數據集，本文發現，一國氣候脆弱性（以對氣候變化負面影響的暴露度、敏感性和適應能力衡量）的上升，會加劇企業層面的股價崩盤風險。在三個構成維度中，適應能力的解釋力最為突出且最為持久。我們采用工具變量法，并利用兩次分別引發全球范圍及國家內部適應能力變化的監管沖擊，驗證了上述核心結論的穩健性。進一步分析表明，氣候脆弱性越高，企業基本面越弱、壞消息隱瞞行為越激進、機構持股廣度越窄，而這些因素均可能誘發未來股價崩盤。同時，該主效應在不同國家的制度與文化差異下表現出異質性。總體而言，氣候脆弱性通過顯著的失穩效應對股票市場產生不利影響。上述發現凸顯了正式與非正式制度在減緩和適應氣候變化中的關鍵作用，這對企業經營和各國政策制定者都具有重要參考價值。國際投資者和跨國企業在選擇投資標的及管理全球供應鏈時，應密切關注各國旨在提升氣候適應能力的政策與舉措。