气候转型风险

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上市公司气候冲击数据2011-2023年
Sou Hu Cai Jing· 2025-06-06 03:17
Group 1 - The article highlights the increasing frequency of extreme climate disasters and their negative impact on the real economy and financial markets, leading to lower consumption, investment, and potential economic recession [1] - The NGFS categorizes climate-related risks into physical risks and transition risks, with physical risks stemming from extreme environmental disasters that negatively affect microeconomic entities and overall economic stability [1] - Identifying and managing climate disasters is crucial for companies to maintain economic stability and promote high-quality economic development in the current era [1] Group 2 - The methodology for measuring the physical impact of climate on companies involves analyzing the frequency of climate-related terms in annual reports from 2011 to 2023 for Chinese A-share listed companies [2] - Data collection involved using web scraping tools to download annual reports, converting them to text format, and calculating the ratio of climate-related term frequency to total term frequency to derive a physical impact indicator [2][3] - The data includes stock codes, years, climate physical impact term frequency, total term frequency, and climate physical impact variables in Excel format [3] Group 3 - Existing research on climate physical impacts focuses on several areas, including the effects on corporate operations, where climate disasters disrupt normal production and reduce profitability, leading to increased default risk [5] - Climate physical impacts also affect capital markets, as investors may overestimate risks associated with environmental disasters, leading to lower asset valuations [5] - The relationship between climate physical risks and financial risks is significant, as physical impacts can elevate default risks for companies, influenced by their cost transfer capabilities and information disclosure quality [6] Group 4 - The connection between physical risks and transition risks is emphasized, as companies' efforts to transition to low-carbon operations can influence the effects of climate physical impacts [6] - Climate risks can transmit to the financial system, increasing risks for banks and affecting asset quality and risk levels within financial institutions [7]