Climate Shocks and Systemic Risks in the Real Economy
気候ショックと実体経済におけるシステムリスク (AI 翻訳)
Weikai Tang
🤖 gxceed AI 要約
日本語
中国A株上場企業のデータを用いて、気候ショックが企業のシステムリスクを有意に高めることを実証。メカニズム分析では、財務悪化・生産効率低下・情報非対称性の悪化が経路であることを示す。また、ESG（特にEとG）の緩和効果や、グリーンファイナンス等の政策効果も確認された。
English
Using Chinese A-share listed companies from 2007-2024, this study finds that climate shocks significantly increase corporate systemic risk. Mechanism analysis reveals pathways through financial distress, reduced production efficiency, and worsened information asymmetry. ESG performance, especially environmental and governance dimensions, and green finance policies mitigate this effect. Transition risk is the main driver.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でも気候変動によるシステムリスクへの関心が高まっており、本論文のグリーンファイナンス政策やESGの緩和効果に関する知見は、日本の金融機関や企業のリスク管理に示唆を与える。
In the global GX context
This paper provides empirical evidence from China on how climate shocks propagate to systemic risk in the real economy, highlighting the roles of transition risk and ESG mitigation. It informs global policymakers on designing climate risk prevention systems and underscores the importance of green finance innovations.
👥 読者別の含意
🔬研究者:The paper offers empirical evidence on climate shock transmission mechanisms to systemic risk, useful for further research in climate finance and risk modeling.
🏢実務担当者:Findings on ESG and green finance as risk mitigators can guide corporate sustainability and risk management strategies.
🏛政策担当者:Insights on transition risk dominance and policy effectiveness provide a reference for designing climate risk regulation and financial stability frameworks.
📄 Abstract（原文）
As global warming becomes increasingly severe,frequent extreme weather events and the accelerated transition to a low-carbon economy have made climate shocks a significant factor affecting the operation of the real economy and the stability of financial markets.This paper uses data from Chinese A-share listed companies from 2007 to 2024 as the initial research sample to empirically examine the impact of climate shocks on the systemic risk of real enterprises.The study finds that climate shocks significantly increase corporate systemic risk,and this conclusion remains valid after a series of robustness tests.Mechanism analysis indicates that climate shocks amplify systemic risk by exacerbating financial distress,reducing production efficiency,and worsening information asymmetry.Heterogeneity analysis shows that green finance reforms,climate finance innovations,and green fiscal policies effectively mitigate the adverse transmission of climate shocks to corporate systemic risk by alleviating information asymmetry,providing risk hedging tools,and enhancing corporate resilience.Moderation analysis reveals that ESG performance significantly mitigates the positive impact of climate risk on corporate systemic risk.This risk-mitigating effect primarily stems from substantial contributions from the environmental (E) and governance (G) dimensions,while the social (S) dimension plays a negligible role.Further analysis indicates that the upward pressure of climate risk on systemic risk in the real economy is primarily driven by transition risk,with the impact of physical risk being relatively limited.These findings align with the logic that climate shocks ultimately elevate systemic risk by deteriorating corporate operations and financial conditions and exacerbating risk transmission.This conclusion provides theoretical references and practical insights for regulators to improve climate risk prevention and control systems,guide enterprises in proactively managing climate risks,and guard against systemic financial risks.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.62051/aet56118first seen 2026-06-29 08:45:24
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