← 論文一覧に戻る

気候関連物理リスク、企業の投資行動とサプライチェーンリスク水準

Climate‐Related Physical Risks, Corporate Investment Behaviours and Supply Chain Risk Levels (原題)

Zhao-Sheng Mao, Yan-Ling Zhao, Miao-Jie Wang

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-08-31#気候リスクOrigin: CN経営インパクト: 調達リスク対象セクター: cross_sector
DOI: 10.1002/csr.70941
原典: https://doi.org/10.1002/csr.70941

🤖 gxceed AI 要約

日本語

中国A株市場の上場企業4610社のパネルデータ（2014-2023年）を用い、気候関連物理リスクが企業のサプライチェーンリスク水準を有意に高めることを実証。リスク経路として企業の群衆行動、域外投資、金融化を特定し、移行リスクがその影響を弱めることを示した。

English

Using panel data from 4,610 Chinese A-share listed firms (2014-2023), this study shows that climate-related physical risks significantly increase corporate supply chain risk levels. It identifies herd behavior, off-site investment, and financialization as channels, and finds that transition risks weaken this positive association.

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

日本企業にとっても、気候物理リスクがサプライチェーンリスクに与える影響は重要であり、SSBJ開示やサプライチェーン管理の実務に示唆を与える。ただし、中国市場特有の要因も多いため、日本への適用には注意が必要。

In the global GX context

This study contributes to the global literature on climate risk and supply chain management, offering empirical evidence from China. It aligns with TCFD/ISSB frameworks that emphasize physical risk assessment and supply chain resilience, providing insights for global firms operating in or sourcing from China.

👥 読者別の含意

🔬研究者:気候リスクとサプライチェーンの実証研究に興味のある研究者は、中国市場での大規模なエビデンスとチャネル分析を参考にできる。

🏢実務担当者:サプライチェーン管理や気候リスク開示を担当する実務者は、物理リスクがサプライチェーンに与える影響を理解し、リスク評価に活用できる。

🏛政策担当者:気候リスクがサプライチェーンに与える影響を考慮した政策立案に示唆を与える。

📄 Abstract（原文）

Fuelled by global warming, climate change is intensifying, and climate‐related physical risks are progressively becoming a pivotal factor affecting the security and sustainable development of corporate supply chains. Based on panel data from 4610 listed companies on the Chinese A‐share market from 2014 to 2023, this study measures climate‐related physical risks using the textual frequency of climate‐relevant disclosures in corporate annual reports, quantifies corporate supply chain risk levels via the ratio of the standard deviation of firms' production output to market demand, and adopts a two‐way fixed‐effects model to examine the correlation between climate‐related physical risks and corporate supply chain risk levels. The findings reveal that: (1) climate‐related physical risks correspond to higher corporate supply chain risks; a one‐standard‐deviation increase in climate‐related physical risks significantly raises firms' supply chain risk level by approximately 2.70 standard units. (2) Path analysis aligns with a plausible channel logic indicating that climate‐related physical risks relate to elevated supply chain risk levels in association with corporate herd behaviour, off‐site investment and financialisation. (3) Climate transition risks can weaken the positive association between climate‐related physical risks and corporate supply chain risk levels. (4) A further analysis reveals that the effects of climate‐related physical risks are more pronounced in companies located in non‐subtropical monsoon areas, those that are labour‐intensive, with higher supply chain concentration, and where supply chain geographic distances are shorter compared to other types of enterprises. This study demonstrates that amid shocks from abrupt climate disasters and persistent climate change, the risk between enterprise production and demand escalates alongside corporate herd behaviour among industry peers, off‐site establishment of subsidiaries, and expanded corporate financial asset investment.

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。