所属栏目:新金融/绿色金融

How Does Climate Risk Affect Firm Export Sophistication? Evidence from China
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发布日期:2025年11月17日 上次修订日期:2025年11月17日

摘要

The frequent occurrence of extreme weather events not only poses serious challenges to global economic growth and financial stability but also affects firms negatively across multiple dimensions. Using a sample of Chinese A-share listed firms from 2006-2016, this study aims to explore the effect of climate risk on firm export sophistication. The findings show that climate risk inhibits firm export sophistication, with the results varying depending on firm and industry types. Specifically, climate risk (i) inhibits export sophistication for firms with low government subsidies more than for firms with high government subsidies; (ii) restraints export sophistication for firms in high-tech industries rather than for low-and medium-tech industries; and (iii) reduces export sophistication for firms in low-marketization regions more than for firms in high-marketization regions. In addition, channel analysis shows that climate risk inhibits firm export sophistication by increasing financial constraints and reducing human capital.
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Yuxia Fang; Wentao Liu How Does Climate Risk Affect Firm Export Sophistication? Evidence from China (2025年11月17日) https://www.cfrn.com.cn/lw/16465.html

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