来源：市场资讯
（来源：经济管理学刊）
近日，据JIBS官网显示，来自香港中文大学（深圳）经管学院的张博辉教授、中央财经大学创新发展学院的倪骁然教授、西安交通大学管理学院的司毅教授合作撰写的论文“Climate vulnerability and stock price crash risk worldwide”在国际商务顶刊 Journal of International Business Studies 线上正式发表。
# 论文简介 #
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.
标题：
全球气候脆弱性与股价崩盘风险
中文摘要：
基于全球数据集，本文发现，一国气候脆弱性（以对气候变化负面影响的暴露度、敏感性和适应能力衡量）的上升，会加剧企业层面的股价崩盘风险。在三个构成维度中，适应能力的解释力最为突出且最为持久。我们采用工具变量法，并利用两次分别引发全球范围及国家内部适应能力变化的监管冲击，验证了上述核心结论的稳健性。进一步分析表明，气候脆弱性越高，企业基本面越弱、坏消息隐瞒行为越激进、机构持股广度越窄，而这些因素均可能诱发未来股价崩盘。同时，该主效应在不同国家的制度与文化差异下表现出异质性。总体而言，气候脆弱性通过显著的失稳效应对股票市场产生不利影响。上述发现凸显了正式与非正式制度在减缓和适应气候变化中的关键作用，这对企业经营和各国政策制定者都具有重要参考价值。国际投资者和跨国企业在选择投资标的及管理全球供应链时，应密切关注各国旨在提升气候适应能力的政策与举措。
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