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99气候变化的复杂性无疑会加剧气候政策的不确定性，进而对企业投资决策产生深远影响。文章从气候政策不确定性视角探究企业投资效率变动背后的逻辑，并利用2005—2022年中国A股上市公司数据，实证检验气候政策不确定性对企业投资效率的影响及作用机制。研究表明：气候政策不确定性显著降低企业投资效率，而数字化转型能有效缓解气候政策不确定性对企业投资效率提升的抑制作用。机制识别显示，融资约束、代理成本和客户稳定度是气候政策不确定性影响企业投资效率的重要传导渠道。异质性分析发现，在处于成长期、管理者短视和碳排放程度较高的企业中，气候政策不确定性的影响效应更显著；在处于衰退期、管理者短视和碳排放程度较低的企业中，数字化转型的调节效应更大。研究结论既对企业应对气候政策的变动风险具有指导意义，也对改善企业投资效率有所启示。
气候政策不确定性、数字化转型与企业投资效率
摘要
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引用本文
孙海波, 曹迪, 刘忠璐. 气候政策不确定性、数字化转型与企业投资效率[J]. 上海财经大学学报, 2024, 26(6): 62-77.
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