3618 
2779随着气候变化的加剧，气候政策在中国经济系统中发挥着越来越重要的作用。现有文献已经关注到气候物理风险对企业生产率的影响，但较少考察政策维度的气候风险即气候政策不确定性对企业生产率的影响。基于此，文章构建了公司层面的气候政策不确定性指数，并考察了其对企业全要素生产率的影响效应和作用机理。研究表明，气候政策不确定性会诱发企业升级困境，显著抑制企业全要素生产率提升。气候政策不确定性指数每上升1个标准差，全要素生产率下降约5.2%个标准差。机制分析表明，气候政策不确定性会挤出实体投资和绿色创新投资，挤入金融投资，从而抑制企业全要素生产率提升。异质性分析表明，气候政策不确定性的影响在风险传导较强、风险应对较差以及政策引导比较薄弱的企业中更加显著。经济后果分析表明，气候政策不确定性所导致的企业升级困境会弱化其市场竞争力和价值链话语权。文章研究表明，政府应关注气候政策不确定性问题，通过营造更加稳定的气候政策预期来缓解企业升级困境。
气候政策不确定性与中国企业升级困境
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汪顺, 余璐, 雷玲. 气候政策不确定性与中国企业升级困境[J]. 财经研究, 2024, 50(2): 123-138.
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