期刊文献+

气候变化波动、FDI流动与企业绩效——基于2000-2020年我国省域NDVI指数的经验证据 被引量:4

Climate Change Fluctuations,FDI Flows and Enterprise Performance
下载PDF
导出
摘要 气候变化对微观企业层面的影响问题是近年来学术界关注的焦点。本文在气候变化冲击外商直接投资(FDI)流动传导机制视角下,运用2000—2020年我国31个省区市(未包括港澳台)1365家非金融上市企业面板数据,实证研究了气候变化冲击下FDI流动影响企业绩效问题。研究构建了省域层面的归一化植被指数(NDVI),并利用纳入FDI的生产率函数来测度样本企业的全要素生产率。实证结果表明:气候变化波动通过减少我国各地FDI流入和吸收,影响企业债务融资规模、成本等,从而对企业的盈利能力和生产率造成负面影响;一般而言,规模较小或年龄较长的企业以及更易受到气候变化影响的地区和行业,气候变化冲击对企业绩效的影响更大;而2015年后随着巴黎气候协定的落实,企业增加了应对气候变化额外的投资,致使杠杆率在逐渐提升,盈利能力和生产率下降。因此,提出如下政策建议:改善金融服务弹性,提高企业抵御气候冲击的复原力;落实“双碳”战略,增强经济韧性;扩大对外开放,提高FDI吸收和利用等。 The impact of climate change on the micro-enterprise level has been the focus of academic attention in recent years.From the perspective of the current transmission mechanism of climate change impact on foreign direct investment(FDI),this paper empirically studies the impact of FDI flows on the performance of enterprises under the impact of climate change by using the panel data of 1365 non-financial listed enterprises in 31 provinces,autonomous regions and municipalities(excluding Hong Kong,Macao and Taiwan)in China from 2000 to 2020.The normalized differential vegetation index(NDVI)at the provincial level is constructed,and the productivity function included in the FDI is used to measure the total factor productivity of the sample enterprises.The empirical results show that climate change fluctuations affect the scale and cost of corporate debt financing by reducing FDI inflow and absorption in various parts of China,thereby negatively affecting the profitability and productivity of enterprises.In general,smaller or older companies and regions and industries that are more vulnerable to climate change impacts will have a greater impact on business performance.But after 2015,with the implementation of the Paris Climate Agreement,companies have increased additional investment in tackling climate change,resulting in a gradual increase in leverage ratio and lower profitability and productivity.Therefore,the following policy recommendations are put forward:improve the resilience of financial services and improve corporate resilience against climate shocks;implement the"double carbon"strategy and enhance economic resilience;expand opening to the outside world and improve the absorption and utilization of FDI,etc.
作者 徐金球 Xu Jinqiu
出处 《企业经济》 北大核心 2023年第3期58-68,共11页 Enterprise Economy
基金 中国博士后科研基金项目“汇率波动、金融稳定与人民币国际化”(项目编号:2015M570983) 中国商务部规划基金项目“中国融资租赁行业监管与发展”(项目编号:17CSRT6518)。
关键词 气候变化 FDI 生产率 NDVI climate change FDI productivity NDVI
  • 相关文献

二级参考文献89

共引文献526

同被引文献40

引证文献4

二级引证文献4

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部