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<p>Climate risk is a critical global issue, and effective climate risk governance is a key concern for nations. This paper employs text analysis and machine learning methods to measure corporate climate risk from 2007 to 2022 and investigates whether such risk influences high-quality corporate development. The results reveal that: (i) corporate climate risk exhibits an inverted U-shaped relationship with high-quality development, and current levels of risk have entered a phase that inhibits corporate growth. (ii) Climate risk has a U-shaped effect on corporate operating costs and an inverted U-shaped effect on operating revenues, leading to short-term promotion but long-term inhibition of high-quality development. (iii) With the deepening of green governance, the “push-pull” effect of climate risk on corporate development weakens. (iv) Climate risk influences corporate behavior and regional macroeconomic conditions through economic spillover effects. Finally, this study offers a comprehensive and objective perspective on the development of climate risk, providing robust evidence to support climate adaptation strategies, corporate development-climate policy coordination, and the achievement of sustainable development goals.</p>

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Climate risk, green governance, and high-quality corporate development

  • 期刊论文

  • 发表日期：

    2025年7月4日

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  • Baixing Li,
  • Peiqiong Wang,
  • Lizhuo Zhou,
  • Zhiyuan Wei

摘要

Climate risk is a critical global issue, and effective climate risk governance is a key concern for nations. This paper employs text analysis and machine learning methods to measure corporate climate risk from 2007 to 2022 and investigates whether such risk influences high-quality corporate development. The results reveal that: (i) corporate climate risk exhibits an inverted U-shaped relationship with high-quality development, and current levels of risk have entered a phase that inhibits corporate growth. (ii) Climate risk has a U-shaped effect on corporate operating costs and an inverted U-shaped effect on operating revenues, leading to short-term promotion but long-term inhibition of high-quality development. (iii) With the deepening of green governance, the “push-pull” effect of climate risk on corporate development weakens. (iv) Climate risk influences corporate behavior and regional macroeconomic conditions through economic spillover effects. Finally, this study offers a comprehensive and objective perspective on the development of climate risk, providing robust evidence to support climate adaptation strategies, corporate development-climate policy coordination, and the achievement of sustainable development goals.