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<p>In the VUCA era, the survival and development of enterprises are faced with multiple risks. Especially in the context of frequent climate disasters, climate risk has become a key variable in reshaping the business environment of enterprises. But what impact do climate risks have on enterprise resilience? Based on this problem, this paper uses the data of Chinese listed companies from 2010 to 2023 to analyze and examine the direct impact and indirect channels of climate risk on enterprise resilience. The findings show that climate risk can improve enterprise resilience. In samples with higher climate policy uncertainty and closer environmental regulation distance, this impact is more pronounced. Raising management’s awareness of climate change, proactively disclosing environmental information, and promoting the green transformation of enterprises are significant ways to improve enterprise resilience through climate risks. Both climate physical risks and climate transition risks can significantly improve enterprise resilience, but this effect is more prominent in climate transition risks.</p>

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Does climate risk inhibit enterprise resilience? Evidence from Chinese listed companies

  • 期刊论文

  • 发表日期：

    2026年1月14日

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  • Yongfang Dou,
  • Lingfu Zhang,
  • Hailing Wang,
  • Yan Wang

摘要

In the VUCA era, the survival and development of enterprises are faced with multiple risks. Especially in the context of frequent climate disasters, climate risk has become a key variable in reshaping the business environment of enterprises. But what impact do climate risks have on enterprise resilience? Based on this problem, this paper uses the data of Chinese listed companies from 2010 to 2023 to analyze and examine the direct impact and indirect channels of climate risk on enterprise resilience. The findings show that climate risk can improve enterprise resilience. In samples with higher climate policy uncertainty and closer environmental regulation distance, this impact is more pronounced. Raising management’s awareness of climate change, proactively disclosing environmental information, and promoting the green transformation of enterprises are significant ways to improve enterprise resilience through climate risks. Both climate physical risks and climate transition risks can significantly improve enterprise resilience, but this effect is more prominent in climate transition risks.