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<p>Green transformation is a key strategic measure for enterprises to respond to the dual pressure of physical and transition climate risks. Based on the panel data of A-share enterprises in China from 2010 to 2024, this paper constructs the research paradigm of "risk exposure-cognitive awakening-strategic transformation", and empirically analyzes the impact of dual climate risks on corporate green transformation. The results show that both physical climate risk and transition climate risk significantly promote corporate green transformation: the coefficient of physical climate risk is 0.034 (<i>p</i> &lt; 0.1), and that of transition climate risk is 0.002 (<i>p</i> &lt; 0.05). The mediating effect test, including a one-period lag specification, confirms that dual climate risks facilitate green transformation by enhancing executives' environmental awareness. The moderating effect test shows that financial constraints exert a significant negative moderating effect on the above relationship. To address endogeneity, we adopt the Heckman two-stage model, and the results remain consistent after controlling for sample self-selection bias. Heterogeneity analysis shows that the promoting effect is more pronounced in large-scale and non-heavily polluting enterprises. This study provides an important reference for further exploring the core issues of corporate green transformation under dual climate risks.</p>

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Turning crisis into opportunity: Green transformation under corporate climate risk

  • 期刊论文

  • 发表日期：

    2026年7月21日

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  • Lin Li,
  • Yunan Yang,
  • Ruoya Zhao

摘要

Green transformation is a key strategic measure for enterprises to respond to the dual pressure of physical and transition climate risks. Based on the panel data of A-share enterprises in China from 2010 to 2024, this paper constructs the research paradigm of "risk exposure-cognitive awakening-strategic transformation", and empirically analyzes the impact of dual climate risks on corporate green transformation. The results show that both physical climate risk and transition climate risk significantly promote corporate green transformation: the coefficient of physical climate risk is 0.034 (p < 0.1), and that of transition climate risk is 0.002 (p < 0.05). The mediating effect test, including a one-period lag specification, confirms that dual climate risks facilitate green transformation by enhancing executives' environmental awareness. The moderating effect test shows that financial constraints exert a significant negative moderating effect on the above relationship. To address endogeneity, we adopt the Heckman two-stage model, and the results remain consistent after controlling for sample self-selection bias. Heterogeneity analysis shows that the promoting effect is more pronounced in large-scale and non-heavily polluting enterprises. This study provides an important reference for further exploring the core issues of corporate green transformation under dual climate risks.