气候物理风险对文旅企业投资效率的影响
RESEARCH ON THE IMPACT OF CLIMATE PHYSICAL RISK ON INVESTMENT EFFICIENCY OF CULTURAL AND TOURISM ENTERPRISES
李圣蕊 1吴津津1
作者信息
- 1. 辽宁工程技术大学工商管理学院，兴城市 125100
- 折叠
摘要
全球气候变化带来的极端风险不断加剧，持续影响各行业经营发展，是当前突出的全球性发展问题。文旅产业高度依赖自然环境，极易受气候物理风险影响，是文旅企业投资决策的重要参考因素。本文以2005-2024年中国A股上市文旅企业为研究样本，借助双向固定效应模型开展实证分析，进一步检验融资约束、委托代理成本的中介作用及相关异质性特征。研究发现，气候物理风险会显著抑制文旅企业投资效率，还可通过影响企业融资约束、代理成本与生产效率，间接改变企业投资行为。本文将气候物理风险引入文旅企业投资效率研究，拓展了气候风险经济后果的研究体系，补充了文旅行业财务投资领域的相关成果。研究结论可为文旅企业搭建气候风险管控机制、政府制定行业气候治理政策提供有效参考，助力文旅产业绿色可持续发展。
Abstract
Against the backdrop of escalating extreme risks stemming from global climate change, the business operations of various industries have been continuously disrupted, making climate change a prominent global development challenge. As an industry highly reliant on natural environments, the cultural and tourism sector is extremely vulnerable to physical climate risks, which have become a critical reference for investment decisions of cultural and tourism enterprises.Taking China\'s A-share listed cultural and tourism enterprises from 2005 to 2024 as the research sample, this paper conducts an empirical analysis using the two-way fixed effects model, and further examines the mediating effects of financing constraints and principal-agent costs as well as relevant heterogeneous characteristics. The results reveal that physical climate risks significantly inhibit the investment efficiency of cultural and tourism enterprises. Meanwhile, such risks can indirectly alter corporate investment behaviors by affecting firms\' financing constraints, agency costs and production efficiency.This study incorporates physical climate risks into the research on the investment efficiency of cultural and tourism enterprises, expands the research framework regarding the economic consequences of climate risks, and enriches the literature on financial investment in the cultural and tourism industry. The conclusions provide practical references for cultural and tourism enterprises to establish climate risk management mechanisms and for governments to formulate industrial climate governance policies, thereby facilitating the green and sustainable development of the cultural and tourism industry.关键词
企业管理/气候风险/投资效率/文旅企业Key words
key word 1/Physical Risk/Investment Efficiency/Cultural and Tourism Enterprises引用本文复制引用
李圣蕊,吴津津.气候物理风险对文旅企业投资效率的影响[EB/OL].(2026-06-16)[2026-06-18].http://www.paper.edu.cn/releasepaper/content/202606-47.学科分类
环境科学技术现状/社会与环境/环境管理/灾害、灾害防治
