気候物理リスクと企業の投資効率：サプライチェーンのスピルオーバー効果からの証拠
Climate physical risks and corporate investment efficiency: evidence from supply chain spillover effects (原題)
Chang-Zhe Deng, Xue-Yu Lin, Chen-can Rao, Mai-Miao Sun, Guo Qiu-ping
🤖 gxceed AI 要約
日本語
サプライヤーの気候物理リスク指数を独自構築し、それが企業の投資効率を有意に低下させることを示した。経路はリスクテイク能力の低下と商業信用による資金調達の圧縮。サプライチェーン強靭性が低く、信用アクセスが乏しく、固定資産比率が高く、研究開発投資が少ない企業ほど影響が大きい。
English
The study builds a novel supplier climate physical risk index from Chinese procurement, firm-registry, and climate-risk datasets, and shows that rising supplier-side physical risk significantly lowers corporate investment efficiency. The effect operates through reduced risk-taking capacity and compressed trade-credit financing, and is stronger for firms with weak supply-chain resilience, low credit access, high fixed-asset ratios, and low R&D.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
SSBJ・Scope 3開示が進む日本では、サプライヤーの気候物理リスクが自社の投資行動や資金調達に波及する経路を示す点が示唆的。サプライチェーン・エンゲージメントや適応策投資の正当化材料になり得る。
In the global GX context
Adds empirical evidence to the global debate on how physical climate risk propagates through value chains, complementing TCFD/ISSB work on Scope 3 and adaptation. It links supply-chain climate exposure to real investment outcomes and financing channels, an angle less covered in CSRD/SEC climate discussions.
👥 読者別の含意
🔬研究者:気候物理リスクのサプライチェーン伝播と企業財務・投資行動を結ぶ実証枠組みとして参照価値が高い。
🏢実務担当者:サプライヤーの気候リスク評価を調達・与信管理に組み込み、投資計画の下方リスクを抑える示唆を提供する。
🏛政策担当者:サプライチェーン全体の気候適応支援や中小サプライヤーの資金アクセス改善策を検討する根拠になり得る。
📄 Abstract（原文）
As a critical transmission channel of corporate risk contagion, supply chains serve as a vital pathway for the cross-firm propagation of climate physical risks, and clarifying such risk transmission mechanisms is essential for stabilizing corporate investment efficiency amid volatile market environments. This study constructs a novel supplier climate physical risk index by integrating data from the Top Five Supplier Procurement Information Table, Chinese Industrial and Commercial Enterprise Information, and the China Climate Physical Risk Dataset, and empirically examines how supplier-side climate physical risks shape corporate investment efficiency. The results indicate that the increase in supplier climate physical risks significantly reduces the investment efficiency of enterprises, and this conclusion still holds true after a series of robustness tests. Specifically, it affects the investment efficiency of enterprises by reducing their risk-taking ability and compressing their commercial credit financing channels. Enterprises with poor supply chain resilience, low credit availability, high proportion of fixed assets, and low R&D investment are more susceptible to the impact of supplier climate physical risks, resulting in a more significant decrease in investment efficiency. This study expands the theoretical boundary of Climate Physical Risk economics and supply chain financial governance, and provides empirical evidence and practical implications for Chinese enterprises to mitigate supplier Climate Physical Risk shocks and stabilize high-quality investment development.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3389/fenvs.2026.1954810first seen 2026-09-24 04:47:17
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。