气候变化风险与电力行业财务绩效:来自中国上市公司的证据

IF 4.8 2区 环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES Climate Risk Management Pub Date : 2023-01-01 DOI:10.1016/j.crm.2022.100474
Yongping Sun , Ya Zou , Jingning Jiang , Ying Yang
{"title":"气候变化风险与电力行业财务绩效:来自中国上市公司的证据","authors":"Yongping Sun ,&nbsp;Ya Zou ,&nbsp;Jingning Jiang ,&nbsp;Ying Yang","doi":"10.1016/j.crm.2022.100474","DOIUrl":null,"url":null,"abstract":"<div><p>The frequency, intensity and duration of extreme weather events have seriously affected human life and production. The electric power sector is the foundation of economic activity as well as a core participant in the adaptation and mitigation of climate change. Therefore, in the context of climate change, it is crucial for the stable operation of the national economy for power sector to cope with different climate change risks and improve their adaptability to climate change. In this paper, listed power companies in China are selected as samples to analyse the impact of climate change risk on the financial performance of the power system's supply and transmission-distribution sides. The empirical results show a significant positive correlation between climate change risks and the financial performance of listed electric power companies. The rainfall index and drought index positively impact the financial performance of listed electric power companies. The cryogenic freezing index has a negative impact on the financial performance of listed electric power companies., which is further analysed and proved that a cryogenic freezing disaster will cause the regional breakdown of the power system. The operating cost ratio and the proportion of clean energy supply play a mediating effect on the correlation between the comprehensive climate risk index and the return on equity of companies. To increase electric power companies' ability to adapt to climate change, climate change risks should be integrated into the risk management framework, and the company's financial performance can be improved by optimizing the energy mix and constructing safe lines. The government can promote the transformation of electric power companies by launching green financial tools.</p></div>","PeriodicalId":54226,"journal":{"name":"Climate Risk Management","volume":"39 ","pages":"Article 100474"},"PeriodicalIF":4.8000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":"{\"title\":\"Climate change risks and financial performance of the electric power sector: Evidence from listed companies in China\",\"authors\":\"Yongping Sun ,&nbsp;Ya Zou ,&nbsp;Jingning Jiang ,&nbsp;Ying Yang\",\"doi\":\"10.1016/j.crm.2022.100474\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>The frequency, intensity and duration of extreme weather events have seriously affected human life and production. The electric power sector is the foundation of economic activity as well as a core participant in the adaptation and mitigation of climate change. Therefore, in the context of climate change, it is crucial for the stable operation of the national economy for power sector to cope with different climate change risks and improve their adaptability to climate change. In this paper, listed power companies in China are selected as samples to analyse the impact of climate change risk on the financial performance of the power system's supply and transmission-distribution sides. The empirical results show a significant positive correlation between climate change risks and the financial performance of listed electric power companies. The rainfall index and drought index positively impact the financial performance of listed electric power companies. The cryogenic freezing index has a negative impact on the financial performance of listed electric power companies., which is further analysed and proved that a cryogenic freezing disaster will cause the regional breakdown of the power system. The operating cost ratio and the proportion of clean energy supply play a mediating effect on the correlation between the comprehensive climate risk index and the return on equity of companies. To increase electric power companies' ability to adapt to climate change, climate change risks should be integrated into the risk management framework, and the company's financial performance can be improved by optimizing the energy mix and constructing safe lines. The government can promote the transformation of electric power companies by launching green financial tools.</p></div>\",\"PeriodicalId\":54226,\"journal\":{\"name\":\"Climate Risk Management\",\"volume\":\"39 \",\"pages\":\"Article 100474\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2023-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Climate Risk Management\",\"FirstCategoryId\":\"93\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S221209632200081X\",\"RegionNum\":2,\"RegionCategory\":\"环境科学与生态学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ENVIRONMENTAL SCIENCES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Climate Risk Management","FirstCategoryId":"93","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S221209632200081X","RegionNum":2,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ENVIRONMENTAL SCIENCES","Score":null,"Total":0}
引用次数: 5

摘要

极端天气事件的发生频率、强度和持续时间严重影响了人类的生活和生产。电力部门是经济活动的基础,也是适应和减缓气候变化的核心参与者。因此,在气候变化背景下,电力部门应对不同的气候变化风险,提高对气候变化的适应能力,对国民经济的稳定运行至关重要。本文以中国上市电力公司为样本,分析了气候变化风险对电力系统供配电双方财务绩效的影响。实证结果表明,气候变化风险与电力上市公司财务绩效之间存在显著的正相关关系。降雨指数和干旱指数对电力上市公司财务业绩有正向影响。深冷冻结指数对电力上市公司财务业绩有负面影响。,进一步分析并证明了低温冻结灾害会造成电力系统的局部瘫痪。运营成本比和清洁能源供应比例对综合气候风险指数与企业净资产收益率之间的相关性起中介作用。为了提高电力公司适应气候变化的能力,应将气候变化风险纳入风险管理框架,并通过优化能源结构和建设安全线路来提高公司的财务绩效。政府可以通过推出绿色金融工具来促进电力公司的转型。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Climate change risks and financial performance of the electric power sector: Evidence from listed companies in China

The frequency, intensity and duration of extreme weather events have seriously affected human life and production. The electric power sector is the foundation of economic activity as well as a core participant in the adaptation and mitigation of climate change. Therefore, in the context of climate change, it is crucial for the stable operation of the national economy for power sector to cope with different climate change risks and improve their adaptability to climate change. In this paper, listed power companies in China are selected as samples to analyse the impact of climate change risk on the financial performance of the power system's supply and transmission-distribution sides. The empirical results show a significant positive correlation between climate change risks and the financial performance of listed electric power companies. The rainfall index and drought index positively impact the financial performance of listed electric power companies. The cryogenic freezing index has a negative impact on the financial performance of listed electric power companies., which is further analysed and proved that a cryogenic freezing disaster will cause the regional breakdown of the power system. The operating cost ratio and the proportion of clean energy supply play a mediating effect on the correlation between the comprehensive climate risk index and the return on equity of companies. To increase electric power companies' ability to adapt to climate change, climate change risks should be integrated into the risk management framework, and the company's financial performance can be improved by optimizing the energy mix and constructing safe lines. The government can promote the transformation of electric power companies by launching green financial tools.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Climate Risk Management
Climate Risk Management Earth and Planetary Sciences-Atmospheric Science
CiteScore
8.20
自引率
4.50%
发文量
76
审稿时长
30 weeks
期刊介绍: Climate Risk Management publishes original scientific contributions, state-of-the-art reviews and reports of practical experience on the use of knowledge and information regarding the consequences of climate variability and climate change in decision and policy making on climate change responses from the near- to long-term. The concept of climate risk management refers to activities and methods that are used by individuals, organizations, and institutions to facilitate climate-resilient decision-making. Its objective is to promote sustainable development by maximizing the beneficial impacts of climate change responses and minimizing negative impacts across the full spectrum of geographies and sectors that are potentially affected by the changing climate.
期刊最新文献
Risk Governance of Climate-Related Hazards in Longyearbyen, Svalbard: A Review of Risk Governance Approaches and Knowledge Gaps Co-designing a just resilience balance scorecard with experts in islands and coastal cities Gender-based vulnerability and adaptive capacity in the disaster-prone coastal areas from an intersectionality perspective The impact of livelihood capitals on farmers’ adoption of climate-smart agriculture practices: Evidence from rice production in the Jianghan Plain, China Economic valuation of climate induced losses to aquaculture for evaluating climate information services in Bangladesh
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1