Research On The Impact And Mechanism Of Temperature Shock On The Output Of Listed Companies

Climate change is a common challenge for all humankind.In the past 800,000 years,when greenhouse gas concentrations have been accurately measured,the greenhouse gas content in the earth’s atmosphere has never increased as rapidly as in the past 140 years,nor has it reached today’s concentrations.The "normalization" of extreme weather with climate change has had a great impact on nature and human society.Against this background,the connection between climate change and economic system has received extensive attention from the academic community,and the impact of climate change on economic development has been supported by theory and empirical evidence,but there is a relative lack of research to explore the economic benefits of climate change from the micro level of companies.As the main force of economic production activities,the company is estimated to respond to climate shocks with great theoretical and practical significance,which can provide a reference for companies and governments to weigh the costs and benefits of climate change.Based on this,this paper measures climate change with temperature shock,and discusses the impact effect and impact mechanism of temperature shock on the output of listed companies.Temperature shock refers to the deviation of the average temperature of the year from the historical long-term average temperature.which not only fully reflects the global warming trend,but also better reflects the physical risk of climate change.Taking 2000 to 2021 as the research range,this paper selects Chinese A-share listed companies as the research object,matches the registration place and local temperature data of listed companies,and uses multi-dimensional fixed-effect model and systematic GMM model to study the impact of temperature shock on the output of Chinese A-share listed companies.The benchmark regression results show that the temperature shock has a significant negative impact on the output of listed companies,which is reflected in the fact that the average temperature of the current year and the previous year is higher than the historical long-term average temperature,which will significantly reduce the output of listed companies.Further research finds that the impact of temperature shock on the output of listed companies has property rights heterogeneity and industry heterogeneity,and the economic development level of the regions where listed companies are located will also affect the climate sensitivity of listed companies’ output.Finally,the impact mechanism study shows that temperature shocks reduce the output of listed companies by reducing total factor productivity,labor productivity,and labor input,and listed companies will increase investment intensity to alleviate their own climate vulnerability.In view of the negative impact of temperature shocks on the output of listed companies,the government needs to take measures to set clear emission reduction targets,fully ensure the availability of financial resources,and provide strong support for companies to reduce their climate sensitivity.Legislation strengthens worker protection and reduces the harm of extreme weather to workers.Companies need to strengthen their responsibility,stimulate innovation and entrepreneurship,and actively promote the transformation into an environmentally-friendly company.Through multiple efforts,we will achieve the goals of carbon peak and carbon neutrality,and make outstanding contributions to coping with global climate change.