摘要：气候变化带来的风险日益突显，深入理解气候变化的经济后果具有重要意义。基于个体决策中的认知资源理论和烙印理论，本文以2009—2022年中国A股上市企业为样本，以企业董事长童年时期高温暴露天数为解释变量，以研发投入、资本支出、长期债务等指标为被解释变量，实证研究了企业董事长童年时期的高温经历对其所在公司风险承担水平的影响。研究发现：(1)董事长童年时期的高温经历会显著提升其所在企业的风险承担水平。(2)机制分析显示，高温经历主要通过塑造董事长的风险偏好发挥作用。在高温环境下，个体认知资源消耗加剧，决策更依赖直觉系统，从而更关注高收益，忽视潜在风险，形成长期的风险偏好烙印。这种偏好在其成为企业决策者后，体现为更积极的研发投入、更高的资本支出与长期债务水平。(3)异质性分析表明，董事长早期高温经历对其所在企业风险承担水平的影响因公司内部治理结构和外部监督强度不同而呈现异质性。对于内部制衡和外部监督强度高的公司而言，董事长早期高温经历对企业的风险决策不产生影响；而在内部制衡和外部监督强度低的企业，强化内部制衡和外部监督能有效抑制董事长早期的高温经历对企业风险承担水平的影响。本文从气候变暖对个体行为决策影响的视角丰富了高管个体特征对公司风险承担决策影响的研究，为气候变化微观经济后果的研究提供了来自企业风险承担决策的经验证据。同时，本文的研究结论对企业实践也具有重要启示：企业应通过完善内部治理机制、强化外部监督，弱化决策者早期经历对当前战略决策的潜在影响，从而提升决策理性，推动企业长期稳健发展。

Abstract: The escalating risks associated with climate change underscore the critical importance of understanding its economic consequences. Drawing on cognitive resource theory and imprinting theory in individual decision-making, this study investigates, both theoretically and empirically, how chairpersons' early-life exposure to high temperatures influences corporate risk-taking behaviors. The results demonstrate that chairpersons' childhood experiences of high temperatures significantly increase their firms' risk-taking levels. Mechanism analyses reveal that this effect operates primarily through the enhancement of chairpersons' risk preferences in strategic decision-making. Moreover, the impact exhibits significant heterogeneity contingent upon firms' internal governance structures and external monitoring intensity. This research contributes to the literature on executive characteristics and corporate decision-making by introducing a climate-based perspective, while providing empirical evidence regarding the microeconomic consequences of climate change through the channel of corporate risk-taking.