摘要：在极端天气频发与“双碳”目标推进的背景下，气候变化风险正成为影响企业经营稳定和资源配置的重要冲击。本文以2007—2021年沪深A股上市公司为样本，基于全国366个气象站长期观测数据，从气温、降水及其强度、频率和极端性等维度构建企业层面的综合气候变化风险指标，系统考察气候变化风险对企业金融资产配置的影响效应及其作用机制。结果发现，气候变化风险显著提高企业金融资产配置水平，且主要表现为增持交易性金融资产、可供出售金融资产等高流动性资产，减少持有至到期投资。这说明企业并非单纯追逐金融收益，而是在极端气候可能造成生产中断、资产损毁和现金流波动时，借助金融资产构建内部资金缓冲。机制检验表明，气候风险一方面增加灾后修复、耐灾改造和经营调整带来的外部融资需求，另一方面削弱债权人供给意愿、加剧融资约束，二者叠加抬升流动性风险，从而强化管理层的预防性配置动机。异质性分析显示，上述效应在气候脆弱地区、风险分散能力弱、有气候损失经历、非国有企业、管理层过度自信程度较低及非多元化经营企业中更明显。经济后果表明，金融资产配置可在短期缓解违约压力，但中长期伴随更高盈余波动，具有阶段性和“双刃剑”特征。基于此，应将气候风险纳入融资监管和企业资产配置分析框架，区分防御型金融配置与投机型金融化;在高气候风险地区完善气候保险、指数型保障和应急融资支持;同时引导企业将金融缓冲与实体韧性投资相结合，提升技术改造、供应链稳定和灾害适应能力。

Abstract: Addressing climate change risk has become a central issue in promoting high-quality economic development in China. Against this backdrop,this study constructs firm-level,multidimensional measures of climate change risk based on long-term observations from 366 meteorological stations nationwide, and systematically examines the impact of climate change risk on corporate financial asset allocation and its underlying mechanisms. The results show that climate change risk is associated with a significant increase in firms' financial asset holdings. This effect is more pronounced for firms located in regions with higher climate vulnerability,firms with weaker risk diversification capacity, firms that have experienced climate-related losses,non-state-owned firms,firms with lower levels of managerial overconfidence, and firms with less diversified business operations. The mechanism analysis indicates that rising climate change risk places firms in a dual predicament of increased external financing demand and tightened financing constraints, which significantly elevates liquidity risk and,in turn,induces firms to expand their holdings of financial assets driven by precautionary motives. An analysis of economic consequences further reveals that,for firms with higher exposure to climate change risk,increased financial asset holdings help alleviate default pressure in the short run but exacerbate earnings volatility over the medium to long run,highlighting the distinctly timevarying nature of the risk-mitigating role of financialization. Overall,this study extends the literature on the economic consequences of climate change risk and provides firm-level empirical evidence on how firms utilize financial markets to cope with uncertainty in the real economy.