摘要：在“双碳”战略目标与实体经济高质量发展的背景下，本文基于资源基础观(RBV)与实物期权理论，利用2010—2024年中国A股上市公司数据，深入探讨气候风险对企业金融化行为的影响及其作用机理。研究发现，气候风险作为一种环境诱导的资源重构硬约束，显著抑制了企业的投机性金融资产配置，产生了显著的去金融化与倒逼效应。这一结果证实，在当前我国制度与市场环境下，基于生存底线的资源重构逻辑超越了基于期权观望的风险规避逻辑，成为驱动企业资产配置决策的主导力量。机制分析表明，气候风险主要通过三条路径倒逼企业实现脱虚向实：一是融资约束配给，气候风险加剧信贷歧视并推高融资成本，迫使企业变现金融资产以保障主业；二是资本支出补位，气候风险引发对绿色技改的刚性投资需求，挤出了投机性金融资产；三是分析师外部监督，分析师关注提升了资产配置透明度，有效抑制了管理层金融套利的机会主义动机。此外，异质性检验显示，关系型债权能显著强化这种抑制作用，而战略型股权的调节效应并不显著。经济后果检验表明，气候风险驱动的实业回归产生了积极的创新补偿效应，显著促进了企业绿色技术创新与全要素生产率的系统性提升，实现了内部效能的价值创造。然而，受资本市场信息时滞影响，短期内其对股价崩盘风险的缓解效应尚不显著。本研究拓展了气候风险的微观后果，为防范资金“脱实向虚”以及培育新质生产力提供了经验证据。

Abstract: Under the strategic background of the "dual carbon"goals and the high-quality development of the real economy,this study draws on the Resource-Based View (RBV)and Real Options Theory to thoroughly examine the impact of climate risk on corporate financialization and its underlying mechanisms.The findings indicate that climate risk,functioning as an environmentally induced pressure for resource restructuring,significantly suppresses firms'speculative financial asset allocation,generating a pronounced reversed-push effect.Mechanism analysis reveals that climate risk mainly achieves "definancialization" through three paths:the rigid rationing of financing constraints,the real replacement of capital expenditures, and the external supervision of analyst coverage.Moderating effect tests show that relationship-based debt,as a heterogeneous resource,significantly amplifies this inhibitory effect by providing an external buffer,whereas the moderating effect of strategic equity is insignificant due to governance lag.Further analysis indicates that the return to the real economy driven by climate risk effectively promotes green technology innovation and the systematic improvement of total factor productivity,achieving value creation in terms of internal efficiency. However,affected by the information lag in the capital market,the mitigating effect on stock price crash risk has not yet materialized.