Abstract:
Global climate risks have exerted significant impacts on corporate supply chains, making the mitigation of climate risk's adverse effects on supply chain resilience an urgent issue. Using A-share listed companies on the Shanghai and Shenzhen stock exchanges as a sample, this paper employs text analysis methods and machine learning techniques to construct climate risk indicators and investigates the impact of climate risk on supply chain resilience. The research findings indicate that climate risk reduces supply chain matching efficiency and increases production costs, thereby diminishing supply chain resilience. Heterogeneity analysis shows that climate risk has a more significant negative impact on supply chain resilience for enterprises located upstream in the industrial chain, with lower levels of green development, and lower managerial capabilities. Further analysis reveals that from an internal management perspective, enhancing digital technology innovation, improving resource adjustment flexibility, and strengthening ESG performance can effectively mitigate the negative impact of climate risk on supply chain resilience. In addition, from an external supervision perspective, creating a positive media environment to form a "demonstration effect" and implementing pilot policies for climate-adaptive urban construction can also effectively mitigate the negative impact of climate risk on supply chain resilience. This paper provides a new perspective for understanding supply chain resilience from the standpoint of climate risk and offers insights for enterprises to build climate-adaptive supply chains.
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