Abstract:
Using data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges, this paper employs the level of analysts' forecast optimism as the analytical perspective to examine market reactions to corporate climate risk disclosure. The findings indicate that corporate climate risk disclosure enhances the level of analysts' forecast optimism, and this result remains robust after a series of robustness tests. Mechanism analysis reveals that climate risk disclosure: (1) promotes managerial self-examination and self-inspection, establishes long-term trust with stakeholders, and reduces corporate operational risks; (2) facilitates information exchange among enterprises and banks, suppliers, and other parties, while signaling active fulfillment of social responsibility to the market, thereby reducing financial risks; (3) builds favorable corporate image and reputation, avoiding significant stock price volatility when facing negative shocks, thus reducing capital risks. Further research demonstrates that the lower the degree of information asymmetry between internal and external parties and the stricter the external regulatory supervision, the more significant the enhancing effect of climate risk disclosure on the level of analysts' forecast optimism. Additionally, the level of analysts' forecast optimism exhibits heterogeneous sensitivity to corporate physical risk and transition risk disclosures across industries. This paper provides references for guiding enterprises to improve climate risk disclosure levels and optimize corporate climate risk management strategies.
下载:
