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<p>Against the backdrop of global climate change and China’s “dual carbon” goals, climate risk has become a critical external factor shaping corporate sustainable development strategies in emerging economies. Using a sample of China’s A-share listed companies from 2010 to 2023 and a two-way fixed-effects panel model, this paper empirically examines the impact of climate risk on corporate green innovation bubbles—a phenomenon characterized by a systematic divergence between green patent quantity and quality. Climate risk is found to significantly exacerbate green innovation bubbles, as firms facing greater climate uncertainty systematically prioritize patent quantity over substantive technological quality. Managerial myopia and financing constraints are two key transmission mechanisms through which climate risk distorts the allocation of green innovation resources. Digital transformation and ESG performance unexpectedly amplify rather than mitigate these distortionary effects. Heterogeneity analysis further reveals that the bubble-inducing effect of climate risk is more pronounced among non-state-owned enterprises, low-carbon-emission firms, and firms with higher managerial ownership. These findings extend research on the economic consequences of climate uncertainty and carry important implications for the design of green innovation evaluation systems, climate disclosure policy, and sustainable finance governance in emerging markets.</p>

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Climate risk and corporate green innovation bubbles: evidence from Chinese listed enterprises

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年8月4日

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  • Xueqing Wang,
  • Lang Wang

摘要

Against the backdrop of global climate change and China’s “dual carbon” goals, climate risk has become a critical external factor shaping corporate sustainable development strategies in emerging economies. Using a sample of China’s A-share listed companies from 2010 to 2023 and a two-way fixed-effects panel model, this paper empirically examines the impact of climate risk on corporate green innovation bubbles—a phenomenon characterized by a systematic divergence between green patent quantity and quality. Climate risk is found to significantly exacerbate green innovation bubbles, as firms facing greater climate uncertainty systematically prioritize patent quantity over substantive technological quality. Managerial myopia and financing constraints are two key transmission mechanisms through which climate risk distorts the allocation of green innovation resources. Digital transformation and ESG performance unexpectedly amplify rather than mitigate these distortionary effects. Heterogeneity analysis further reveals that the bubble-inducing effect of climate risk is more pronounced among non-state-owned enterprises, low-carbon-emission firms, and firms with higher managerial ownership. These findings extend research on the economic consequences of climate uncertainty and carry important implications for the design of green innovation evaluation systems, climate disclosure policy, and sustainable finance governance in emerging markets.