气候变化冲击下的制造业企业全要素生产率——机制分析与实证检验

基于微观企业生产理论框架，利用县级地理单元的气候数据以及1999-2007年中国工业企业数据库，从机制分析和实证检验两个方面研究气候变化对制造业企业全要素生产率的影响及作用机制。结果表明：气候风险显著降低了制造业企业的全要素生产率，秦岭-淮河以北及中、东部经济地区尤甚；机制分析表明，气候风险削弱了制造业企业的盈利能力，导致企业的融资约束强化、研发投入减少，最终降低了制造业企业的全要素生产率；进一步分析发现，制造业企业所在区县较强的金融服务能力能够显著缓解气候风险对全要素生产率的负面冲击。

Climate Changes and the Total Factor Productivity of Manufacturing Enterprises: Mechanism Analysis and Empirical Tests

Based on the theoretical framework of micro enterprise production, this paper theoretically analyzes and empirically tests the impact of climate changes on the total factor productivity of manufacturing enterprises and the mechanism of action, with the climate data of county-level geographical units and the Chinese Industrial Enterprises Database from 1999 to 2007.The result shows that climate risk significantly reduces the total factor productivity of manufacturing enterprises, especially in the north of Qinling Mountains-Huaihe River Line and in the central and eastern economic regions. The mechanism analysis indicates that climate risks reduce the profitability of manufacturing enterprises, which leads to the strengthening of financing constraint and the reduction of R&D investment, and ultimately reduces the total factor productivity. Furthermore, stronger financial service capacity of the districts and counties where manufacturing enterprises are located can significantly buffer the negative impact of climate risks on total factor productivity.