Climate policy uncertainty and firm investment
研究了中国气候政策不确定性对企业投资的影响，发现不确定性越高，企业投资越低，且对国企、碳密集型企业及风险承担低的企业影响更大，该效应持续三个季度后消失。
Abstract This article investigates the relation between climate policy uncertainty and firm investment in China. We quantify climate policy uncertainty in China based on the news from two leading mainland newspapers: the Renmin Daily and the Guangming Daily. Using the sample of Chinese A‐share companies from January 2003 to September 2021, we find robust evidence that firms exhibit lower levels of investment when facing to higher climate policy uncertainty. Specifically, we also show that this negative effect is more profound for state‐owned enterprises, carbon‐intensive enterprises, and enterprises with lower risk taking. The results also give evidence that the effect of climate policy uncertainty on firm investment can last up to three quarters and disappear within 1 year. Finally, we propose that investment irreversibility is plausible channel through which climate policy uncertainty discourages investment. Overall, these results shed light on the real effects of climate policy uncertainty and the determinants of investment.