The impact of climate policy uncertainty on corporate investment
基于实物期权理论，研究发现气候政策不确定性会降低企业的投资率和投资效率，尤其对气候风险暴露高、投资不可逆性强、融资约束大的企业影响更明显，并导致经营业绩和股票回报下降。
This study investigates the impact of climate policy uncertainty (CPU) on corporate investment. Drawing on real options theory, the findings reveal a negative relationship between CPU and both corporate investment rate and investment efficiency. The effects are particularly pronounced for firms with greater exposure to climate change, higher levels of investment irreversibility, and more severe financial constraints. Additionally, CPU is associated with declines in operating performance and stock returns, consistent with the observed reductions in investment efficiency. These results underscore the disruptive impact of climate policy uncertainty on firms’ operational performance and investment decision-making processes.