【摘要】 本文以“中国家庭金融调查”数据为样本，研究气候风险对农户金融脆弱性的影响，以及县域金融服务在缓解气候风险冲击中的传导机制。主要结论如下：（1）气候风险显著增加了农户金融脆弱性，提升县域金融机构数量及其多样性有助于缓释气候风险对农户的负面冲击；（2）提升县域金融服务能力有助于农户增加非农收入占比与金融资产比重，以应对气候风险的负面冲击；（3）异质性分析表明，气候风险仅对低收入农户的金融脆弱性存在显著影响，相比于中、高收入组，县域金融服务能力对气候风险的缓释作用在低收入农户中更大，相较于一般意义上的金融机构，增加保险类金融机构与农村金融机构数量更有利于降低农户金融脆弱性。更多还原

【Abstract】 Using data from the China Household Finance Survey, this study investigates the impact of climate risks on farmers’ financial vulnerability and the transmission mechanism of county-level financial services in mitigating the negative impacts of climate risks. The main conclusions are as follows.(1) Climate risks significantly increase farmers’ financial vulnerability, while increasing the quantity and diversity of county-level financial institutions can help alleviate the negative impacts of climate risks on farmers.(2) Enhancing county-level financial service capability helps farmers increase the proportion of non-agricultural income and the share of financial assets, enabling them to cope with the negative impacts of climate risks.(3) Heterogeneity analysis shows that climate risks only have a significant impact on the financial vulnerability of low-income farmers. Compared to middle and high-income groups, the alleviating effect of county-level financial service capability on climate risks is greater among low-income farmers. Increasing the number of insurance-type financial institutions and rural financial institutions is more conducive to reducing farmers’ financial vulnerability compared to general financial institutions.更多还原