【摘要】 气候转型风险对经济与金融稳定的潜在威胁已成为全球关注的焦点，分析该问题的关键之一在于企业能否通过绿色创新的正向反馈缓冲低碳转型冲击。本文使用LDA模型对2000-2022年气候新闻进行主题分析，构建了中国气候转型风险指数，考察了气候转型风险对企业绿色创新的影响，发现气候转型风险压力有效促进了企业的绿色创新活动。这一结果表明企业能通过绿色创新的“自我调节”适应低碳发展需要、助力“碳中和”目标平稳落地。进一步分析发现，气候转型风险通过增强企业环境管理意愿、加剧行业竞争水平、促进企业环境信息披露最终推动了企业的绿色创新。此外，在非重污染企业、国有企业和高韧性企业中，气候转型风险对企业绿色创新的促进效应更为显著。更多还原

【Abstract】 The potential threats of climate transition risks on economic and financial stability have become a global concern. It is important to understand whether corporates could mitigate the shocks from low-carbon transition through green innovation. Based on climate news from 2000 to 2022, this paper constructs China’s climate transition risk index using the topic analysis of LDA model. We examine the impact of climate transition risk on corporate green innovation. The findings demonstrate that the pressure from climate transition risk significantly promotes green innovation. This suggests that corporates adapt to low-carbon development through the self-driven adjustment of green innovation, which contributes to steadier attainment of carbon neutrality objectives. Further analysis reveals that the climate transition risk drives corporates’ green innovation by increasing the environmental management willingness, increasing industry competition level and enhancing environmental information disclosure. Additionally, the impact is more pronounced for firms in non-heavy polluting industries, state-owned firms, and high-resilience corporates.更多还原