Аннотация
The risks resulting from climate change pose a potential threat to the stability of corporations. This article aims to explore the impact of climate risks on the systemic risks of non-financial corporations, filling the gap in existing literature, which mainly focuses on the financial system. Based on the data of Chinese listed companies between 2012 and 2023, the empirical analysis shows that climate risks exacerbate financing constraints and induce systemic risks in corporations. The study finds that these effects are more pronounced in non-state-owned and asset-intensive enterprises. This research incorporates climate risks into the analysis framework of systemic risks of non-financial corporations, revealing their unique impact path and providing new insights and empirical evidence to help policymakers and managers address climate change risks.