Abstract: As global climate change intensifies and the goal of pursuing sustainable development becomes increasingly urgent, corporate climate risk management has emerged as an important indicator to measure long-term competitiveness, which will have profound influence on corporate operational stability and financial resilience. From the perspective of dividend stability and based on the annual report data from China s A-share listed companies from 2016 to 2024, this study constructs a corporate climate risk management index by employing Python-based web scraping and advanced text analysis to examine how such risk management practices affect dividend stability. This study analyzes the underlying mechanisms and their manifestations among different types of enterprises. Empirical evidence reveals that enhanced climate risk management significantly mitigates dividend volatility, thereby fostering greater stability. Mechanistic analysis indicates that this effect operates well through financing, oversight, and governance channels. Heterogeneity tests further demonstrate that the stabilizing impact is more pronounced in mature firms, companies with higher dividend payout levels, and in enterprises exhibiting high carbon performance. These findings offer valuable theoretical guidance and practical insights for corporate financial decision-making and strategic planning in the face of climate-related shocks.

Key words: Climate Risk Management, Dividend Policy, Dividend Stability, Financing Constraints, Internal Governance

摘要： 随着全球气候变化加剧和可持续发展目标日益迫切,企业气候风险管理正逐渐成为衡量其长期竞争力的重要指标,并对企业的经营波动与财务稳健性产生深远影响。本研究从企业股利平稳性的角度出发,基于中国A股上市公司2016—2024年的企业年报数据,利用Python爬虫技术和文本分析技术构建企业气候风险管理指标,探讨企业气候风险管理如何影响股利平稳性,分析其具体作用机制以及在不同性质企业中的表现。实证检验发现,企业加强气候风险管理会显著降低股利波动程度,提升股利平稳性。机制检验表明,企业加强气候风险管理通过融资效应、监督效应和治理效应提升股利平稳性。异质性分析显示,企业气候风险管理对股利平稳性的影响在成熟期、股利支付水平高和高碳绩效的企业中更为显著。本研究为气候风险冲击下企业财务决策和战略调整提供了理论参考和实践启示。

关键词: 气候风险管理, 股利政策, 股利平稳性, 融资约束, 内部治理