生物多样性风险与企业财务绩效：来自中国上市企业的证据

doi:10.17520/biods.2025330

生物多样性

生物多样性风险与企业财务绩效：来自中国上市企业的证据

李伯尧¹, 盛天成², 幸小云^2*

1. 中国政法大学商学院, 北京 100088 2. 北京林业大学经济管理学院, 北京 100083

收稿日期:2025-08-18 修回日期:2026-02-09 接受日期:2026-04-08
通讯作者: 幸小云
基金资助:
中国政法大学青年教师学术创新团队支持计划(25CXTD04); 国家自然科学基金应急专项课题(72441011)

Biodiversity Risk and Corporate Financial Performance: Evidence from Listed Companies in China

Boyao Li¹, Tiancheng Sheng², Xiaoyun Xing^2*

1 Business School, China University of Political Science and Law, Beijing 100088, China

2 School of Economics and Management, Beijing Forestry University, Beijing 100083, China

Received:2025-08-18 Revised:2026-02-09 Accepted:2026-04-08
Contact: Xiaoyun Xing

摘要/Abstract

摘要： 中国作为兼具生态压力与快速发展的新兴经济体，关于生物多样性如何影响企业财务绩效的实证证据仍显不足。基于中国A股上市公司2007-2022年的面板数据，本文创新性地采用生物多样性风险暴露指数和关注指数量化企业层面的风险敞口，系统检验了生物多样性风险对企业资产回报率的影响。研究发现，生物多样性风险显著降低了企业财务绩效，这一结论揭示了生物多样性风险通过推升合规成本与资源再配置压力侵蚀盈利能力的传导机制。这种负面影响存在显著异质性：地理维度上，在市场化程度高、环境规制刚性高的东部地区，风险抑制效应显著强于政策缓冲空间较大的中西部地区；所有制性质维度上，受限于融资约束与政策弱势的非国有企业，其财务脆弱性显著高于国有企业；行业维度上，生物多样性风险的影响和企业应对方式有着显著的差异。同时，产品创新通过重构资源依赖模式被证实为有效的缓解机制。本研究首次在中国情境下，为生物多样性风险影响企业基本面提供了微观证据，并揭示了其传导路径在地理、所有制与行业维度上的异质性，为协调生态文明建设目标与企业可持续发展提供了关键依据，并对完善差异化环境规制政策与创新激励机制具有重要启示。

关键词: 生物多样性风险, 企业财务绩效, 环境规制, 环境附加成本, 异质性

Abstract

Aims: Empirical evidence on how biodiversity risk affects corporate financial performance remains limited in China, an emerging economy facing both ecological pressure and rapid development.

Methods: Using panel data for Chinese A-share listed companies from 2007 to 2022, this study measures firm-level risk exposure with the Chinese Corporate Biodiversity Exposure index and the Chinese Corporate Biodiversity Concern index to quantify corporate-level risk exposure, and systematically examines the impact of biodiversity risks on corporate asset return rates.

Results: Biodiversity risks significantly reduce corporate financial performance, highlighting the transmission mechanism through which biodiversity risks erode profitability by increasing compliance costs and resource reallocation pressures. This negative impact exhibits significant heterogeneity: geographically, in the eastern regions with high marketization levels and stringent environmental regulations, the risk suppression effect is significantly stronger than in the central and western regions with greater policy buffer space; In terms of ownership structure, non-state-owned enterprises, constrained by financing limitations and weaker policy support, exhibit significantly higher financial vulnerability than state-owned enterprises; in terms of industry, the impact of biodiversity risks and corporate response strategies exhibit significant differences. Additionally, product innovation plays a mediating role between biodiversity risk and corporate financial performance, potentially exacerbating financial pressure in the short term due to increased innovation investments.

Conclusions: This study provides the first micro-level evidence of biodiversity risk impacts on corporate fundamentals in the Chinese context, revealing the geographical, ownership structure, and industry heterogeneity of risk transmission.

Policy implications: This study offers critical insights for aligning ecological civilization goals with corporate sustainability and provides important implications for refining differentiated environmental regulatory policies and innovative incentive mechanisms.

Key words: biodiversity risk, corporate financial performance, environmental regulation, environmental additional costs, heterogeneity

李伯尧, 盛天成, 幸小云. 生物多样性风险与企业财务绩效：来自中国上市企业的证据. 生物多样性, DOI: 10.17520/biods.2025330.

Boyao Li, Tiancheng Sheng, Xiaoyun Xing. Biodiversity Risk and Corporate Financial Performance: Evidence from Listed Companies in China. Biodiversity Science, DOI: 10.17520/biods.2025330.

导出引用管理器 EndNote|Ris|BibTeX

链接本文: https://www.biodiversity-science.net/CN/10.17520/biods.2025330

[1]	张霜, 宋波. Meta分析应用中应注意的几个关键问题[J]. 生物多样性, 2026, 34(1): 25308-.
[2]	刘志祥, 谢华, 张慧, 黄晓磊. 表皮碳氢化合物在社会性昆虫中的功能多样性及其调控[J]. 生物多样性, 2025, 33(2): 24302-.
[3]	陈瑶琪, 郭晶晶, 蔡国俊, 葛依立, 廖宇, 董正, 符辉. 近七十年(1954-2021)长江中下游湖泊沉水植物群落多样性演变特征[J]. 生物多样性, 2024, 32(3): 23319-.
[4]	杨舒涵, 王贺, 陈磊, 廖蓥飞, 严光, 伍一宁, 邹红菲. 松嫩平原异质生境对土壤线虫群落特征的影响[J]. 生物多样性, 2024, 32(1): 23295-.
[5]	王明慧, 陈昭铨, 李帅锋, 黄小波, 郎学东, 胡子涵, 尚瑞广, 刘万德. 云南普洱季风常绿阔叶林不同种子扩散方式的优势种空间点格局分析[J]. 生物多样性, 2023, 31(9): 23147-.
[6]	谢艳秋, 黄晖, 王春晓, 何雅琴, 江怡萱, 刘子琳, 邓传远, 郑郁善. 福建海岛滨海特有植物种-面积关系及物种丰富度决定因素[J]. 生物多样性, 2023, 31(5): 22345-.
[7]	李艳辉, 兰天元, 王月, 于洋, 赵常明, 李利华, 徐文婷, 申国珍. 神农架植物物种空间周转的驱动因素[J]. 生物多样性, 2022, 30(4): 21377-.
[8]	韩雪, 苏锦权, 姚娜娜, 陈宝明. 外来入侵植物的根系觅养行为研究进展[J]. 生物多样性, 2020, 28(6): 727-733.
[9]	孙远, 胡维刚, 姚树冉, 孙颖, 邓建明. 黄河流域被子植物和陆栖脊椎动物丰富度格局及其影响因子[J]. 生物多样性, 2020, 28(12): 1523-1532.
[10]	周昌艳, 王彬, 邓云, 乌俊杰, 曹敏, 林露湘. 林冠结构是局域尺度木本植物功能性状beta多样性形成的重要驱动力[J]. 生物多样性, 2020, 28(12): 1546-1557.
[11]	杨贵军, 王敏, 杨益春, 李欣芸, 王新谱. 贺兰山甲虫物种丰富度分布格局及其环境解释[J]. 生物多样性, 2019, 27(12): 1309-1319.
[12]	刘硕然, 杨道德, 李先福, 谭路, 孙军, 和晓阳, 杨文书, 任国鹏, Davide Fornacca, 蔡庆华, 肖文. 滇西北高山微水体与溪流生境底栖动物多样性和环境特征[J]. 生物多样性, 2019, 27(12): 1298-1308.
[13]	张宇, 冯刚. 内蒙古昆虫物种多样性分布格局及其机制[J]. 生物多样性, 2018, 26(7): 701-706.
[14]	高梅香, 林琳, 常亮, 孙新, 刘冬, 吴东辉. 土壤动物群落空间格局和构建机制研究进展[J]. 生物多样性, 2018, 26(10): 1034-1050.
[15]	倪娟平, 程赛赛, 高梅香, 卢廷玉, 金光泽. 丰林典型阔叶红松林地表鞘翅目成虫空间异质性及其与环境因子的空间关联性[J]. 生物多样性, 2018, 26(1): 14-26.