关键词: 生物多样性风险, 企业财务绩效, 环境规制, 绿色创新, 异质性

Abstract

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

Methods: Using panel data for Chinese A-share listed companies from 2007 to 2022, this study employed the Biodiversity Exposure Index and the Biodiversity Concern Index to quantify corporate-level risk exposure, and systematically examined the impact of biodiversity risks on corporate return on assets. 

Results: Biodiversity risks significantly reduced corporate financial performance, highlighting the transmission mechanism through which biodiversity risks erode profitability by increasing compliance costs and resource reallocation pressures. This negative impact exhibited significant heterogeneity. Geographically, in the eastern regions with high marketization levels and stringent environmental regulations, the risk suppression effect was 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, exhibited significantly higher financial vulnerability than state-owned enterprises. In terms of industry, the impacts of biodiversity risks and corporate response strategies exhibited significant differences. Additionally, product innovation played a mediating role between biodiversity risk and corporate financial performance, potentially exacerbating financial pressure in the short term due to increased innovation investments. This study provides micro‑level evidence of biodiversity risk impacts on corporate fundamentals in the Chinese context. 

Conclusions: The findings reveal the geographical, ownership structure, and industry heterogeneity of these effects. 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. Policies should incorporate biodiversity risks into national planning, adopt differentiated measures, and offset short-term costs by supporting green innovation.

Key words: biodiversity risk, corporate financial performance, environmental regulation, green innovation, heterogeneity