标题： 气候风险与企业价值：来自温度区间和面板回归的证据 显示英文标题

标题： Climate Risk and Corporate Value: Evidence from Temperature Bins and Panel Regression

摘要： 在实证研究中，本文使用美国国家海洋和大气管理局（NOAA）提供的每日气候数据构建一个温度区间为5\( ^\circ\text{C} \)的温度箱，重点分析极端高温（\( >30^\circ\text{C} \)）和极端低温（\( \le -10^\circ\text{C} \)）对企业资产价值的影响。 基于面板回归模型的结果显示，极端高温和低温可以显著降低企业的资产价值。 在稳健性检验中，本文使用滞后气候数据进行测试，结果仍然表明极端高温对企业资产价值有显著的负面影响，验证了基准回归结果的可靠性。 深入的异质性分析显示，在应对气候风险的过程中，企业根据不同的所有制类型和行业特征表现出显著的差异。 根据研究，由于资源优势和政策偏好，国有企业相对较少受到极端天气的影响。 此外，外资企业由于管理效率强和供应链控制能力强，表现出较高的抗风险能力。 在制造业中，钢铁和通信制造等重工业尤其受到极端天气负面影响的冲击，这充分说明这些行业在应对极端天气状况时面临更严峻的挑战。 显示英文摘要

摘要： In empirical research, this article uses daily climate data provided by the National Oceanic and Atmospheric Administration (NOAA) of the United States to construct a temperature box with a range of 5\( ^\circ\text{C} \), focusing on analyzing the impact of extreme high temperatures (\( >30^\circ\text{C} \)) and extreme low temperatures (\( \le -10^\circ\text{C} \)) on the asset value of enterprises. The results based on a panel regression model show that extreme high and low temperatures can significantly reduce the asset value of enterprises. In the robustness test, this article used lagged climate data for testing, and the results still showed that extreme high temperatures had a significant negative impact on the asset value of enterprises, verifying the reliability of the benchmark regression results. In-depth heterogeneity analysis shows that in the process of addressing climate risks, companies exhibit significant differentiation based on different ownership types and industry characteristics. According to research, state-owned enterprises are relatively less affected by extreme weather due to their resource advantages and policy preferences. In addition, foreign-funded enterprises demonstrate a high level of risk resistance due to their strong management efficiency and supply chain control capabilities. In the manufacturing sector, heavy industries such as steel and communication manufacturing are particularly affected by the negative effects of extreme weather, which fully demonstrates that these industries face more severe challenges when dealing with extreme weather conditions.