气候风险与企业智能制造转型OACHSSCD

Against the backdrop of intensifying global climate risk and the deepening advancement of China's"dual carbon"goals,how to address climate risk by pursuing intelligent,green,and integrated development has become a pressing issue in promoting the comprehensive green transformation of the economy and society and in building a Beautiful China.Intelligent manufacturing(IM),with its unique strengths in green empowerment,becomes a new engine for firms to build competitive advantages in the context of creating new forms of intelligent economy.This paper innovatively introduces the semantic understanding capability of the FinBERT large language model into the field of textual analysis,constructs a firm-level climate risk index,and investigates the causal relationship between climate risk and IM transformation. Based on panel data from A-share listed manufacturing firms in China from 2011 to 2023,the empirical findings indicate that climate risk can drive corporate IM transformation.Mechanism analysis reveals three key channels:increasing environmental costs to incentivize transformation,raising labor costs to define the transformation direction,and reallocating financial resources from virtual to real sectors to safeguard transformation.Heterogeneity analysis further shows that the driving effect is more pronounced in coastal areas,resource-based cities,and manufacturing industries.These conclusions provide new evidence on how firms enhance their risk resilience through IM transformation in the context of climate risk,and hold practical implications for the coordinated advancement of carbon emission reduction,pollution reduction,green development expansion,and economic growth. The marginal contributions are threefold.First,this paper employs a large language model to construct a firm-level climate risk measure and innovatively integrates climate risk with corporate IM transformation within a unified framework,revealing firms' strategic responses to climate risk pressure through IM.Second,it systematically unpacks the internal logic through which climate risk drives corporate IM transformation,deepening conventional transmission channels such as environmental and labor costs,and uncovering a distinctive micro-level mechanism of the reallocation of financial resources from virtual to real sectors under climate risk conditions.Third,it comprehensively explores heterogeneous effects across spatial locations and industry attributes,expanding the research boundaries. Based on these findings,this paper offers three policy recommendations.First,it is essential to improve the climate risk governance system and build an institutional framework for climate risk-driven IM transformation.Second,it is crucial to focus on the transmission channels through which climate risk drives IM transformation and implement coordinated policies on cost mitigation and transformation support.Third,efforts should be made to take full account of the heterogeneous characteristics of the climate risk-IM transformation relationship and to formulate targeted policies tailored to different regions and industries.