作　者：方意 彭馨漫
关键词：气候风险；金融安全；经济金融联系；风险传染
摘　要：

随着全球气候变化加剧，气候风险已成为威胁国家金融安全的重要新风险源，其对中国金融安全的影响有直接与间接两大路径。直接影响路径主要表现为气候物理风险对金融基础设施的直接破坏效应，以及气候转型风险引致的金融资产价值重估。间接传导路径则更为复杂，通过“实体经济—金融机构”联动机制实现，并可进一步区分为“初始冲击→冲击传导→放大机制→动态反馈”四个环节。相较于物理风险，转型风险因其政策驱动特征、资产价值重估的突变性以及影响的系统性，对金融安全的威胁更具现实紧迫性和政策相关性。要有效防范并化解气候风险，关键在于针对间接传导路径的四个核心环节制定系统性应对策略，以全面提升金融体系的气候韧性。

 

A Study on the Mechanisms and Responses Regarding The Impact of Climate Risks on China's Financial Security

Fang yi（Renmin University of China）

Peng Xinman（Nankai University）

Abstract Amidst escalating global climate change, climate risks have emerged as a significant new source of threats to national financial security, with their impacts on China's financial security through both direct and indirect pathways. The direct pathway primarily involves the destructive effects of physical climate risks on financial infrastructure and the revaluation of financial assets induced by climate transition risks. The indirect pathway is more complex, operating through a "real economy-financial institution" joint response mechanism and can be further deconstructed into four interconnected stages: "initial shock--shock transmission--amplification mechanism--dynamic feedback. " Compared to physical risks, risks in climate transition pose a more immediate and policy-relevant threat to financial security due to their policy-driven nature, the abruptness of asset value revaluation and their systemic impacts. To effectively prevent and mitigate climate risks, the key lies in formulating systematic response strategies targeting the four core stages of the indirect transmission pathway, thereby comprehensively enhancing the resilience of the financial system against cli‐ mate change.

Key words  climate risks; financial security; economic-financial linkages; risk contagion

 

■    作者简介 方 意，中国人民大学国家发展与战略研究院教授，北京 100872；彭馨漫（通讯作者），南开大学金融学院博士研究生，天津 300350。

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