文澜金融论坛（第328期）

摘要：

There is a growing trend of firms applying emerging technologies, such as AI and alternative energies, for climate solutions. This paper provides a systematic analysis of this new economic phenomenon (ClimateTech). We use LLM contextual functions (e.g., dependency parsing) to analyze firm press releases and identify ClimateTech projects. Our findings indicate that early adopters of ClimateTech tend to have strong technological expertise in leadership.ClimateTech concentrates on two different types of technology investment: infrastructure and environmental technology. The former helps firms mitigate risk, as infrastructure can be used for both environmental and other applications, whereas environmental technology is with exclusive purpose. We observe a slightly higher proportion of firms investing in infrastructure (86%) comparing to environment tech (36%). When examining financial value and environmental impact, we find that infrastructure technology generates higher financial returns but has a lower environmental impact. In contrast, environmental technology contributes less to financial value but leads to significant environmental impact. Additionally, we identify an alternative way firms use to enhance financial value through ClimateTech: integrating it into their core products rather than using it for side businesses or image management. Enhanced green products can also increase financial value, though their environmental impact remains mixed.

主讲人介绍：

曹顺（Sean Cao），美国马里兰大学史密斯商学院会计系终身副教授。曾任美国佐治亚州立大学罗宾逊商学院会计系和金融系双聘终身副教授。曹教授的主要研究领域是：公司信息披露与决策、财务金融信息数据分析（主要涉及非结构化数据的处理、深层学习等）。已有研究成果发表在会计财务顶级期刊如 Journal of Financial Economics、Journal of Accounting Research、The Accounting Review、Contemporary Accounting Research 和 IEEE Computer 等。其多项研究成果在斯坦福大学、康奈尔大学、弗吉尼亚大学、明尼苏达大学和宾夕法尼亚州立大学等研究型大学进行报告。同时曹教授也受邀参与世界知名企业的研讨会，如 Grant Thornton、蚂蚁金融、百度和京东等。曹教授目前担任顶级期刊Management Science大数据方向的特邀编辑，是 Review of Financial Studies,Management Science、Contemporary Accounting Research、MIS Quarterly、Accounting、Organizations and Society 等顶级期刊的审稿人。