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This is a Quantitative Study study.

The Impact of Climate Risk on Corporate Financialization—Based on Empirical Evidence of Chinese A-Share Listed Companies

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Empirical evidence reveals climate risk reduces corporate financialization in state-owned enterprises, suggesting implications for finance policy.

Heightened climate risk significantly reduces corporate financialization, especially in state-owned firms.
The analysis covers data from China's A-share markets from 2007 to 2019, highlighting substantial findings.
Mechanism analysis shows climate risk increases financing constraints while stimulating innovation capacity.
Findings indicate that corporate financialization is driven by profit motives related to investment substitution and real-sector intermediation.

Lü et al. (2025) studied this question.

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Empirical evidence reveals climate risk reduces corporate financialization in state-owned enterprises, suggesting implications for finance policy.