How does climate risk affect fisheries? New evidence from the operating cash flows of Chinese listed firms

Listed fisheries companies depend heavily on natural conditions, leaving their operations particularly exposed to climate change. Using Chinese listed fisheries companies as the research sample, this study examines the effect of regional climate risk on operating cash flow and investigates potential mitigating mechanisms. The results show that regional climate risk significantly reduces operating cash flow. Further analysis indicates that extreme heat, cold, rainfall, and drought all weaken corporate cash flow, demonstrating the multidimensional nature of climate exposure in fisheries. Government subsidies and stronger internal governance mitigate these adverse effects and therefore serve as important buffers against climate shocks. By documenting the cash-flow consequences of climate risk, this study provides new firm-level evidence on how environmental shocks affect fisheries operations and offers practical implications for strengthening climate resilience in the sector.