关键词: 气候风险, 基金经理, 投资决策

Abstract: Climate risk is playing an increasingly important role in economic and financial markets. We use data of equity funds to study the relationship between changes in fund holdings and the occurrence of climate disasters. The results of main regression prove that climate risk can reduce the position of fund managers located in disaster- occurrence areas. Fund managers will further reduce high climate risk stocks when they are facing “fire-suffering”. Those behaviors can be partly explained by enterprises’ operating profits reduction. Further analyses show that when climate risk occurs, if both the fund company and the holding company are in same area, the fund manager will reduce more holdings of the companies, which can be regarded as fund managers’ overreaction to climate risk. The government’s emphasis on environmental protection can alleviate this reduction behavior to some extent. For fund managers who are famous, experienced, multi-managed and fund managers in where local governments attach important to environment, the reactions to climate risk are weaker than others. Our study provides a fund-level perspective on the interaction of climate risk and financial market.

Key words: climate risk, mutual fund manager, investment decisions