The results of robustness tests (ii).

Under the dual drivers of China’s “Dual Carbon” goals (carbon peaking and carbon neutrality) and the digital technology revolution, the strategic value of corporate climate risk information disclosure has become increasingly prominent. Against this backdrop, this paper systematically explores the relationship between digital finance development and corporate climate risk disclosure using a sample of Chinese A-share listed firms. The research demonstrates that digital finance development significantly promotes corporate climate risk disclosure, a conclusion that remains valid after multiple robustness tests. The study also reveals that digital finance drives climate risk disclosure through alleviating financing constraints, strengthening environmental responsibility, and enhancing reputational incentives. Further analysis indicates that institutional pressure positively moderates the relationship between digital finance and corporate climate risk disclosure; moreover, the impact of digital finance on corporate climate risk disclosure exhibits significant heterogeneity depending on regional factors (rule of law environments and the supply level of digital economy policies), and corporate characteristics (top management backgrounds, lifecycle stages, and equity nature). These findings provide theoretical references and empirical support for balancing digital finance innovation and climate risk governance.在中国“双碳”目标（碳达峰与碳中和）与数字技术革命的双重驱动下，企业气候风险信息披露的战略价值日益凸显。在此背景下，本文以中国A股上市公司为研究样本，系统探究数字金融发展与企业气候风险披露之间的关联。研究表明，数字金融发展能够显著促进企业气候风险披露，该结论经过多重稳健性检验后依然成立。研究还揭示，数字金融可通过缓解融资约束、强化环境责任以及提升声誉激励三大路径推动企业气候风险披露。进一步分析显示，制度压力对数字金融与企业气候风险披露的关系具有正向调节作用；此外，数字金融对企业气候风险披露的影响存在显著异质性，该异质性取决于区域因素（法治环境与数字经济政策供给水平）以及企业特征（高管背景、生命周期阶段与股权性质）。上述研究结论为平衡数字金融创新与气候风险治理提供了理论参考与实证支撑。