本研究探討分析師在股東會提出氣候相關問題，是否會影響企業的現金持有政策。隨著氣候風險與利害關係人壓力日益成為影響企業行為的重要因素，我們探討分析師的氣候關注是否會影響企業採取預防性的現金持有政策。以 2003 年至 2021 年美國上市公司為樣本，實證結果顯示，無論是出於財務動機（value）或道德動機（values）的氣候提問，其關注強度均與企業較高的現金持有顯著正相關。接著透過機制分析，我們發現氣候相關的問題會提升企業對氣候風險的感知，並降低其 ESG 排放績效，促使企業增加現金儲備以應對潛在風險。此影響在高碳排放產業、競爭激烈的市場，以及財務受限程度較高的公司中更為顯著。本文揭示了「分析師氣候關注」這一外部溝通管道如何進一步將氣候議題內化為企業財務政策的關鍵決策因素，對永續金融與企業治理文獻提供了新的實證貢獻。;This study investigates how analysts’ climate-related questions during earnings calls influence corporate cash holdings. Motivated by the growing importance of climate risk and stakeholder pressure in shaping corporate behavior, we explore whether analyst scrutiny drives precautionary motives. Using U.S. firm-level data from 2003 to 2021, we find that higher analyst climate attention, financially (value), and ethically (values) are positively associated with corporate cash holdings. Mechanism tests reveal that climate-related questions increase perceived climate risk and reduce ESG emission performance, prompting firms to increase cash as buffers. The effect is more pronounced in carbon-intensive and competitive industries, and among firms facing greater financial constraints. Our findings contribute to previous studies by uncovering an important external determinant: analysts’ climate-related questions during earnings calls are incorporated into financial policy decisions.
