本研究探討生物多樣性風險如何影響2000年至2023年間美國企業的退休金提 撥行為。透過分析企業10-K文件中的文字化指標，我們發現較高的生物多樣性 風險曝險與較低的退休金提撥程度具有系統性的負相關。我們建構一個理論模 型，說明生物多樣性風險如何提高企業融資成本與財務困境風險，從而降低其 最適退休金提撥水準。實證結果顯示，面臨較大生物多樣性壓力的企業，傾向 於減少退休金提撥，主要原因在於財務彈性的惡化。具體而言，生物多樣性風 險會提高企業的融資成本與財務約束，進而抑制其進行如退休金提撥等長期承 諾的意願。異質性分析進一步指出，這一效果在流動性有限、高槓桿或資本支 出密集的企業中更為顯著，且在總體經濟環境穩定時尤為明顯。本研究強調生 物多樣性喪失已成為系統性金融因素，將環境金融研究的範疇從氣候風險延伸 至生物多樣性風險，並揭示其對退休金永續性、勞工福利與金融穩定的深遠影 響。;This paper investigates how biodiversity risk influences corporate pension funding among U.S. firms between 2000 and 2023. Using text-based indicators from 10-K filings， we find that higher exposure to biodiversity risk is systematically associated with lower pension funding. We construct a theoretical model showing how biodiversity risk raises financing costs and distress risks， thereby reducing optimal pension contributions. The results show that firms facing greater biodiversity pressures are more likely to reduce pension contributions， mainly due to deteriorating financial flexibility. Specifically， biodiversity risk increases financing costs and constraints， which discourages long-term commitments such as pension funding. Heterogeneity tests reveal stronger effects among firms with limited liquidity， high leverage， or intensive capital expenditures， and under stable macroeconomic environments. These findings highlight biodiversity loss as a systemic financial factor， extending environmental finance research beyond climate risk and underscoring its implications for pension sustainability， labor welfare， and financial stability.
