采用2007~2022年中国上市集团公司的样本，探究子公司反哺在缓解气候风险影响集团经营业绩中的作用。研究发现，当母公司面临更高气候风险时，集团整体经营业绩通常会下降，而子公司增加分红可缓解这一负面影响。机制分析显示，气候风险促使母公司将生产活动转移至子公司，且子公司增加了向母公司的分红，这一动态过程发挥了企业集团的气候风险避难所效应；低气候风险地区子公司和异地子公司数量较多、子公司地理位置较分散时，子公司分红的缓解效应更强。异质性分析表明，对于融资约束较严重、子公司代理成本较低的企业集团，子公司增加分红更显著地发挥了气候风险抵御效果。

Using a sample of Chinese listed group companies from 2007 to 2022, this study explores the role of subsidiaries’ reverse resource transfer in mitigating the impact of climate risk on the operating performance of business groups. The study finds that when the parent company is exposed to higher climate risk, the overall operating performance of the business group usually declines, and the increase in dividends by subsidiaries can alleviate this adverse impact. Mechanism analysis shows that climate risk prompts the parent company to transfer production activities to subsidiaries, furthermore, the subsidiaries increase dividends to the parent company. This dynamic process effectively exerts the climate risk shelter effect of the business group. Furthermore, the larger the number of subsidiaries located in low climate risk regions and out-of-region subsidiaries, and the more geographically dispersed the subsidiaries are, the more pronounced the mitigating effect of subsidiaries’ dividends. Heterogeneity analysis indicates that in business groups with severe financing constraints and lower subsidiary agency costs, the increase in dividends by subsidiaries is more effective in mitigating climate risk.