基于双重绩效目标悖论视角，以2014~2022年中国全A股上市公司为研究样本，探讨并实证检验气候风险与企业ESG绩效波动二者间的关系。研究表明，气候风险会加剧企业ESG绩效波动。机制检验表明，气候风险导致企业难以维持对于ESG活动的稳定资源投入，以及促使管理者采取策略性信息披露行为，均是气候风险加剧企业ESG绩效波动的机制路径。异质性分析发现，当企业具备更为充足的外部资金支持、面临更为密切的利益相关者关注时，气候风险对于企业ESG绩效波动的影响会有所削弱。进一步研究发现，企业ESG绩效波动会损害企业市场价值并造成企业长期资本流失，通过提高CEO认知复杂性与企业财务柔性，均能有效缓解气候风险对于企业ESG绩效波动的放大效应。

Drawing on the dual performance goals paradox perspective, this study examines the relationship between climate risk and corporate ESG performance volatility using a sample of all A-share listed firms in China from 2014 to 2022. The results show that climate risk significantly increases corporate ESG performance volatility. Mechanism analysis indicates that this effect occurs as climate risk makes it more difficult for firms to maintain stable resource investments in ESG activities and induces managers to engage in strategic information disclosure. Heterogeneity analysis reveals that the impact of climate risk is mitigated when firms have greater access to external financial resources or face closer stakeholder attention. Further research demonstrates that corporate ESG performance volatility harms a firm’s market value and leads to firm long-term capital outflows. Furthermore, enhancing CEO cognitive complexity and improving corporate financial flexibility are both found to buffer the amplifying effect of climate risk on corporate ESG performance volatility.