全球气候风险加剧催生了各国密集的政策实践。现有研究围绕命令控制型与市场激励型两类政策工具，评估了其宏观减排成效与微观企业行为影响，并借助文本分析构建气候政策不确定性指数，揭示其对资本市场的影响。现金持有研究在经典动机理论基础上，从信息不对称与委托代理视角探讨了企业持现水平的决定因素。然而，鲜有文献将企业层面的气候政策风险与现金持有决策直接关联。本文通过系统梳理上述领域的研究进展，为后续研究奠定理论基础。

The intensification of global climate risks has prompted countries to implement a series of climate policies. Existing studies have examined the macroeconomic effects and micro-level corporate impacts of both command-and-control and market-based policy instruments. Using textual analysis, scholars have constructed climate policy uncertainty indices and explored their implications for capital markets. Research on corporate cash holdings, grounded in classical motivational theories, has investigated the determinants of cash levels from the perspectives of information asymmetry and principal-agent theory. However, limited attention has been paid to the direct link between firm-level climate policy risk and corporate cash-holding decisions. By systematically reviewing the literature in these fields, this paper aims to lay a theoretical foundation for future research.