Corporate ESG Greenwashing Governance Under Fiscal–Financial Policy Coordination: Evidence from a Quasi-Natural Experiment of the Green Loan Interest Subsidy Policy
財政・金融政策の連携による企業のESGグリーンウォッシングガバナンス：グリーンローン利子補助政策の準自然実験からの証拠 (AI 翻訳)
Zhaoxia Wu, Xinyu Zeng
🤖 gxceed AI 要約
日本語
本論文は、グリーンローン利子補助政策（GLIS）が企業のESGグリーンウォッシングを抑制する効果を、中国上場企業データ（2009-2022）と差分の差分法を用いて実証した。財政・金融政策の連携が銀行の情報スクリーニング、地方政府のグリーンスクリーニング、企業の内部ガバナンスを強化することで、グリーンウォッシングを抑制するメカニズムを明らかにした。特に非国有企業や成長段階の企業、高汚染産業で効果が高い。
English
This paper uses a quasi-natural experiment of China's green loan interest subsidy policy (GLIS) to examine its impact on corporate ESG greenwashing. Using a multi-period difference-in-differences model on Chinese listed firms from 2009-2022, it finds that GLIS significantly curbs ESG greenwashing through enhanced bank screening, local government green screening, eased financing constraints, and improved internal governance. Effects are stronger for non-state-owned, growth-stage, and heavily polluting firms, and those with strong digital R&D and governance capabilities.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本のGX文脈では、グリーンウォッシュ対策はSSBJ開示基準や金融庁の有価証券報告書におけるESG情報開示の信頼性向上と直結する。本論文は財政・金融政策の連携が企業の開示品質を高めるメカニズムを明らかにしており、日本におけるグリーンローンやトランジションファイナンスの制度設計に示唆を与える。
In the global GX context
Globally, this paper contributes to understanding how fiscal-financial policy coordination can enhance the credibility of ESG disclosure—a core issue under TCFD, ISSB, and CSRD. It provides empirical evidence on the role of banks and local governments in curbing greenwashing, relevant for policymakers designing green finance regulations and for corporations seeking to avoid disclosure pitfalls.
👥 読者別の含意
🔬研究者:Empirical evidence on policy mechanisms to curb ESG greenwashing, relevant for scholars studying disclosure quality, green finance, and policy coordination.
🏢実務担当者:Insights into how green loan structures and government oversight can reduce greenwashing risks, useful for corporate sustainability and compliance teams when designing or responding to green finance products.
🏛政策担当者:Demonstrates the effectiveness of coordinated fiscal-financial instruments in improving ESG disclosure integrity, offering lessons for structuring green subsidy policies.
📄 Abstract（原文）
As sustainable finance continues to advance, an important question is how scientifically designed and well-targeted policies can curb corporate ESG greenwashing and improve the quality of firms’ ESG and sustainability disclosure. From the perspective of fiscal–financial policy coordination, we exploit the green loan interest subsidy policy (GLIS) as a quasi-natural experiment and develop an analytical framework around four policy components: commercial banks’ information screening, local governments’ green screening, the subsidy instrument’s leverage and certification effects, and firms’ internal green governance. Within this framework, we examine whether the GLIS can restrain corporate ESG greenwashing. Using Chinese listed firms from 2009 to 2022 as the sample and identifying the effect through a multi-period difference-in-differences (DID) model, we find that the GLIS significantly curbs corporate ESG greenwashing. In exploring the underlying channels, we find that the GLIS curbs corporate ESG greenwashing by strengthening commercial banks’ information screening, enhancing local governments’ green screening, easing firms’ external financing constraints, and reinforcing firms’ internal green governance. Further analysis indicates that the inhibitory effect of the GLIS on corporate ESG greenwashing is more pronounced among non-state-owned firms, firms in the growth stage, firms in heavily polluting industries, and firms located in regions with weaker resource endowments. In addition, the stronger a firm’s digital technology R&D capability and corporate governance capability, the greater the restraining effect of the GLIS on its ESG greenwashing. By systematically evaluating the governance effect of fiscal–financial policy coordination on corporate ESG greenwashing, our study provides useful insights for governments seeking to improve green finance policies and optimize the coordination of green policy instruments.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18126099first seen 2026-06-19 05:35:12
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