制約から突破へ：中国の炭素集約型産業における炭素情報開示、グリーンイノベーション、環境規制

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:炭素情報開示の企業価値への影響を、テキストマイニング指標と特許データで実証し、開示・イノベーション・規制の相互作用を明らかにした点が参考になる。

🏢実務担当者:炭素情報開示をコンプライアンス対応で終わらせず、グリーンイノベーションと結びつけることで企業価値向上につなげる戦略的示唆を得られる。

🏛政策担当者:規制当局はコンプライアンス要件とイノベーションインセンティブを組み合わせることで、開示の実質化と持続的競争力の両立を促すべき。

This study investigates how carbon information disclosure attention affects firm value in China’s carbon-intensive industries. The analysis emphasizes the constraint-to-breakthrough logic that characterizes the low-carbon transition. Existing studies report conflicting findings regarding the value implications of carbon information disclosure attention. Limited research explains why it may simultaneously reflect both sustainability orientation and transition burden. The study measures disclosure attention with a text-mining index, green innovation with patent data, and environmental regulation with regional investment indicators. The dataset covers A-share listed firms from 2013 to 2022. The analysis employs multi-dimensional fixed effects models, robustness checks, and dynamic estimations to ensure reliable inference. Findings indicate that carbon information disclosure enhances firm value, although investors initially perceive it as a signal of compliance burden and transition pressure. Green innovation further strengthens the relationship between carbon information disclosure and firm value. It does so by helping firms transform carbon information disclosure attention from symbolic compliance into substantive strategic adaptation. Environmental regulation does not directly moderate the relationship between disclosure and firm value. However, it indirectly reinforces this relationship by stimulating innovation and increasing firms’ incentives to pursue sustainable transformation. This study advances the literature by reconceptualizing carbon information disclosure as a form of managerial attention with dual implications for firm value and by clarifying the interaction between disclosure, innovation, and regulation. The findings also provide policy implications that regulators should combine compliance requirements with innovation incentives, and firms should leverage environmental pressures to support sustainable competitiveness.

• openalex https://doi.org/10.1177/21582440261499467first seen 2026-10-16 05:02:44