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The role of industry–finance cooperation pilot policy in green innovation: evidence from Chinese firms

産業・金融連携パイロット政策がグリーンイノベーションに与える役割：中国企業からの証拠 (AI 翻訳)

Haoran Jiang, Huangming Lv, Yu Zhou, Huiguang Dai

Frontiers in Environmental Science📚 査読済 / ジャーナル2026-03-10#政策Origin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3389/fenvs.2026.1758797
原典: https://doi.org/10.3389/fenvs.2026.1758797

🤖 gxceed AI 要約

日本語

中国の二酸化炭素排出削減目標のもと、産業金融連携パイロット政策（IFCPP）が企業のグリーンイノベーションの質と量を向上させるかを、2012-2023年のA株上場企業データと段階的DIDを用いて検証。政策はグリーン特許出願数と被引用数を有意に増加させ、特に質への効果が大きい。内部経路（資源配分とイノベーション蓄積）が外部経路（シグナル伝達と期待安定化）より重要で、非国有企業や製造業、高汚染産業で質の向上が顕著。政策誘発のグリーンイノベーションは企業価値と地域経済成長を促進する。

English

Under China's dual carbon goals, this study examines whether the Industry-Finance Cooperation Pilot Policy (IFCPP) enhances both quantity and quality of corporate green innovation. Using staggered DID on Chinese A-share listed firms (2012-2023), it finds significant increases in green patent applications and citations, with stronger effects on quality. Internal channels (resource allocation and innovation accumulation) dominate external ones (signal transmission and expectation stabilization). Quality improvements are more pronounced for non-SOEs, manufacturing, and heavily polluting industries. Policy-induced green innovation boosts firm market value and regional economic growth.

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

中国のIFCPPは、日本の「成長性に配慮した移行金融」や「GXリーグ」における金融と産業の連携施策と類似点があり、政策設計の参考になる。日本ではSSBJ開示や有報でのESG情報が投資家対応に重要であり、政策と企業イノベーションの因果関係を示す本研究成果は、日本の政策評価や企業のESG戦略に示唆を与える。

In the global GX context

This study provides causal evidence on how industry-finance cooperation policies can drive green innovation, relevant to global discussions on transition finance and policy effectiveness. It complements TCFD/ISSB frameworks by linking policy incentives to measurable innovation outcomes, offering insights for policymakers designing similar schemes in other jurisdictions.

👥 読者別の含意

🔬研究者:Provides robust causal evidence on policy-driven green innovation, useful for understanding mechanisms and heterogeneity in emerging markets.

🏢実務担当者:Highlights the importance of internal innovation capabilities and ESG performance in leveraging policy support for green innovation.

🏛政策担当者:Demonstrates the effectiveness of industry-finance cooperation in promoting green innovation, informing policy design for low-carbon transitions.

📄 Abstract（原文）

Under China’s dual carbon goals, whether the Industry-Finance Cooperation Pilot Policy (IFCPP) improves both quantity and quality of corporate green innovation remains unresolved. Taking the IFCPP as a quasi-natural experiment, we use panel data of Chinese A-share listed firms (2012–2023) and the staggered DID method, measuring innovation quantity by green invention patent applications and quality by citations. Results show that the IFCPP significantly boosts both the quantity and quality of green innovation, with a stronger effect on quality. The policy functions through dual pathways: external signal transmission and expectation stabilization, and internal resource allocation and innovation accumulation, with internal channels being more prominent. Interaction analyses indicate that R&D investment hedges external uncertainty, financing constraint alleviation depends on external stability, and ESG performance strengthens internal drivers. Heterogeneity analysis reveals that quality improvement is more significant for non-SOEs, manufacturing firms, and heavily polluting industries. Policy-induced green innovation enhances firm market value and drives regional economic growth via spillover effects. This study demonstrates that industry-finance cooperation facilitates the transformation of innovation from “quantity-pursuing” to “quality-valuing,” supporting the green and low-carbon transition.

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