Research on Corporate Financial Strategy Based on ESG: A Case Study of LONGi Green Energy
ESGに基づく企業財務戦略の研究：LONGi Green Energyの事例分析 (AI 翻訳)
Xinyun Ye
🤖 gxceed AI 要約
日本語
本稿は、中国の太陽光発電企業LONGi Green Energy（2019-2023年）の単一事例の縦断分析を通じて、ESGが企業の財務戦略（資金調達、投資、運営）に与える影響を検討する。結果、ESG統合はシグナリング理論を通じて負債および株式コストを低減し、バリューチェーンの垂直統合とグリーンビジネス創出を促進し、サプライチェーンのトレーサビリティによって資産回転率とROEを向上させることが示された。理論的にはサステナブルファイナンスにおけるシグナリング理論の応用を拡張し、実践的には製造業へのESG組み込みの道筋を提供する。
English
This study uses a longitudinal single-case analysis of LONGi Green Energy (2019-2023) to examine how ESG integration reshapes corporate financial strategy. Findings show that ESG reduces debt and equity costs through signaling, drives vertical integration and green business incubation, and improves asset turnover and ROE via supply chain traceability. The research extends signaling theory in sustainable finance and provides practical guidance for manufacturing firms embedding ESG into financial strategies.
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
日本の製造業にとっても、ESGが財務戦略に与える影響を示す点で参考となる。特に、サプライチェーンのトレーサビリティによる効率化は、日本企業がSSBJ対応で重視する非財務情報の活用に示唆を与える。
In the global GX context
This paper adds to the growing evidence that ESG integration has tangible financial benefits, supporting the business case for transitioning to a low-carbon economy. It also strengthens the link between non-financial disclosure and corporate financial performance, relevant to ISSB and CSRD frameworks.
👥 読者別の含意
🔬研究者:Provides a framework linking signaling theory to ESG-driven financial outcomes, useful for future empirical work on non-financial information and firm performance.
🏢実務担当者:Offers a concrete example of how a heavy-asset manufacturer integrated ESG into financing, investment, and operations to improve efficiency and lower capital costs.
🏛政策担当者:Demonstrates the material financial impact of ESG factors, reinforcing the case for mandatory non-financial disclosure standards like ISSB.
📄 Abstract（原文）
Under the background of the 'dual carbon' goal, Environmental, Social, and Governance (ESG) is evolving from an external constraint on enterprises into a core element driving the reconstruction of financial strategy. This research relies on a single-case longitudinal analysis of LONGi Green Energy (2019-2023) to study the reshaping of financing, investment, and operations by ESG. The results indicate that ESG integration leads to decreased debt and equity cost through signaling processes, stimulates vertical value chain integration and green business incubation and increases asset turnover and ROE through supply chain traceability. This study theoretically expands the application boundaries of Signaling theory in the field of sustainable finance and empirically demonstrates the substantial impact of non-financial information on corporate financing decisions; in practice, it provides practical and feasible path references for heavy asset manufacturing enterprises to embed ESG concepts into financial strategies and achieve synergy between value creation and sustainable development.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2754-1169/2026.33616first seen 2026-05-23 05:57:43 · last seen 2026-05-27 05:06:00
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