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Turning Uncertainty into Opportunity: Climate Policy Uncertainty and Firms’ Green Innovation Boundaries

不確実性を機会に変える：気候政策の不確実性と企業のグリーンイノベーションの境界 (AI 翻訳)

Jie Fu, Junxia Zhang

Sustainabilityプレプリント2026-05-12#政策Origin: CN対象セクター: cross_sector
DOI: 10.3390/su18104814
原典: https://doi.org/10.3390/su18104814

🤖 gxceed AI 要約

日本語

本研究は、中国A株上場企業の2011〜2023年のパネルデータを用いて、気候政策の不確実性（CPU）が企業のグリーンイノベーションの境界を拡大することを実証的に示す。グリーン戦略志向とデジタル・グリーン技術統合能力が媒介し、グリーンファイナンスとピア効果が促進要因となる。結果として、持続可能なイノベーション能力と市場シェアの向上につながる。

English

Using a panel of Chinese A-share listed firms from 2011-2023, this study shows that climate policy uncertainty (CPU) expands firms' green innovation boundaries. Green strategic orientation and digital-green technology integration mediate this effect, while green finance and peer effects strengthen it. Expanding boundaries enhances sustainable innovation capability and market share, turning CPU into competitive advantage.

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

日本では、気候政策の不確実性が企業のグリーン投資に与える影響は、SSBJ開示やカーボンプライシング導入議論と関連して重要。本研究の知見は、日本企業が政策不確実性を機会と捉え、グリーンイノベーションを促進するための示唆を提供する。

In the global GX context

This study contributes to global literature on climate policy uncertainty and corporate green innovation, offering empirical evidence from China. It highlights the roles of green finance and digital-green integration, relevant for policymakers and firms navigating transition risks under frameworks like TCFD and ISSB.

👥 読者別の含意

🔬研究者:Provides empirical evidence on how climate policy uncertainty drives green innovation, with mechanisms and moderators.

🏢実務担当者:Suggests that firms can leverage policy uncertainty by strengthening green strategic orientation and digital capabilities.

🏛政策担当者:Indicates that stable yet adaptive climate policies and green finance support can foster corporate green innovation.

📄 Abstract（原文）

With the intensification of climate change and the acceleration of the low-carbon transition, climate policy uncertainty (CPU) has become a critical external shock shaping firms’ green innovation behavior. Using a panel of Chinese A-share listed firms from 2011 to 2023, this study constructs a firm-level measure of CPU and examines its impact on firms’ green innovation boundaries and the underlying mechanisms. The results show that CPU significantly expands firms’ green innovation boundaries, and this effect is notably obvious in areas with stronger green innovation ecosystems and robust intellectual property protection. Mechanism analyses indicate that green strategic orientation and digital–green technology integration capability play significant partial mediating roles. Moreover, green finance and peer effects significantly strengthen the positive relationship between CPU and green innovation boundaries. Further analyses reveal that expanding green innovation boundaries not only enhances firms’ sustainable green innovation capability but also increases market share, thereby transforming CPU into long-term technological and competitive advantages.

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