カーボンレバーとグリーンギア：企業レベルの炭素金融が製造業のグリーンイノベーション効率をどう刺激するか
Carbon lever and green gear: how firm-level carbon finance sparks green innovation efficiency in manufacturing (原題)
Lulu Liu, Da Gao, Xiaotian Zhou
🤖 gxceed AI 要約
日本語
中国A株上場製造業2009〜2023年のデータを用い、企業レベルの炭素金融（CF）指標を構築し、グリーンイノベーション効率（GIE）への因果効果を検証。CFはGIEを高め、ハイテク製造業や成熟・衰退段階の企業で特に顕著。環境バックグラウンドを持つ上級幹部比率の上昇と短期債務返済能力の改善が媒介経路であり、デジタル統合度は正、資金制約は負に調整する。
English
Using A-share listed manufacturing firms (2009-2023), this study builds a firm-level carbon finance (CF) measure and tests its causal effect on green innovation efficiency (GIE). CF boosts GIE, especially for high-tech and mature/declining-stage firms. Channels are a higher share of executives with environmental backgrounds and improved short-term solvency; digital integration moderates positively and financing constraints negatively.
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
炭素金融を企業レベルの財務指標として定量化する試みは、日本で進むGX経済移行債やトランジション・ファイナンス、SSBJ開示と親和性が高い。炭素を「商品」とする金融ツールの効果検証は、日本企業のカーボンクレジット活用や内部炭素価格制度の設計に示唆を与える。
In the global GX context
This paper operationalizes carbon finance at the firm level, offering empirical evidence relevant to global transition finance debates (TCFD, ISSB, transition plans). It links carbon-financial instruments to innovation outcomes, complementing disclosure-focused scholarship by showing how carbon pricing/finance tools translate into real-economy green innovation.
👥 読者別の含意
🔬研究者:企業レベルの炭素金融指標の構築方法と、GIEへの因果経路（環境人材・短期流動性）を学べる。
🏢実務担当者:炭素金融ツールの活用がグリーンイノベーション効率を高めうる点、デジタル統合と資金制約の調整効果を踏まえた投資判断に活用可能。
🏛政策担当者:炭素金融市場の整備が製造業のグリーンイノベーションを促す可能性を示し、炭素価格・金融政策の設計に示唆。
📄 Abstract（原文）
In the face of mounting pressure on global initiatives to combat climate change, the question of how to capitalize on the opportunity presented by green transformation has become a pressing concern. Unlike the concept of green finance, carbon finance (CF) is a specific means dedicated to reducing greenhouse gases. Its essence lies in emerging financial tools based on strict technical accounting, with carbon emissions as the primary commodity and reliance on the financial market. Therefore, based on the data of A-share listed manufacturing enterprises from 2009 to 2023, this study constructs a carbon finance measurement at the firm level and explores the causal relationship between CF and the green innovation efficiency (GIE) of manufacturing enterprises. The findings indicate that: (1) Enterprises’ CF can boost the GIE. High-tech manufacturing companies, as well as those in the mature and declining stages, exhibit this boosting influence in particular. (2) The development of CF can enhance the GIE of enterprises through two main channels: increasing the proportion of senior executives with environmental backgrounds and improving the short-term debt-paying ability of enterprises. (3) The impact of CF is moderated both positively and negatively by the degree of digital integration (Dig) and financing constraints (Sa). The level of Dig and Sa play a positive and negative moderation role in the impact of carbon finance. The results provide a reference for the application of carbon financial tools in the entity economy from a micro perspective.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1057/s41599-026-09069-9first seen 2026-09-27 04:44:05
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。