The Effect of Carbon Disclosure Quality on Green Bond Financing Cost
炭素情報開示の質がグリーンボンドの資金調達コストに与える影響 (AI 翻訳)
Siying Wang, Chaminda Wijethilake
🤖 gxceed AI 要約
日本語
中国の上場企業166社のデータを用いて、炭素情報開示の質が高いほどグリーンボンドの資金調達コストが低下することを実証。炭素集約産業の企業は特に感応的であり、中国の政策が開示の重要性を高めている。
English
Using panel data from 166 Chinese listed green bond issuers (2014-2024), this study finds that higher quality carbon disclosure significantly reduces green bond financing costs. Carbon-intensive firms are more sensitive. Findings support the role of disclosure in lowering capital costs and inform Chinese regulators and corporate low-carbon 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
中国のグリーンボンド市場における炭素情報開示の質と資金調達コストの関係を実証した点が重要。日本のグリーンボンド市場やSSBJ開示基準の設計にも示唆を与える。
In the global GX context
This study provides empirical evidence from China linking carbon disclosure quality to green bond pricing. It contributes to global understanding of how non-financial disclosure affects cost of capital, relevant for ISSB and green bond frameworks worldwide.
👥 読者別の含意
🔬研究者:Empirical evidence on the link between carbon disclosure quality and financing costs in an emerging green bond market.
🏢実務担当者:Demonstrates that improving carbon disclosure can lower green bond financing costs.
🏛政策担当者:Supports policies to enhance carbon disclosure requirements for green bond issuers.
📄 Abstract（原文）
Existing research on financing costs primarily focuses on traditional financial factors, such as credit ratings, and offers limited examination of non‐financial information. This study examines the impact of the quality of carbon information disclosure on financing costs using a fixed‐effects panel regression, based on data from 166 Chinese listed companies that issued green bonds from 2014 to 2024. Results show a significant negative relationship: Better disclosure reduces bond costs. As carbon disclosure reflects a company's environmental and governance commitment, it influences investors' perceptions and risk assessments, thereby affecting financing costs. The study also finds that companies in carbon‐intensive industries are more sensitive to changes in carbon intensity. China's initiatives to reduce carbon emissions and support green bonds have heightened the importance of carbon disclosure for financing costs. This study provides novel insights into how carbon information disclosure affects green financing in China, enabling regulators to refine their policies and guiding companies towards low‐carbon strategies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.71126first seen 2026-07-18 08:11:39
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