グリーンファンドが上場企業の炭素排出強度に与える影響
The impact of green funds on the carbon emission intensity of listed companies (原題)
Chaobo Zhou, Lixing Liu, Wen Zhang
🤖 gxceed AI 要約
日本語
中国A株上場企業3,299社・2010〜2022年のデータを用い、グリーンファンドの株式保有が企業の炭素排出強度を有意に低下させることを示した実証研究。効果は非重汚染産業、環境規制の厳しい地域、成長段階企業でより顕著。機構としてグリーンイノベーション促進、資金制約緩和、ESG責任履行、評判向上、偏向的技術進歩を特定し、デジタル技術やAI導入が正の調整効果を持つと報告する。
English
Using 3,299 Chinese A-share listed firms (2010-2022), this study finds green fund shareholdings significantly reduce corporate carbon emission intensity, robust to IV and lagged-variable treatments. Effects are stronger in non-heavily-polluting industries, strictly regulated regions, and growth-stage firms. Mechanisms include green innovation, eased financing constraints, ESG fulfillment, reputation, and biased technological progress, with digital tech and AI adoption as positive moderators.
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SSBJ基準や有報での気候関連開示が進み、機関投資家のエンゲージメントが企業の脱炭素行動を促す構図が注目される。本稿はグリーンファンドという株式保有チャネルが炭素強度を下げる実証根拠を提示し、日本でのESG投融資・スチュワードシップ政策の効果検証に示唆を与える。
In the global GX context
Amid ISSB/TCFD-aligned disclosure and transition finance debates, this paper offers micro-level evidence that equity-based green funds can lower corporate carbon intensity, complementing disclosure-centric scholarship. It adds a Chinese capital-market case to global discussions on how investor pressure and ESG mandates translate into real-economy decarbonization.
👥 読者別の含意
🔬研究者:グリーンファンド保有と炭素強度の因果関係をIV・機構分析で示す実証設計は、投資家圧力と脱炭素の実証研究の参照枠になる。
🏢実務担当者:機関投資家の持株比率やESG評価が自社の脱炭素投資・開示対応の優先度に影響しうる点を、IR・サステナ担当が意識する材料になる。
🏛政策担当者:グリーンファンド配分の最適化やESG投資促進策が企業の炭素削減に効く可能性を示し、政策設計の根拠となる。
📄 Abstract（原文）
Background As the global climate change crisis intensifies, advancing the low-carbon transition has become a core strategy for sustainable development. Green finance is increasingly a key driver of corporate pollution reduction and carbon mitigation, yet how equity-based green funds shape corporate carbon emission intensity remains underexplored. Objective This paper investigates the impact of green fund shareholdings on the carbon emission intensity of listed companies, and examines the underlying mechanisms, heterogeneity and boundary conditions. Methods Using data from China’s A-share listed firms over 2010-2022 (3,299 firms; 17,943 firm-year observations) sourced from the CSMAR database, we employ firm and industry-by-year fixed-effects regressions, a battery of robustness checks, instrumental-variable (2SLS) and lagged-variable endogeneity treatments, as well as heterogeneity and mechanism analyses. Results Green funds significantly reduce corporate carbon emission intensity, a finding that remains robust after a series of alternative measures and endogeneity treatments. Heterogeneity analysis reveals that this emission-reduction effect is more pronounced among firms in non-heavily polluting industries, regions with stringent environmental regulations, growth-stage enterprises, and industries with low concentration. Mechanism analysis suggests that green funds curb carbon emission intensity primarily by promoting green innovation, alleviating financing constraints, fulfilling ESG responsibilities, enhancing corporate reputation, and driving biased technological progress. Furthermore, digital technologies, managers’ educational backgrounds, and the adoption of artificial intelligence play positive moderating roles. Conclusion This study provides empirical evidence on how green financial instruments drive micro-level low-carbon transitions and offers policy insights for optimising green fund allocations.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3389/fenvs.2026.1891595first seen 2026-11-14 05:23:14
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