The impact of green finance on corporate environmental investment: a quasi-natural experiment based on the Green Finance Reform and Innovation Pilot Zones
グリーンファイナンスが企業の環境投資に与える影響：グリーンファイナンス改革・革新試験区に基づく準自然実験 (AI 翻訳)
Huabo Hu
🤖 gxceed AI 要約
日本語
本研究は2017年に実施された中国のグリーンファイナンス改革・革新試験区政策を準自然実験として、企業の環境投資への影響を分析した。上海・深圳A株上場企業の2011～2024年データを用いた差分の差（DID）モデルにより、政策が環境投資を有意に促進することを確認。メカニズムとして、政府補助金の増加と環境規制の強化の2経路が特定され、非国有企業や非重汚染企業で効果が顕著である。
English
This study uses China's 2017 Green Finance Reform and Innovation Pilot Zone policy as a quasi-natural experiment to examine its impact on corporate environmental investment. Using DID model on A-share listed firms from 2011-2024, it finds that the policy significantly promotes environmental investment through increased government subsidies and strengthened environmental regulations. The effect is stronger for non-state-owned and non-heavy polluting firms.
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
中国のグリーンファイナンス試験区政策の効果を実証した本論文は、日本におけるGX推進政策（例：グリーンイノベーション基金）の設計に示唆を与える。特に、補助金と規制の組み合わせが企業投資を促すメカニズムは、日本の環境投資促進策の参考となる。
In the global GX context
This paper provides robust causal evidence on the effectiveness of green finance pilot zones, contributing to the global discourse on transition finance. Its findings on the dual mechanisms of subsidies and regulation offer practical insights for policymakers designing green finance frameworks under TCFD/ISSB alignment.
👥 読者別の含意
🔬研究者:Provides a rigorous DID-based causal estimate of green finance policy on corporate environmental investment, with clear mechanism analysis.
🏢実務担当者:Corporates can learn how government green finance policies influence investment decisions and regulatory pressures.
🏛政策担当者:Demonstrates the effectiveness of combining financial incentives with regulatory enforcement in green finance pilot zones.
📄 Abstract（原文）
Green finance is a pivotal market-oriented instrument for coordinating economic growth with ecological sustainability. Against the backdrop of China's Green Finance Reform and Innovation Pilot Zone (GFRIPZ) policy, this paper utilizes this policy implemented in 2017 as a quasi-natural experiment to investigate its impact on corporate environmental investment. Based on data from Shanghai and Shenzhen A-share listed companies from 2011 to 2024, this study conducts an empirical test using the Difference-in-Differences (DID) model. The results indicate that the pilot policy significantly promotes corporate environmental investment. Mechanism analysis demonstrates that the policy drives investment through two main channels: first, by increasing government environmental subsidies to provide fiscal incentives; and second, by strengthening regional environmental regulation intensity to exert external pressure. Furthermore, heterogeneity analysis reveals that the promoting effect of the pilot policy on environmental investment is more pronounced for non-state-owned enterprises and non-heavily polluting firms. This paper provides empirical evidence for assessing the micro-level effectiveness of green finance policies and offers theoretical support for optimizing resource allocation and driving a comprehensive green economic transformation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2977-5701/2026.32666first seen 2026-05-06 00:45:30
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。