政府補助金政策は企業のエネルギー転換レジリエンスを促進するか？中国からの実証的証拠
Do government subsidy policies promote the energy transition resilience of enterprises? Empirical evidence from China (原題)
Yuanke Zhao, Chen Yang, 施国庆, Shusheng Yang
🤖 gxceed AI 要約
日本語
本論文は中国A株SME・ChiNext上場企業の2013〜2023年パネルデータを用い、企業のエネルギー転換レジリエンス（ETR）を測る総合評価指標を構築した。政府補助金がETRを有意に高め、その効果は資金制約の緩和を通じて作用することを示す。環境規制は単一閾値の相殺的調整効果を持ち、非国有・東部・製造業企業で効果がより強い。
English
Using 2013–2023 panel data on Chinese A-share SME and ChiNext firms, this paper builds a comprehensive index of enterprise energy transition resilience (ETR). Government subsidies significantly raise ETR, operating by easing financing constraints through resource and signalling functions. Environmental regulation exerts a single-threshold countervailing moderation, with stronger effects for non-state-owned, eastern, and manufacturing 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
中国の補助金・環境規制と企業の低炭素移行耐性の関係を実証した点は、日本のSSBJ開示や移行金融、政策支援設計を考える上で比較材料となる。特に資金制約緩和を通じた効果は、日本の中小企業のGX支援策やトランジション・ファイナンスの議論に示唆を与える。
In the global GX context
This study adds empirical evidence on how state subsidies and environmental regulation jointly shape corporate low-carbon transition capacity, a question central to transition finance and policy design under ISSB/TCFD-aligned disclosure. Its financing-constraint channel speaks to global debates on public support for SME decarbonization and the countervailing role of regulation.
👥 読者別の含意
🔬研究者:企業レベルのエネルギー転換耐性指標と補助金・規制の相互作用を定量化した実証枠組みを提供する。
🏢実務担当者:補助金活用と資金制約緩和が低炭素移行の継続性に寄与することを示し、GX投資計画の参考になる。
🏛政策担当者:補助金と環境規制の閾値的相互作用を踏まえ、中小企業向けGX支援策の設計に示唆を与える。
📄 Abstract（原文）
Purpose Energy transition resilience (ETR) captures enterprises’ capacity to maintain sustainability during low-carbon transitions. This paper aims to construct a comprehensive ETR evaluation index system and examines how government subsidies affect enterprises’ ETR. Design/methodology/approach This study uses panel data from 2013 to 2023 on small and medium-sized enterprises listed on China’s A-share SME and ChiNext boards to construct a comprehensive ETR evaluation index system. Econometric models are used to empirically test the impact of government subsidies on enterprises’ ETR, while further analysing the mediating role of financing constraints, the threshold moderating effect of environmental regulations and heterogeneity across ownership, region and industry. Findings The results indicate that: government subsidies significantly enhance enterprises’ ETR; the resource-based and signalling functions of government subsidies improve ETR by easing financing constraints; environmental regulations exert a countervailing moderating effect on the relationship between government subsidies and ETR, displaying a single threshold; and government subsidies have a stronger positive effect on ETR among non-state-owned enterprises, eastern enterprises and manufacturing enterprises. Practical implications The findings offer empirical support for governments to optimise subsidy policies and improve environmental regulation systems. They also provide decision-making references for enterprises to enhance ETR and achieve sustainable energy transition, contributing to the joint promotion of energy transformation and the “dual carbon” goals at both governmental and enterprise levels. Originality/value This paper is among the earliest attempts to systematically construct a comprehensive evaluation index system for enterprises’ ETR, filling a gap in the existing literature. It innovatively reveals the mechanisms of government subsidies from the perspectives of resource-based theory, signalling theory and threshold moderation, providing new empirical evidence on the relationship between subsidy policies and ETR.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/ijccsm-03-2026-0181first seen 2026-10-11 04:48:51
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