Managing transition finance and debt financing costs: mechanisms and threshold models
移行金融と債務調達コストの管理：メカニズムと閾値モデル (AI 翻訳)
Bing Zhou, Yue Sun
🤖 gxceed AI 要約
日本語
本研究は、中国のA株上場製造業企業を対象に、移行金融が債務調達コストに与える影響を実証分析した。移行金融は、環境情報開示の質向上、資金調達制約の緩和、商業信用の強化を通じて債務コストを低減することを明らかにした。さらに、企業規模に基づく閾値効果や、炭素排出管理レベル、技術集約度、収益性による異質性も確認した。
English
This study empirically analyzes the impact of transition finance on debt financing costs using Chinese A-share listed manufacturing firms. It finds that transition finance reduces debt costs through improved environmental disclosure, eased financing constraints, and enhanced commercial credit. Threshold effects based on firm size and heterogeneity across carbon management, technology intensity, and profitability are also identified.
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、移行金融はGX経済移行債やトランジション・ファイナンスの枠組みとして注目されており、本研究成果は日本の高炭素産業の資金調達戦略に示唆を与える。特に、環境情報開示の質が資金調達コストに与える影響は、SSBJ開示や有報での情報開示の重要性を裏付ける。
In the global GX context
This paper contributes to the global discourse on transition finance by providing empirical evidence from China, a major economy. It highlights the role of disclosure quality and financing constraints in the effectiveness of transition finance, which is relevant for ISSB and CSRD implementation. The findings support the design of transition finance frameworks that target high-carbon industries.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mechanisms through which transition finance affects debt costs, useful for further research on transition finance and disclosure.
🏢実務担当者:Highlights the importance of environmental disclosure quality and financing strategies for high-carbon firms seeking lower debt costs.
🏛政策担当者:Offers insights for designing transition finance policies that support high-carbon industries' low-carbon transition.
📄 Abstract（原文）
Purpose Transition finance fills the coverage limitations of green finance and provides targeted support for the low-carbon transition of high-carbon industries, offering unique governance value. This study uses a sample of Chinese A-share listed manufacturing firms from 2011 to 2023 to examine the impact of transition finance on debt financing costs and its underlying mechanisms. Design/methodology/approach Based on China's Green Bond Endorsed Projects Catalogue (2015), we identify 16 manufacturing industries with significant “stock transformation” characteristics and construct industry-level dummy variables to capture the policy guidance effect of transition finance. Empirical tests validate the core hypothesis and elucidate causal pathways through mediation models, heterogeneity analysis and threshold models. These conclusions remain valid after undergoing robustness tests. Findings Transition finance can reduce corporate debt financing costs. The effect is realized through three channels: improving the quality of corporate environmental information disclosure, alleviating financing constraints and strengthening access to commercial credit. Additionally, there is a threshold effect based on firm size. Heterogeneity analysis indicates that this effect is more pronounced in firms with high levels of carbon emissions management, technology-intensive industries and low-profitability firms. Originality/value From the perspective of “stock transformation,” we clarify the economic logic behind transition finance supporting the low-carbon transition of high-carbon industries and to effectively distinguish it from green finance. Findings reveal the governance effectiveness of transition finance in information management and resource allocation, providing theoretical and empirical evidence for guiding the smooth transition.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/md-11-2025-3692first seen 2026-08-07 04:57:56
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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。