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グリーン移行の資金調達：持続可能な投資における課題と機会

Financing The Green Transition: Challenges And Opportunities In Sustainable Investment (原題)

Dr Subhadra P S, Dr. Vijayakumar. N, C. Vilvijayan, Dr. S. Vijayalakshmi, D. Paul Dhinakaran, Dr Sundarapandiyan Natarajan

Adolescencia e Saude📚 査読済 / ジャーナル2026-08-17#気候金融経営インパクト: 資金調達対象セクター: finance
DOI: 10.67440/ahj.v21i6s.1728
原典: https://doi.org/10.67440/ahj.v21i6s.1728
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🤖 gxceed AI 要約

日本語

低炭素経済への移行には数兆ドルの資本再配分が必要だが、民間資本の流れは情報・規制・行動の摩擦で制約される。本研究はグリーンボンドやESGファンド等への投資意思決定の規定因を、行動ファイナンス理論等に基づき構造モデルで検証。ESG開示の質と政策・規制支援が最も強い正の効果を持ち、グリーンウォッシュ懸念に起因する知覚リスクは負の効果を持つが、投資家の信頼が部分的に緩和することを示した。

English

The transition to a low-carbon economy requires trillions in capital reallocation, yet private flows face informational, regulatory, and behavioral frictions. This study tests a structural model of sustainable investment decisions, finding that ESG disclosure quality and policy support have the strongest positive effects, while perceived financial risk from greenwashing and regulatory uncertainty negatively impacts decisions, partially offset by investor trust. Data from 410 investors analyzed via PLS-SEM.

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開示基準の適用が始まり、ESG開示の質が投資家の信頼形成に与える影響は、有報や統合報告書を通じた企業の情報開示戦略に直結する。政策・規制支援の重要性は、日本のGX推進法や移行債市場の拡大とも整合的であり、企業の資金調達環境を左右する。

In the global GX context

Globally, this study reinforces the critical role of disclosure quality and regulatory support in mobilizing private capital for the green transition, aligning with ISSB and CSRD frameworks. The negative impact of greenwashing concerns highlights the need for robust assurance and transition finance credibility. Findings offer actionable insights for policymakers and issuers seeking to scale sustainable investment.

👥 読者別の含意

🔬研究者:Provides empirical evidence on drivers of sustainable investment decisions, useful for extending climate finance and behavioral finance research.

🏢実務担当者:Highlights the importance of high-quality ESG disclosure and trust-building to attract investment, guiding corporate reporting and investor relations.

🏛政策担当者:Demonstrates that policy and regulatory support significantly boosts sustainable investment, informing the design of green finance policies.

📄 Abstract（原文）

The transition to a low-carbon global economy requires an estimated multi-trillion-dollar reallocation of capital toward renewable energy, clean technology, and climate-resilient infrastructure, yet the flow of private capital into sustainable investment vehicles remains constrained by informational, regulatory, and behavioral frictions. This study investigates the challenges and opportunities shaping the financing of the green transition, examining the determinants of investor willingness to allocate capital to sustainable investment instruments such as green bonds, ESG-themed funds, and renewable energy project finance. Anchored in Behavioral Finance Theory, Stakeholder Theory, and Signalling Theory, the study proposes and tests a structural model in which Green Financial Literacy, Policy and Regulatory Support, and ESG Disclosure Quality influence Sustainable Investment Decisions, with Investor Trust and Perceived Financial Risk serving as mediating mechanisms. Primary data were collected from a sample of 410 institutional and retail investors, financial analysts, and portfolio managers, selected through a stratified random sampling technique, using a structured questionnaire administered via a five-point Likert scale. The sample size was derived using Cochran's formula for large populations, adjusted for anticipated non-response. Data were analyzed using IBM SPSS Statistics v28 for descriptive and preliminary diagnostics, and SmartPLS 4 for Partial Least Squares Structural Equation Modelling (PLS-SEM), including measurement model assessment, bootstrapped mediation testing (5,000 resamples), and importance-performance map analysis (IPMA). Results reveal that ESG Disclosure Quality and Policy and Regulatory Support exert the strongest positive effects on Sustainable Investment Decisions, while Perceived Financial Risk, driven substantially by greenwashing concerns and regulatory uncertainty, exerts a significant negative effect that is partially offset by Investor Trust. The measurement model demonstrated satisfactory convergent and discriminant validity (AVE > 0.50; HTMT < 0.85), and the structural model achieved acceptable predictive relevance (Q2 > 0). The findings offer actionable insights for policymakers, financial institutions, and corporate issuers seeking to mobilize private capital at the scale required to finance the global green transition.

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