Carbon Emission Trading, Ownership Heterogeneity, and Corporate Green Innovation: The Synergistic Role of Information Disclosure and Financing Constraints
排出権取引、所有権の異質性、企業のグリーンイノベーション：情報開示と資金制約の相乗的役割 (AI 翻訳)
Yuanyuan Wang, Zhuoxuan Yang, Shuyi Hu
🤖 gxceed AI 要約
日本語
中国の炭素排出権取引（CET）パイロット政策が企業のグリーンイノベーションに与える因果効果を、二重差分配位法と傾向スコアマッチングを用いて検証。国有企業ではグリーンイノベーションを促進する一方、民間企業では「クラウディングアウト」効果が見られ、炭素情報開示と資金制約がそのメカニズムであることを明らかにした。
English
Using a staggered DID approach with PSM on Chinese heavy-polluting listed firms from 2010-2024, this study finds that the carbon emission trading pilot boosts green innovation for state-owned enterprises but crowds it out for private firms, mediated by carbon information disclosure and financing constraints.
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
日本のGX-ETSやSSBJ開示基準の設計において、企業の所有構造（大手vs中小）による影響の違いを考慮する必要性を示唆する。中国の実証結果は、政策の公平性担保に向けた示唆を与える。
In the global GX context
This paper provides causal evidence from China's carbon market on how ownership heterogeneity moderates the innovation effect of carbon pricing, directly informing global debates on carbon market design and the need for complementary policies to support private firms.
👥 読者別の含意
🔬研究者:Provides causal evidence on heterogeneous innovation effects of carbon trading by ownership, mediated by disclosure and financing constraints.
🏢実務担当者:Highlights that state-owned and private firms respond differently to carbon pricing, affecting investment and disclosure strategies.
🏛政策担当者:Emphasizes that carbon market effectiveness requires differentiated support for private firms to avoid crowding out innovation.
📄 Abstract（原文）
Against the backdrop of China’s “dual carbon” goals, investigating whether market-based environmental regulations can effectively induce technological upgrading is critical for achieving a sustainable low-carbon transition. This study adopts a staggered difference-in-differences (DID) approach within a two-way fixed-effects framework, supplemented by propensity score matching (PSM-DID), to identify the causal impact of the carbon emission trading (CET) pilot policy. The research utilizes a comprehensive panel dataset of A-share listed companies in heavy-polluting industries from 2010 to 2024, incorporating IPC-matched green patent application data to provide a granular assessment of corporate innovation performance. The empirical findings reveal a structural divergence: while the CET policy promotes green innovation in state-owned enterprises (SOEs), it exhibits a potential “crowding-out” effect on private enterprises, a relationship further explained by the mechanisms of carbon information disclosure and financing constraints. These results suggest that the “Porter Effect” in emerging markets is highly conditional on institutional resource endowments, implying that policymakers must complement market incentives with differentiated financial support and enhanced transparency standards to foster a more equitable innovation ecosystem.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18084060first seen 2026-05-15 18:15:34
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