気候関連開示と企業のグリーン投資：中国上場企業からの証拠
Climate-Related Disclosure and Corporate Green Investment: Evidence from Chinese Listed Firms (原題)
Yu-Ming Zhang, Guang-Fan Sun, Yan-Bing Zhang
🤖 gxceed AI 要約
日本語
中国A株上場企業2013〜2023年の20,446社・年サンプルを用い、気候関連開示とグリーン投資の関連を検証。3種の辞書ベース開示指数いずれも環境関連設備投資と正の関連を示し、CR96指数1標準偏差上昇で総資産比0.0894ポイント（平均投資の約54.5%）の差。ただし正の投資記録には頑健だが投資強度への関連は辞書間で不安定で、政府・メディア・アナリストの注目経由の間接効果は有意でない。
English
Using 20,446 Chinese A-share firm-year observations (2013–2023), this study links dictionary-based climate disclosure indices to green investment. A one-SD rise in the CR96 index corresponds to a 0.0894pp difference in green capex relative to assets (~54.5% of mean investment), though results are robust mainly for recording positive investment, not intensity. Stakeholder-attention channels are not significant.
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
中国における気候開示の実証は、SSBJ・有報開示の拡充が企業の実投資を促すかを考える日本にとって示唆的。開示が「記録」に効く一方で投資強度には効きにくい点は、日本企業の開示対応と設備投資の乖離を検討する材料になる。
In the global GX context
Adds large-sample evidence to the global debate on whether climate disclosure translates into real capital reallocation, relevant to ISSB/TCFD effectiveness discussions. Its finding that disclosure predicts recording investment but not intensity cautions against overclaiming disclosure-driven decarbonization.
👥 読者別の含意
🔬研究者:開示と実投資の関連を大規模パネルで示し、注目経由の媒介経路が弱いことを確認した点が参考になる。
🏢実務担当者:気候開示の拡充が設備投資の意思決定や記録に結びつく可能性を示すが、投資強度への効果は限定的と理解すべき。
🏛政策担当者:開示義務化が実投資を促すかは部分的で、投資強度には追加的インセンティブが必要という示唆。
📄 Abstract（原文）
This study examines the association between climate-related disclosure and corporate green investment using Chinese A-share listed firms during 2013–2023. The baseline sample comprises 20,446 firm-year observations, while supplementary analyses use samples determined by additional data and model requirements. Three dictionary-based disclosure indices are examined using fixed-effects regressions, Poisson pseudo-maximum likelihood estimation and clustered bootstrap tests of indirect associations. Climate-related disclosure is positively associated with identified environmental capital expenditure across the three dictionaries. A one-standard-deviation increase in the baseline CR96 index corresponds to a 0.0894-percentage-point difference in green investment relative to total assets, equivalent to approximately 54.5% of mean investment and 12.1% of its standard deviation. The mean-relative magnitude reflects the low average investment level in a sample where 81.27% of observations record zero identified expenditure. Evidence is more consistent for recording positive investment; the association with expenditure intensity conditional on positive investment is not robust across dictionaries. All multiple-testing-adjusted confidence intervals for indirect associations through government environmental attention, media attention and analyst coverage include zero. Exploratory external checks show limited correspondence with the composite city climate index and a specification-dependent association between physical-risk language and extreme rainfall. These findings link climate-related disclosure to recorded environmental investment without establishing a causal relationship or robust stakeholder-attention channels.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su182110873first seen 2026-11-01 05:40:06 · last seen 2026-11-06 05:43:38
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