Green finance policy and new energy system: Information disclosure, sharing, and costs
グリーンファイナンス政策と新エネルギーシステム：情報開示、共有、コスト (AI 翻訳)
Chien-Chiang Lee, Liujun Wang, Jiangnan Li
🤖 gxceed AI 要約
日本語
本研究は、2010年から2023年の中国A株上場企業データを用い、グリーンファイナンス政策（GFP）が新エネルギーシステム（ES）に与える影響を情報環境の観点から分析。DID推定により、GFPはESに正の影響を与え、情報開示はこれを強化するが、情報共有とコストは阻害する。非国有、大規模、高汚染、金融依存、良好な管理下の企業で効果が高い。
English
This study analyzes the impact of green finance policy (GFP) on the new energy system (ES) using Chinese A-share listed firms from 2010-2023. Using DID, it finds GFP positively affects ES. Information disclosure strengthens this effect, while information sharing and costs weaken it. The policy is more effective in non-state-owned, large, high-pollution, finance-dependent, and well-managed 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
中国のグリーンファイナンス政策の有効性を情報環境の観点から分析しており、日本のトランジションファイナンスや情報開示制度（SSBJ等）への示唆がある。情報開示の促進と共有コストの管理が政策効果を左右する点は日本でも参考になる。
In the global GX context
This paper provides empirical evidence from China on how information environment dimensions—disclosure, sharing, and costs—moderate green finance policy effectiveness. It contributes to global discussions on transition finance and disclosure infrastructure, highlighting the importance of balancing transparency with cost and sharing mechanisms.
👥 読者別の含意
🔬研究者:Offers a novel framework decomposing information environment into three dimensions and their moderating roles, useful for further empirical research on green finance and energy transition.
🏢実務担当者:Highlights that corporate disclosure practices can amplify green finance benefits, but information sharing and costs must be managed; relevant for sustainability teams designing disclosure strategies.
🏛政策担当者:Provides evidence that green finance policy impacts vary by firm characteristics and that information policies (disclosure mandates) should be tailored to avoid adverse effects from sharing and cost burdens.
📄 Abstract（原文）
To achieve the "dual carbon" targets, energy transition becomes crucial, with green finance policy (GFP) acting as a crucial enabler in facilitating the shift. Meanwhile, changes in the information environment, including trends in sustainable information disclosure, transparency, and the digital transformation of information, are attracting attention. This research investigates the influence of GFP on the new energy system (ES) through an information lens. Utilizing data from A-share listed companies in China from 2010 to 2023, and employing the difference-in-differences (DID) approach, the study finds that GFP has a positive influence on ES. Information has a multifaceted moderating effect: while information disclosure strengthens the policy's impact, information sharing and associated costs have adverse effects. The heterogeneity analysis indicates that the policy is particularly more effective in firms with higher levels of ES, especially in non-state-owned, large-scale, high-pollution, finance-dependent, and well-managed companies. This study is the first to decompose the information environment into three dimensions-disclosure, sharing, and costs-and systematically examine their moderating effects on GFP's impact on ES, which enriches the related theoretical research and provides policy insights to support China and other developing nations in advancing the ES.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1016/j.jenvman.2025.127554first seen 2026-05-14 21:33:32
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