デジタル変革は炭素資産価値にどう影響するか：中国エネルギー企業からの証拠
How Does Digital Transformation Affect Carbon Asset Value? Evidence from China’s Energy Enterprises (原題)
Ziyu Jia, Xingqin Lyu, Ma Xiaowei, Kun Zhou, Yuanyuan Li
🤖 gxceed AI 要約
日本語
中国A株エネルギー企業2010〜2024年のパネルデータを用い、デジタル変革が炭素資産の公正価値を有意に高めることを二方向固定効果・DID・操作変数法で示す。効果は直接経路が主で、グリーンイノベーションや炭素管理効率の媒介は確認されない。非国有・高炭素強度・中小企業や炭素取引試行省でプレミアムが大きく、炭素価格上昇に伴い限界的プレミアムは逓減する。
English
Using an unbalanced panel of China's A-share energy firms (2010–2024), this study shows digital transformation significantly raises carbon asset fair value, robust to endogeneity tests. The effect runs mainly through a direct channel, not via green innovation or carbon-management efficiency. Premiums are larger for non-state-owned, high-carbon-intensity, SME, and pilot-province firms, and decline as carbon prices rise.
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
中国炭素市場における炭素資産の価値評価メカニズムを扱い、日本企業がSSBJ・有報での炭素関連資産・負債の評価や内部炭素価格設定を検討する際の比較材料となる。炭素価格帯によるプレミアム逓減は、日本のGXリーグやカーボンプライシング設計にも示唆を与える。
In the global GX context
This paper contributes micro-level evidence on how digitalization shapes the valuation of tradable carbon assets under China's ETS, a context distinct from TCFD/ISSB disclosure regimes. It offers global scholars a rare firm-level view of carbon asset fair value and its boundary conditions, relevant to debates on carbon pricing and transition finance.
👥 読者別の含意
🔬研究者:デジタル化と炭素資産価値の因果経路を中国データで検証し、媒介仮説の棄却と炭素価格の非単調調整という新たな実証課題を提示する。
🏢実務担当者:デジタル投資が炭素資産価値を高める可能性と、炭素価格帯により便益が変わる点を踏まえ、炭素資産管理とIT投資の整合を検討できる。
🏛政策担当者:炭素価格が高すぎるとデジタル化の価値プレミアムが消える可能性を示し、炭素市場設計とデジタル化支援策のバランスを再考する材料となる。
📄 Abstract（原文）
In light of the global low-carbon transition and the spread of digital technology, carbon allowances have transformed from compliance costs into tradable value-generating carbon assets for high-emission firms. However, the micro mechanisms driving carbon asset value appreciation have not been well studied. Using an unbalanced panel of China’s A-share energy enterprises (2010–2024), this study employs two-way fixed effects, bootstrap mediation tests, multi-period DID and instrumental variable estimation to examine how corporate digital transformation affects carbon asset fair value, alongside its channels and boundary conditions. Our results indicate that digital transformation significantly increases the carbon asset fair value, and this main finding is robust to a series of endogeneity and robustness tests. Mechanism analyses show that green innovation is not a valid mediation channel (contemporaneously, at one-year or two-year lags), nor does the carbon-management-efficiency channel have statistical significance in the final sample, and that the positive total effect mainly proceeds via the direct channel.Two main findings arise from heterogeneity. First, the digital transformation value premium is higher for non-state-owned, high-carbon-intensity and SMEs, plus firms in carbon trading pilot provinces, but regional gaps are only marginally significant. Second, carbon prices are not uniformly moderating. The marginal premium falls monotonically as carbon prices rise and remains positive only at low price tiers, conflicting with real options theory. In this paper, we construct an integrated framework of “digital transformation–carbon asset value”, enrich micro evidence for digital-low-carbon synergy in energy sectors, and propose targeted policy implications for firms and carbon regulators.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.30560/jems.v9n5p33first seen 2026-09-21 04:42:31
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