Bridging Sustainability and Growth: How Carbon Finance Fuels Both Quantity and Quality in Green Innovation Within the Manufacturing Sector
持続可能性と成長の架け橋：炭素金融が製造業のグリーンイノベーションの量と質をどう促進するか (AI 翻訳)
Lulu Liu, Xiaotian Zhou, Da Gao
🤖 gxceed AI 要約
日本語
本研究は中国A株市場の製造業上場企業データ（2009-2023年）を用いて、企業レベルの炭素金融（CF）指数を構築し、CFがグリーンイノベーションの量と質の両方を有意に促進することを実証した。CFは経営陣のデジタル知識断層と情報非対称性を緩和することで効果を発揮し、資金制約と市場集中度は負の調整効果を持つ。高汚染・ハイテク企業で効果が顕著である。
English
Using data from Chinese A-share manufacturing firms (2009-2023), this study constructs an enterprise-level carbon finance (CF) index and finds that CF significantly promotes both the quantity and quality of green innovation. The effect operates through alleviating digital knowledge-based faultlines in executives and information asymmetry. Financing constraints and market concentration negatively moderate the relationship, with stronger effects in highly polluting and high-tech 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
日本ではカーボンプライシング導入が進む中、炭素金融が企業のグリーンイノベーションをどう促進するかは、SSBJ開示やGX経済移行債の効果検証に示唆を与える。中国の実証結果は、日本の製造業における炭素金融の設計や政策評価に参考となる。
In the global GX context
This study contributes to global climate finance literature by providing empirical evidence from China on how carbon finance drives green innovation. It offers insights for policymakers and firms in jurisdictions implementing carbon pricing and transition finance, highlighting the importance of financing constraints and market structure.
👥 読者別の含意
🔬研究者:Provides empirical evidence on carbon finance's impact on green innovation, with mechanisms and moderators.
🏢実務担当者:Highlights how carbon finance can be leveraged to enhance green innovation, especially for high-polluting and high-tech firms.
🏛政策担当者:Informs design of carbon finance policies to promote green innovation, considering financing constraints and market concentration.
📄 Abstract（原文）
Against the backdrop of global low-carbon transformation, carbon finance plays an increasingly pivotal role in advancing green innovation (GI) and industrial upgrading. Drawing on data from manufacturing enterprises listed on China’s A-share market between 2009 and 2023, this study innovatively constructs an enterprise-level carbon finance (CF) index. The research indicates that: (1) CF has been found to significantly promote corporate green innovation, exhibiting a positive effect on both the quantity (Gqua) and quality (Gqli). Theoretical derivations indicate that, during the initial entry of firms into the carbon market, CF can directly incentivize firms to increase their optimal proportion of green innovation. In the market adaptation phase, CF strengthens green research and development investment by alleviating firms’ financing constraints, and this effect is amplified as the CF application increases. (2) The mediating test indicates that CF enhances both the quantity and quality of green innovation by alleviating the problem of digital knowledge-based faultlines in executives and information asymmetry. (3) The moderation analysis shows that both financing constraints and market concentration negatively moderate the relationship between CF and green innovation. (4) The heterogeneity analysis indicates that the positive effects of CF are more pronounced among highly polluting and high-technology firms. These findings provide valuable theoretical and policy insights for promoting the green transformation of the manufacturing sector.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18168071first seen 2026-08-12 05:25:55 · last seen 2026-08-13 05:34:55
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。