Regulatory Anticipation and Strategic Green Innovation: Evidence from a National Emissions Trading System
規制予見と戦略的グリーンイノベーション：国家排出量取引制度からのエビデンス (AI 翻訳)
Chuyuan Liu, Siyang Tian, Valeriya Vitkova, Xingchen Zhu
🤖 gxceed AI 要約
日本語
本論文は、中国の国家排出量取引制度（ETS）の発表が、企業のグリーンイノベーションに与える影響を分析。パイロット地域外の上場企業を対象に、株式市場が発表に負の反応を示したことを確認した上で、この発表を将来の炭素価格に対する期待の外生的ショックとして利用。上場企業自身のグリーンイノベーションは有意に増加しないものの、その関連企業において特許出願が増加し、質も向上することを発見。企業グループ内での資源再配分が、炭素価格リスクへの戦略的対応として機能していることを示唆する。
English
This paper examines how firms respond to the anticipation of future carbon pricing following China's announcement of a national emissions trading system. Using the announcement as an exogenous shock, it finds that while listed firms do not increase their own green innovation, their affiliated firms generate more and higher-quality green patents, suggesting a strategic reallocation of resources within corporate groups to mitigate anticipated carbon costs.
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
日本でもGX-ETSや炭素価格の導入が議論される中、企業グループ内でのグリーンイノベーション資源の再配分という視点は、日本企業の戦略立案に示唆を与える。特に、上場企業が直接対応せず関連企業を通じてイノベーションを進める点は、日本の企業集団の行動と類似する可能性がある。
In the global GX context
This study contributes to the global understanding of how regulatory anticipation shapes corporate innovation, particularly through internal networks. It highlights a channel through which carbon pricing announcements can preemptively influence green innovation, relevant for policymakers and firms in jurisdictions planning or implementing emissions trading systems.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how firms adjust green innovation within corporate networks in response to anticipated carbon pricing, extending the literature on regulation and innovation.
🏢実務担当者:Firms can strategically reallocate resources to green innovation in affiliates to mitigate future carbon costs, leveraging corporate group structures.
🏛政策担当者:Regulatory announcements can have preemptive effects on corporate innovation through network channels, suggesting that communication of future policy matters for real effects.
📄 Abstract（原文）
Following China's regional emissions trading system (ETS) pilot programs in 2013, the government announced a nationwide ETS plan in December 2017, several years before it became operational in 2021. Focusing on listed firms located outside the pilot regions, this paper examines how firms respond to regulatory anticipation of future carbon pricing. We first document that the stock market reacts negatively to the announcement, with firms in ex ante higher-emission industries experiencing more negative returns. We then use the announcement as an exogenous shock to firms' expectations about future carbon pricing and study its effects on green innovation over 2013-2020. Interestingly, although listed firms facing greater carbon cost exposure do not significantly increase their own green innovation, their affiliated firms generate more and higher-quality green patents, driving the overall increase in green innovation within the same corporate network. The positive innovation response is concentrated in corporate groups whose listed firms exhibit stronger internal control, better reputation, and higher investment efficiency. Moreover, affiliated firms experience declines in sales and assets, consistent with a strategic downscaling that facilitates resource reallocation toward green innovation and helps listed firms mitigate anticipated carbon pricing risks. In contrast, we find no operational adjustments among listed firms themselves. Overall, the results highlight regulatory anticipation as a key channel through which carbon pricing risk reshapes green innovation strategies within corporate boundaries.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.6629878first seen 2026-06-11 04:47:31
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