Do Green Credit Bonds Enhance Green Total Factor Productivity? Evidence from China
グリーンクレジット債券はグリーン総要素生産性を向上させるか？中国からのエビデンス (AI 翻訳)
Mingxu Li, Guanqi Wang, Yixuan Song, Ruijing Luo, Nianyong Wang
🤖 gxceed AI 要約
日本語
本論文は、中国の省別パネルデータ（2016-2023年）を用いて、グリーンクレジット債券がグリーン総要素生産性（GTFP）に与える影響を検証。SBM-ML指数でGTFPを計測し、操作変数法により内生性を処理。結果、グリーンクレジット債券はGTFPを有意に向上させ、主に技術革新を通じて効果が現れる。エネルギー構成の低炭素転換が重要な伝達経路であることも示された。
English
Using provincial panel data from China (2016-2023), this paper examines the impact of green credit bonds on green total factor productivity (GTFP). Employing an SBM-ML index and instrumental variables, it finds that green credit bonds significantly boost GTFP, primarily through technological change. The low-carbon transition of the energy mix is a key transmission channel.
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実証分析として、日本のグリーンボンド市場やトランジションファイナンスの政策設計に示唆を与える。特に、炭素生産性向上のメカニズムとして技術革新とエネルギー転換に着目した点は、日本のGX実践にも応用可能。
In the global GX context
This study provides rigorous causal evidence on the real effects of green credit bonds, a key transition finance instrument. It underscores the importance of technological change and energy mix transformation, offering insights for global green bond frameworks and impact assessment methodologies.
👥 読者別の含意
🔬研究者:Provides robust causal evidence on green finance productivity effects, with methodological contributions (Bartik IV) and mechanism analysis (energy mix transition).
🏢実務担当者:Highlights that green credit bonds can drive green productivity growth, especially when targeting technological innovation and low-carbon energy transition.
🏛政策担当者:Suggests scaling up green credit bonds and complementing them with governance and public scrutiny to enhance decarbonization and productivity.
📄 Abstract（原文）
Green finance is increasingly expected to support decarbonization while enhancing productivity, yet evidence on whether green credit bonds raise green total factor productivity (GTFP) remains limited. Using panel data for 29 provincial-level regions in China from 2016 to 2023, we compute GTFP using a slacks-based measure Malmquist–Luenberger (SBM–ML) index and estimate two-way fixed-effects models. To address endogeneity, we employ a Bartik shift–share instrumental-variable strategy. We found that green credit bonds significantly increase GTFP, with gains driven mainly by technological change (TC) rather than efficiency change (EC). The effect is stronger in eastern and western regions, in provinces that are not low-carbon pilot areas, and in regions with stronger low-carbon governance orientation. Public environmental attention directly improves GTFP but dampens the marginal effect of green credit bonds. Mechanism analyses further indicate that the low-carbon transition of the energy mix (LCEM) is an important transmission channel. Overall, these findings suggest that scaling up and better targeting green credit bonds, alongside complementary governance and public scrutiny, can accelerate China’s transition toward higher green productivity. This provides sustainability-relevant evidence that market-based green finance can support decarbonization while sustaining productivity growth, contributing to long-term sustainable development.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.3390/su18010493first seen 2026-05-14 21:34:43
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