The Impact of Green Finance on Corporate Carbon Performance
グリーンファイナンスが企業の炭素パフォーマンスに与える影響 (AI 翻訳)
Jiaqi Ma
🤖 gxceed AI 要約
日本語
本研究は2021-2023年の中国A株上場企業を対象に、グリーンファイナンスが企業の炭素パフォーマンスに与える影響を実証分析。結果、グリーンファイナンスは資金調達制約の緩和と資金調達コストの低減を通じて炭素パフォーマンスを向上させる。非国有企業や技術集約型・労働集約型企業で効果が顕著である。
English
This study examines the effect of green finance on corporate carbon performance using Chinese A-share listed firms from 2021-2023. Results show green finance significantly improves carbon performance by alleviating financing constraints and reducing financing costs. The effect is stronger for non-state-owned enterprises and technology-intensive/labor-intensive 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
本論文は中国企業におけるグリーンファイナンスの炭素パフォーマンス向上効果を実証しており、日本でも移行ファイナンスやESG融資の効果検証に示唆を与える。
In the global GX context
This paper provides empirical evidence on the mechanisms through which green finance improves corporate carbon performance, relevant for global transition finance and disclosure frameworks like ISSB and TCFD.
👥 読者別の含意
🔬研究者:Provides causal evidence on green finance's impact on carbon performance and heterogeneity across ownership and industry.
🏢実務担当者:Shows that green finance can reduce financing costs and constraints, which firms can leverage to improve carbon performance.
🏛政策担当者:Demonstrates the effectiveness of green finance policies in promoting corporate decarbonization, with implications for designing targeted green finance instruments.
📄 Abstract（原文）
This paper takes Chinese A-share listed enterprises from 2021 to 2023 as the research object to investigate the effect of green finance on corporate carbon performance. The results show that: First, green finance can significantly improve corporate carbon performance, and this conclusion still holds after multiple robustness tests, including excluding samples from green finance reform and innovation pilot zones, using lagged terms of explanatory variables, and winsorization. Second, from the perspective of the action path, green finance indirectly promotes the improvement of carbon performance by alleviating corporate financing constraints on the one hand and reducing corporate financing costs on the other hand. Third, heterogeneity analysis shows that the carbon performance improvement effect of green finance is significant in non-state-owned enterprises but not obvious in state-owned enterprises; in terms of industry characteristics, this effect is significant in technology-intensive and labor-intensive enterprises, but fails to pass the significance test in asset-intensive enterprises.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.54254/2754-1169/2026.lh34103first seen 2026-06-18 05:29:47
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