The impact of climate risk perception on corporate carbon emissions: textual analysis of Chinese listed firms
気候リスク認識が企業の炭素排出に与える影響：中国上場企業のテキスト分析 (AI 翻訳)
Zechen Yang, Xuelan Li
🤖 gxceed AI 要約
日本語
本研究は中国A株上場企業の年次報告書のテキスト分析を用いて気候リスク認識指標を構築し、企業の炭素排出との関係を検証した。その結果、気候リスク開示の強度と炭素排出の間に正の関連があり、開示が環境コミットメントではなく制約を反映することを示唆。メカニズム分析では、資金調達制約とエージェンシーコストが経路として機能し、特にエージェンシーコストの媒介効果が大きいことが分かった。
English
This study uses textual analysis of Chinese listed firms' annual reports to construct a climate risk perception index and examines its association with carbon emissions. It finds a positive relationship, suggesting disclosure reflects constraints rather than commitment. Mechanism analysis reveals financing constraints and agency costs as channels, with agency costs playing a larger role.
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SSBJによる気候関連開示基準の策定が進む中、本論文はテキスト開示が企業の実質的な脱炭素努力のシグナルとして必ずしも機能しないことを示唆する。中国市場の知見ではあるが、日本の企業や規制当局が開示の質と実態の乖離を理解する上で参考になる。
In the global GX context
This paper provides empirical evidence from an emerging economy that voluntary climate risk disclosure may not indicate genuine decarbonization efforts but rather operational barriers. It contributes to global debates on the effectiveness of disclosure frameworks like TCFD and ISSB, highlighting the need for careful interpretation of narrative disclosures.
👥 読者別の含意
🔬研究者:Methodology for constructing climate risk perception index and evidence on disclosure-reality gap.
🏢実務担当者:Insights on interpreting climate risk disclosures in emerging markets and potential greenwashing signals.
🏛政策担当者:Implications for designing climate disclosure frameworks that incentivize substantive action rather than symbolic reporting.
📄 Abstract（原文）
This study examines the association between corporate climate risk perception, as reflected in the textual content of annual reports, and carbon emissions among Chinese A-share listed firms from 2010 to 2023. Employing textual analysis to construct a firm-level climate risk perception index from Management Discussion and Analysis (MD&A) sections of 31,238 firm-year observations, and using panel regression models with firm, industry, and year fixed effects as well as instrumental variable and propensity score matching approaches, we find a significant positive association between the intensity of climate risk disclosure and firms’ carbon emissions, consistent with the constraint-signaling view that narrative emphasis on climate risks reflects operational and financial barriers to decarbonization rather than environmental commitment. Mechanism analysis suggests that this association operates through two distinct channels: tightened financing constraints, which limit green investment capacity, and elevated agency costs, which divert resources from substantive emission reduction efforts, with the mediation proportion for agency costs (37.7%) substantially larger than that for financing constraints (4.4%), indicating that internal organizational inefficiencies play a more prominent role as a transmission mechanism. Heterogeneity tests further reveal that the positive association is more pronounced in low-regulation regions and non-state-owned enterprises, while stringent environmental regulation is associated with a weaker relationship. Our findings contribute to the literature on environmental disclosure and corporate sustainability by demonstrating that voluntary climate risk narratives may reflect structural constraints in emerging economies, with implications for policymakers designing climate disclosure frameworks and for investors interpreting corporate sustainability signals.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3389/fenvs.2026.1780403first seen 2026-05-15 21:47:39
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