グリーンボンドが企業のグリーン技術革新に与える影響の実証分析：中国上場企業からの証拠
An Empirical Analysis of the Impact of Green Bonds on Corporate Green Technological Innovation: Evidence from Chinese Listed Companies (原題)
Shuocheng Li
🤖 gxceed AI 要約
日本語
中国A株上場企業を対象に、多期間DIDモデルを用いてグリーンボンド発行が企業のグリーン技術革新（特許出願数）に与える影響を分析。発行は特許出願を有意に増加させ、知的財産保護の強化が効果を促進することを発見。国有企業や非ハイテク企業で効果が顕著。
English
Using a multi-period DID model on Chinese A-share listed firms (2014-2024), this study finds that green bond issuance significantly increases green patent applications, with stronger effects under robust intellectual property protection. Heterogeneity analysis shows pronounced impacts for SOEs and non-high-tech firms, offering policy insights for green finance and corporate green transformation.
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
日本ではグリーンボンド市場が拡大しており、SSBJ開示や移行金融の議論が進む中、本研究成果はグリーンボンドの実体経済効果（イノベーション促進）を示す点で、日本の発行体や投資家に示唆を与える。特に、知的財産保護とイノベーションの関係は、日本の企業統治や開示実務に参考になる。
In the global GX context
This paper contributes to global green finance literature by providing causal evidence that green bonds spur corporate green innovation, aligning with ISSB/CSRD disclosure trends and transition finance frameworks. It highlights the role of institutional factors (IP protection) in amplifying green bond effectiveness, relevant for policymakers designing green bond frameworks and for investors assessing real-economy impact.
👥 読者別の含意
🔬研究者:Provides empirical evidence on green bonds' real effects on innovation, useful for green finance and corporate innovation research.
🏢実務担当者:Highlights potential innovation benefits of green bond issuance, informing corporate financing and sustainability strategy.
🏛政策担当者:Suggests that strengthening IP protection can enhance green bond effectiveness, relevant for green finance policy design.
📄 Abstract（原文）
Against the backdrop of the ongoing pursuit of the "dual carbon" targets and the rapid development of green finance, green bonds function as a key financing instrument to support corporate low-carbon transitions. Whether enterprises can promote the green technological innovation of their own enterprises is a serious problem at present. Based on a sample of Chinese A-share listed companies in 2014 and 2024, a multi-period DID model is used in this paper to examine the effect of green bond issuance on enterprises' actual green technological innovation and also to conduct moderation and heterogeneity analysis. Based on empirical studies, it has been found that the issuance of green bonds is positively correlated with an increase in the number of green patent applications by companies, and this result is consistent after robustness tests. The geographical distribution of intellectual property protection is also positively associated with the above indicators, and it has been discovered that stronger protection of intellectual property can promote innovation more effectively via green bonds. Heterogeneity analysis shows that, between state-owned enterprises (SOEs) and non-high-tech enterprises, the impact of green bonds on innovation is relatively more pronounced. Therefore, this paper will expand the scope of research on green finance and green technological innovation to provide empirical support and policy suggestions for the optimisation of green bond allocation and the promotion of corporate green transformation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://aemps.ewapub.com/article/view/35401.pdffirst seen 2026-09-01 05:42:39
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。