Research on the Debt Financing Constraints of Steel Enterprises from the Perspective of Environmental Information Disclosure
環境情報開示の観点から見た鉄鋼企業の負債調達制約に関する研究 (AI 翻訳)
Hanwei Zhang, Haibin Liu, Xuena Liu
🤖 gxceed AI 要約
日本語
本論文は、中国の鉄鋼業界の上場企業を対象に、環境情報開示が負債調達に与える影響を実証分析した。環境情報開示は負債調達コストと負の相関、調達規模・構造と正の相関を示し、単独の環境報告書の発行がその効果を高めることが明らかになった。また、環境保護法と環境情報開示制度改革案の公布年を境に二重の時間ノード効果が確認された。
English
This paper empirically examines the impact of environmental information disclosure on debt financing for Chinese listed steel companies (2014-2023). Findings show that environmental disclosure reduces debt financing costs and improves financing scale and structure, with standalone environmental reports enhancing the effect. A dual time-node effect is observed around the Environmental Protection Law and the reform plan for environmental information disclosure.
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
中国の鉄鋼業界を対象とした研究だが、日本の鉄鋼業界における環境情報開示と資金調達の関係を考察する上で参考になる。特に、SSBJ基準や有報での開示強化が進む中、開示の質が資金調達に与える影響を実証した点は示唆に富む。
In the global GX context
While focused on China, this study provides empirical evidence on how mandatory environmental disclosure affects corporate financing in a high-pollution sector. It contributes to the global discourse on the real effects of disclosure regulation, relevant to ISSB and CSRD implementation.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the link between environmental disclosure and debt financing in a high-pollution industry, with implications for disclosure regulation research.
🏢実務担当者:Highlights that standalone environmental reports can enhance the financing benefits of disclosure, suggesting a practical strategy for steel companies.
🏛政策担当者:Demonstrates that mandatory environmental disclosure can reduce financing costs for polluting firms, supporting the case for disclosure regulations.
📄 Abstract（原文）
Based on the concept of sustainable development, China has formulated a “dual carbon” strategic plan. Steel enterprises are in urgent need of a green and low-carbon transition, requiring substantial funding for technological upgrades and transformation. The “Reform Plan for the Legal Disclosure System of Environmental Information” implemented in 2021 explicitly mandates that high-pollution industries such as steel and cement must disclose their environmental information. Green finance policies impose numerous restrictions on steel enterprises, making it imperative to address the issues of difficult and expensive financing. Against this backdrop, this paper uses listed companies in China’s steel industry from 2014 to 2023 as a sample to empirically examine the impact of environmental information disclosure on debt financing. The study finds that environmental information disclosure is negatively correlated with corporate debt financing costs and positively correlated with the scale and structure of debt financing. Neither enterprise size nor nature can reduce debt financing costs. The publication of a standalone environmental report can enhance the impact of environmental information disclosure on debt financing costs. Further research reveals that the impact of environmental information disclosure on debt financing exhibits a dual time-node effect, with the time nodes corresponding to the year of the promulgation of the Environmental Protection Law and the year of the release of the Reform Plan for the Legal Disclosure System of Environmental Information. Finally, conclusions and policy recommendations are proposed.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.3390/su17188140first seen 2026-05-05 19:07:48
🔔 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。