The Impact of Carbon Emissions Trading on Corporate Financing Costs
排出権取引が企業の資金調達コストに与える影響 (AI 翻訳)
Wenyan Jiang
🤖 gxceed AI 要約
日本語
本論文は中国の排出権取引パイロットを自然実験として用い、炭素市場への参加が企業の負債資金調達コストを低減させることを示す。その経路として、炭素情報の透明性向上と銀行・企業間の情報非対称性の緩和が重要であり、長期負債比率の高い企業ほど効果が大きい。一方、炭素情報開示の質は逆に調整効果を持つ。
English
Using China's carbon emission trading pilots as a quasi-natural experiment, this paper shows that inclusion in the carbon market significantly reduces corporate debt financing costs. The effect works through improved carbon information transparency and reduced bank-firm information asymmetry. Firms with higher long-term debt ratios benefit more, while carbon disclosure quality negatively moderates the relationship.
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
中国の排出権取引の実証結果は、日本が検討中のカーボンプライシング制度設計や企業の資金調達に与える影響を考察する上で参考になる。特に、炭素情報開示の質が資金調達コストに与える影響は、SSBJや有価証券報告書での情報開示を検討する日本企業にとっても示唆に富む。
In the global GX context
This paper provides empirical evidence on how carbon pricing affects corporate financing costs, contributing to the global literature on transition finance. The findings are relevant for countries implementing emissions trading systems, showing that carbon markets can reduce information asymmetry and lower financing barriers for regulated firms.
👥 読者別の含意
🔬研究者:Offers causal evidence on the transmission mechanism from carbon emissions trading to corporate financing costs, moderated by financing structure and disclosure quality.
🏢実務担当者:Corporate finance and sustainability teams can use these insights to understand potential cost of capital benefits from participating in carbon markets.
🏛政策担当者:Informs the design of carbon market mechanisms that can facilitate cheaper access to debt financing for regulated firms, thereby supporting a just transition.
📄 Abstract（原文）
Being a representative market-based environmental regulation tool, how carbon emissions trading affects corporate financing costs and its transmission mechanism represent key topics in green finance literature. With China's carbon emission trading pilot programs taken as a quasi-natural experiment framework, the research draws on A-share listed enterprises as its sample. It examines how the carbon trading mechanism affects corporate debt financing expenses and how financing structure and carbon information disclosure moderate this relationship. Results show that inclusion in the carbon trading market significantly reduces firms' debt financing costs by improving carbon information transparency and alleviating bank-firm information asymmetry. Financing structure plays a positive moderating role: firms with a higher share of long-term liabilities experience a larger reduction in financing costs. Meanwhile, carbon information disclosure quality negatively moderates the above relationship. This paper clarifies the transmission mechanism of carbon emissions trading on corporate financing costs from the perspectives of financing structure and information disclosure, and provides policy implications for carbon market system design and financial resource allocation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.54254/2754-1169/2026.34902first seen 2026-07-03 04:58:31
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