グリーンファイナンス市場の発展と炭素排出量取引：中国企業の環境責任に関する実証
Green finance market development and carbon emissions trading: evidence on corporate environmental responsibility in China (原題)
Weiguo Chen, Tianqi Wang, Yufan Chen, Bo Wang
🤖 gxceed AI 要約
日本語
本論文は環境規制理論と金融発展理論を統合し、炭素排出量取引（CET）とグリーンファイナンス市場発展（GF）が企業環境責任（CER）に与える影響を分析する。2010〜2025年の中国A株高炭素産業上場企業パネルデータを用い、段階的DIDや媒介効果モデルで検証した。CETはCERを平均5.43%押し上げ、GFとの交互作用は正で相乗効果を示す。融資制約・環境情報開示・グリーン技術革新が媒介経路となり、国有企業や東部地域で効果が強い。
English
This paper integrates environmental regulation and financial development theory to examine how carbon emissions trading (CET) and green finance market development (GF) jointly shape corporate environmental responsibility (CER). Using 2010-2025 panel data of high-carbon A-share listed firms in China and staggered DID with mediation models, it finds CET raised CER by 5.43% on average, with a positive CET×GF synergy. Financing constraints, environmental disclosure, and green innovation act as transmission channels, with stronger effects in SOEs and eastern regions.
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
中国の全国炭素市場と地域グリーンファイナンス政策の相乗設計は、日本でのGX経済移行債や炭素価格制度（GX-ETS）設計、SSBJ開示と金融政策の連動を考える上で参照価値がある。政策と金融の補完性が企業の環境対応を促す点は日本企業の移行戦略にも示唆的。
In the global GX context
The paper offers empirical evidence that carbon pricing and green finance policy are complements rather than substitutes in driving corporate environmental behavior — directly relevant to ISSB/TCFD-era debates on how transition finance and carbon markets interact. It adds Chinese quasi-experimental evidence to global disclosure and transition-finance scholarship.
👥 読者別の含意
🔬研究者:炭素市場とグリーンファイナンスの交互作用を媒介分析で分解した実証設計は、政策相乗効果の識別手法として参考になる。
🏢実務担当者:炭素価格規制とグリーン資金調達環境の両方が整う地域・企業ほど環境対応コストと開示負担の管理が有利になり得る点を把握できる。
🏛政策担当者:炭素市場とグリーンファイナンス政策を補完的に設計することで企業の環境責任を促進できる可能性を示す。
📄 Abstract（原文）
From the perspective of institutional–financial synergy, this paper integrates environmental regulation theory with financial development theory to construct a theoretical framework for analyzing the effects of carbon emissions trading (CET) and green finance market development (GF) on corporate environmental responsibility (CER). Based on panel data of listed firms in high-carbon industries on China's Shanghai and Shenzhen A-share markets from 2010 to 2025, we employ staggered difference-in-differences (DID), moderating effect models, mediation effect models, and a moderated serial mediation model to examine their interaction and potential transmission channels. The findings are as follows. First, during the local carbon market pilot stage, treated firms' CER increased by 0.0214 on average, or 5.43% relative to the sample mean. When extended to the post-2021 period, the national carbon market estimates are consistent with a positive governance effect. Second, regional green finance development is significantly and positively associated with CER, and the CET × GF interaction is significantly positive, consistent with a synergistic complementarity interpretation. Conditional marginal effects show that the estimated CET effect is stronger when green finance support is higher. Third, the Bootstrap indirect effects of financing constraints, environmental information disclosure, and green technological innovation are all significant, consistent with three potential mediation channels. Fourth, the positive CET × GF interaction is stronger in state-owned enterprises, high-emission subsectors, eastern regions, and firms with higher executive environmental awareness. This study provides empirical evidence for optimizing the synergy between carbon trading policy and green finance policy and promoting corporate environmental responsibility.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3389/frevc.2026.1954085first seen 2026-11-06 04:46:14
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