Who Can Persist in Innovation? The Impact of Transition Finance on Corporate Green Value from the Perspective of Firm Lifecycle
誰がイノベーションを持続できるか？企業ライフサイクルから見た移行金融のグリーンバリューへの影響 (AI 翻訳)
Li Zhu, Wenqi Jiang, Yuqi Liu
🤖 gxceed AI 要約
日本語
本研究は、中国の褐色企業を対象に、移行金融が企業のグリーンバリューに与える影響を企業ライフサイクルの観点から分析。革新持続性が媒介効果として重要であり、成熟期企業で効果が最大（衰退期比15.3%上乗せ）であることを示した。政策にはライフサイクルに応じた制度設計と持続的R&D支援の必要性を示唆。
English
This study examines how transition finance affects corporate green value across firm lifecycles using a sample of Chinese brown firms from 2011-2022. It finds a 61.6% higher green value for recipient firms, with the effect strongest in maturity stage, and innovation persistency as the key mechanism. Implications: lifecycle-sensitive transition finance policies and support for sustained innovation.
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
日本のGX政策では、移行金融の制度化が進むが、企業ライフサイクルに応じた支援設計は未成熟。本論文の知見は、成長・成熟・衰退段階で異なる効果があることを示し、J-クレジットやGXリーグの仕組みに織り込む際の示唆に富む。
In the global GX context
Transition finance is a key pillar of global GX frameworks (e.g., ISSB, TCFD) but empirical evidence on its differential impact across firm lifecycles is scarce. This China-based study provides rigorous causal evidence and highlights the importance of persistent innovation, offering valuable insights for designing effective transition finance policies worldwide.
👥 読者別の含意
🔬研究者:Provides empirical evidence on transition finance heterogeneity and innovation persistence as a mechanism.
🏢実務担当者:Suggests that firms in mature stage benefit most from transition finance; supports targeting innovation persistence.
🏛政策担当者:Highlights need for lifecycle-sensitive transition finance policies and incentives for sustained R&D.
📄 Abstract（原文）
Transition finance has emerged as a critical instrument for facilitating brown firms’ sustainable transformation, yet its heterogeneous effects across different stages of corporate development remain underexplored. This study develops a novel green value metric using a regression coefficient weighting approach and employs a difference-in-differences (DID) model to investigate how transition finance influences corporate green value through innovation persistency, based on a sample of Chinese listed brown firms from 2011 to 2022. The empirical results show that transition finance is significantly associated with an enhancement in corporate green value. Specifically, brown firms receiving transition finance exhibit a 61.6% higher green value than non-recipient firms. This effect is most pronounced during the maturity stage, where the additional green value premium for mature-stage firms is approximately 15.3% higher than for decline-stage firms. Mechanism analysis reveals that innovation persistency serves as the fundamental channel; mature-stage firms exhibit superior capacity to sustain consistent R&D investments and translate these persistent efforts into market-recognized green value premiums. These findings provide actionable insights for policymakers: transition finance frameworks should incorporate lifecycle-sensitive mechanisms rather than applying uniform standards, and incentive structures should prioritize sustained innovation commitment over one-off technological upgrades to maximize long-term sustainability outcomes.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18105124first seen 2026-05-21 04:42:30
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