Green Finance and Corporate Environmental Information Disclosure: The Role of Competition
グリーンファイナンスと企業の環境情報開示：競争の役割 (AI 翻訳)
Qiliang Zhang, Yuqi Bai, Liuyi Yang
🤖 gxceed AI 要約
日本語
本論文は、中国の緑色金融改革試験区（GFR）を自然実験として、市場指向型のグリーンファイナンス政策が企業の環境情報開示戦略に与える影響を検証。差の差法（DID）推定により、GFRの実施が開示品質を向上させる因果効果を明らかにした。この効果は、資金調達余力や資産運用効率が高い企業、高汚染産業で顕著であり、市場競争が制度的圧力を伝達する媒介経路として機能していることを示す。従来の規制対応パラダイムを挑戦する知見である。
English
Using China's Green Finance Reform Pilot Zones (GFR) as a quasi-natural experiment, this study examines how market-oriented green finance policies shape corporate environmental disclosure. Difference-in-differences estimation reveals a causal link between GFR implementation and improved disclosure quality, mediated by market competition. The effect is stronger for firms with higher financing resilience and in high-pollution industries, challenging the regulation-response paradigm.
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
中国のグリーンファイナンス政策の実証分析を通じて、市場競争が環境情報開示の質を高めるメカニズムを提示。日本のSSBJや有報における開示強化にも示唆を与える可能性がある。
In the global GX context
This paper provides causal evidence from China that market competition can amplify the effect of green finance policies on corporate environmental disclosure, challenging the regulation-response paradigm. It offers insights for global disclosure frameworks like ISSB and CSRD on how competition dynamics influence disclosure quality.
👥 読者別の含意
🔬研究者:Researchers can use this as evidence of how market mechanisms mediate policy impacts on disclosure, and apply the DID approach in other contexts.
🏢実務担当者:Corporate sustainability teams can understand that improving disclosure quality may be driven by competitive pressures beyond regulatory compliance.
🏛政策担当者:Policymakers should consider that green finance policies can leverage market competition to enhance disclosure, as seen in China's GFR pilot zones.
📄 Abstract（原文）
We use China's Green Finance Reform Pilot Zones (GFR) as a quasi‐natural experiment to examine how market‐oriented green finance policies shape corporate environmental disclosure strategies. Departing from conventional regulatory frameworks, this study challenges the traditional regulation–response paradigm by demonstrating that market competition catalyzes institutional pressure transmission, reshaping the intensity of corporate competition and signifying environmental disclosure as a conduit for active prosocial strategies within corporates. Utilizing a difference‐in‐differences (DID) estimator with robustness checks, we uncover a causal link between GFR implementation and enhanced environmental disclosure quality. Environmental disclosure is not a strategic disclosure. This causal relationship is more evident in companies with higher financing resilience, higher operating efficiency of assets, stronger cost control capabilities, and enterprises in high‐pollution industries. Market competition is a mediating channel, amplifying institutional pressure through signaling mechanisms. These dynamics underscore the transformative potential of institutional empowerment via competition, challenging the regulation–response paradigm in environmental governance. We bridge gaps in the literature by integrating macroinstitutional design with microbehavioral responses, offering actionable insights for resource‐constrained economies navigating sustainability transitions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/sd.70642first seen 2026-05-06 00:33:02
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