Asset structure mismatch and corporate carbon risk
資産構造のミスマッチと企業の炭素リスク (AI 翻訳)
Fubi Luo, Min Liao, Tingwei Luo
🤖 gxceed AI 要約
日本語
本論文は、2010年から2021年の中国A株上場企業データを用いて、資産構造のミスマッチ（短期負債の長期資産への充当）が企業の炭素リスクを増大させることを実証した。メカニズムとして、技術革新の阻害、内部統制と業務効率の低下、資金制約の悪化を特定。地域・業種・競争環境による異質性も明らかにした。
English
This study empirically examines the impact of asset-liability maturity mismatch on corporate carbon risk using Chinese A-share listed firms from 2010-2021. It finds that such mismatch exacerbates carbon risk by impeding technological innovation, reducing internal control quality and operational efficiency, and worsening financing constraints. Heterogeneity analyses reveal stronger effects in central/western regions, heavily polluting industries, competitive industries, and low-media-attention firms.
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
中国の双碳戦略（カーボンピーク・カーボンニュートラル）下での企業の炭素リスク管理に、資産負債構造という新たな視点を提供。日本のSSBJ対応や有報でのリスク開示においても、財務構造と気候リスクの関連を考察する際の参考となる。
In the global GX context
This paper contributes to the global climate risk literature by linking asset-liability mismatch to carbon risk, offering a novel financial angle for TCFD/ISSB-aligned risk assessments. It highlights how short-term debt financing of long-term assets can amplify vulnerability to climate transition risks, relevant for transition finance and credit risk analysis.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the financial determinants of carbon risk, extending the literature on climate-related financial risks.
🏢実務担当者:Corporate treasurers and CFOs can use the findings to assess how asset-liability structure affects exposure to carbon transition risks, informing capital structure decisions.
🏛政策担当者:Regulators and central banks may consider asset maturity mismatches as an amplifier of climate risk in financial stability assessments.
📄 Abstract（原文）
With the implementation of the dual-carbon strategy, carbon risk has emerged as a critical consideration for corporate operations. Compounding this, the persistent and growing asset structure mismatch presents a significant threat to corporate sustainability. This study empirically examines the impact of asset structure mismatch on corporate carbon risk based on data from Chinese A-share listed firms from 2010 to 2021. The research indicates that asset structure mismatch exacerbates corporate carbon risk. Mechanism analysis demonstrates that asset structure mismatch elevates corporate carbon risk by impeding technological innovation, compromising internal control quality and operational efficiency, and worsening financing constraints. Heterogeneity analysis shows that the impact of asset structure mismatch on carbon risk is more pronounced in central and western regions, heavily polluted industries, highly competitive industries, and firms with low media attention. This paper provides empirical insights for promoting firms to rationally allocate their assets to reduce carbon risk.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1007/s43621-026-03538-6first seen 2026-06-18 05:35:47
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