炭素排出強度が企業価値に与える影響に関する研究
Research on the impact of carbon emission intensity on firm value (原題)
Yihan Qiao
🤖 gxceed AI 要約
日本語
本論文は、2003年から2021年までの中国A株上場企業を対象に、炭素排出強度が企業価値に与える影響をパネル回帰モデルで実証分析した。結果、炭素排出強度は企業価値に有意な負の影響を及ぼし、低排出産業ではその影響がより顕著であることを示した。さらに、デュアルカーボン目標達成に向けた政策提言を行っている。
English
This paper empirically analyzes the impact of carbon emission intensity on firm value using panel data of Chinese A-share listed companies from 2003 to 2021. The results show that carbon emission intensity has a significant negative effect on firm value, with a stronger effect in low-emission industries. Policy recommendations are provided to achieve the dual carbon goals.
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
日本ではSSBJ開示や有報での気候関連情報開示が進む中、炭素排出と企業価値の関連性を示す本研究成果は、投資家対応や開示実務において有用なエビデンスとなる。特に、排出強度の高い企業への評価影響を理解する上で参考になる。
In the global GX context
This study provides empirical evidence from China on the negative relationship between carbon emissions and firm value, which is relevant for global investors and policymakers under ISSB and CSRD frameworks. It highlights the financial materiality of carbon risk, supporting the case for mandatory climate disclosure.
👥 読者別の含意
🔬研究者:Provides empirical evidence on carbon intensity and firm value in an emerging market context, useful for comparative studies.
🏢実務担当者:Highlights the financial impact of carbon emissions, informing corporate decarbonization strategies and investor communication.
🏛政策担当者:Supports the design of carbon pricing and disclosure policies by demonstrating the market valuation effects of emissions.
📄 Abstract（原文）
In the context of the global push to achieve the "dual carbon" goals (carbon peaking and carbon neutrality), carbon risk, as an emerging and increasingly prominent issue, has attracted widespread attention from all sectors of society. Especially at the corporate level, where companies are critical agents and vehicles for realizing these ambitious objectives, the impact of carbon risks on their financial behavior has become a focal topic of academic research. This paper delves into the impact of corporate carbon emissions on their value, collecting and organizing carbon emission data, stock market data, and financial statements from sample companies from 2003 to 2021. A panel regression model was constructed to study the samples of companies listed on China's A-share market, specifically quantifying and analyzing the impact of corporate carbon emissions on their value through the regression model. Additionally, heterogeneity tests were conducted on high-emission and low-emission industries. The analysis concluded that corporate carbon emission intensity has a significant negative impact on corporate value; the greater the carbon intensity, the lower the corporate value. The heterogeneity tests revealed that, compared to high-emission industries, corporate values in low-emission industries are more significantly negatively affected by carbon intensity. Based on in-depth empirical analysis, this paper offers several policy recommendations to achieve the "dual carbon" goals.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.54097/y8j0q644first seen 2026-08-21 04:36:12
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