Do Low-Carbon City Pilots Promote Corporate Environmental Investment? Evidence from China
X. Shi, Yurou Zhang, Yizhe Wu, Zhongxiang Ding, Sanying Zhao, Baochang Xu, Meng Qin
🤖 gxceed AI 要約
日本語
中国の低炭素都市パイロット政策（LCCP）が企業の環境投資に与える影響を差分の差分法（DID）で分析。LCCPは環境投資を約36.5%増加させ、技術転換、環境規制遵守、資金支援、人材誘致、政策整合の5つの経路を通じて効果を発揮。東部・西部地域、非起業家型企業、大企業などで効果が顕著。
English
This study uses a difference-in-differences design to examine China's Low-Carbon City Pilot policy's impact on corporate environmental investment. Results show a 36.5% increase in investment via channels including technology transformation, regulatory compliance, financial support, talent attraction, and policy alignment. Effects are stronger in eastern/western regions, non-entrepreneurial boards, and larger 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
中国の低炭素都市政策の実証エビデンスは、日本の自治体レベルでの脱炭素施策（ゼロカーボンシティ等）の設計や、企業の環境投資促進策を検討する際の参考となる。特に政策のメカニズム（技術転換・人材等）は、日本企業のグリーン投資行動を理解する上で示唆に富む。
In the global GX context
This paper provides rigorous causal evidence on how city-level climate policies can drive corporate environmental investment—a key global GX lever. The mechanisms identified (technology, regulation, finance, talent, policy alignment) are relevant for policymakers designing effective subnational climate policies. While China-specific, the methodology and findings offer insights for global climate disclosure and transition finance discussions.
👥 読者別の含意
🔬研究者:Provides a causal framework and channel analysis for studying policy effects on corporate green investment, useful for comparative GX research.
🏢実務担当者:Highlights how firms respond to low-carbon city policies, suggesting that regulatory pressure combined with support mechanisms can boost environmental investment.
🏛政策担当者:Offers evidence that low-carbon city pilot policies effectively increase corporate environmental investment, informing design of subnational climate policies and green finance incentives.
📄 Abstract（原文）
As a pivotal instrument for fostering sustainable development and climate goals, low-carbon city pilot policies (LCCPs) motivate firms to increase environmental investments, thereby harmonizing economic growth with emission reduction. This study employs a difference-in-differences (DID) design to empirically investigate the effects and underlying mechanisms of LCCPs on firms’ environmental investment in China. The results demonstrate that LCCPs lead to a significant increase in corporate environmental investment of approximately 36.5% (with a core coefficient of 0.365, significant at the 1% level) when compared to non-pilot cities. This impact primarily occurs through five channels: technology transformation, environmental regulation compliance, financial support, talent attraction, and policy alignment. Heterogeneity tests further reveal that the effect is stronger for enterprises in the eastern and western regions, non-entrepreneurial boards and non-financial entities, larger firms, and those facing financing constraints and operating in low-industry competitive environments. This study offers evidence for the importance of LCCPs in driving corporate environmental investments, providing valuable policy implications for enhancing regulatory frameworks and fostering green innovation to support carbon neutrality and sustainable economic transitions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18010540first seen 2026-05-15 21:21:58
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