炭素削減行動の企業開示と企業価値：デジタル変革の調整効果
Corporate disclosures of carbon-reduction actions and firm value: the moderating role of digital transformation (原題)
Guang-Yu Wan, Pei Jiang, Jing-Fen Hua, Yu Cao
🤖 gxceed AI 要約
日本語
中国「双炭」戦略下で、炭素削減行動の開示が企業価値と正に関連することを示す。機械学習支援のテキスト測定で年次報告書・ESG報告書から開示を抽出し、内部志向の業務開示がバリューチェーン開示より評価が高いことを発見。デジタル変革はこの関連を負に調整し、貿易信用・メディア評判・グリーンイノベーションが媒介する。
English
Using Chinese A-share firms (2013–2023) and an ML-assisted textual measure of carbon-reduction disclosures, this study finds such disclosures are positively associated with firm value, more so for internally oriented operational disclosures than value-chain ones. Digital transformation negatively moderates this link, with trade credit, media reputation, and green innovation as channels.
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
中国の炭素開示と企業価値の実証は、SSBJ基準や有報でのサステナビリティ開示を進める日本企業・投資家にとって、スコープ別開示の評価差やデジタル投資との相互作用を考える上で示唆に富む。
In the global GX context
This paper adds to global disclosure scholarship by showing scope-differentiated valuation effects of carbon-reduction disclosures and the moderating role of digital transformation, relevant to ISSB/CSRD debates on what disclosure content investors actually price.
👥 読者別の含意
🔬研究者:スコープ別開示の市場評価とデジタル変革の調整効果を実証した点が、開示研究・ESG評価研究に新たな視点を提供する。
🏢実務担当者:スコープ別に炭素削減開示を差別化し、デジタル投資とグリーン投資の資源配分を調整する必要性を示唆する。
🏛政策担当者:開示基準の強化と中小企業への支援が、協調的な炭素削減とグリーンイノベーションを促す可能性を示す。
📄 Abstract（原文）
This study examines whether corporate disclosures of carbon-reduction actions are associated with firm value under China's “dual-carbon” strategy. It further compares the valuation relevance of internally oriented operational disclosures and value-chain-oriented disclosures and investigates the moderating role of digital transformation. Using Chinese A-share listed firms from 2013 to 2023, this study develops a machine-learning-assisted textual measurement approach to identify disclosures of carbon-reduction actions from annual reports, environmental, social and governance (ESG) reports and sustainability reports. Fixed-effects regressions are employed to test valuation effects, with additional analyses on moderating effects, mediating mechanisms and firm heterogeneity. Corporate disclosures of carbon-reduction actions are positively associated with firm value. This association is stronger for internally oriented operational disclosures than for value-chain-oriented disclosures. Digital transformation negatively moderates both associations. Channel tests provide evidence consistent with three mechanisms: improved trade credit, stronger media reputation and enhanced green innovation. Firms should improve differentiated carbon disclosure across emission scopes and coordinate resource allocation across digital and green initiatives. Policymakers should strengthen disclosure standards and provide targeted support for small and medium-sized firms to enhance collaborative carbon reduction and green innovation. This study introduces an emission-scope-informed perspective into research on the market valuation of carbon-reduction disclosures and develops a machine-learning-assisted approach for identifying firm-level disclosures of carbon-reduction actions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/imds-05-2026-1041first seen 2026-09-19 05:21:21 · last seen 2026-09-21 04:55:11
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。