Can Green Bond Financing Improve Corporate Green Technology Efficiency? Evidence from Chinese Listed Firms
グリーンボンド資金調達は企業のグリーン技術効率を向上させるか？中国上場企業からの証拠 (AI 翻訳)
Hongjun Jing, Xiuli Li
🤖 gxceed AI 要約
日本語
本研究は2013-2023年の中国A株上場企業のパネルデータを用い、多時点DIDとDML推定により、グリーンボンド発行が企業のグリーン技術効率を有意に向上させることを示した。また、資金調達制約の緩和とグリーン特許出願の増加が経路として確認された。
English
Using panel data from Chinese A-share listed firms (2013-2023), this study employs multi-time DID and Dual Machine Learning to show that green bond issuance significantly improves corporate green technology efficiency, with weaker financing constraints and more green patent applications 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
日本ではグリーンボンド市場が拡大しており、本研究成果は国内企業のグリーン投資促進や開示制度設計に示唆を与える。特に、グリーンボンドの実質的な効果を検証する手法は、日本のサステナビリティ開示や移行金融の議論に参考になる。
In the global GX context
This study provides causal evidence on the effectiveness of green bonds, relevant to global sustainable finance frameworks like the EU Green Bond Standard and ISSB disclosure. It offers insights for policymakers and investors on how green bonds can drive corporate decarbonization.
👥 読者別の含意
🔬研究者:Provides robust causal evidence on green bond impact using advanced econometric methods, useful for sustainable finance research.
🏢実務担当者:Highlights the benefits of green bond issuance for corporate green innovation and financing, informing capital-raising strategies.
🏛政策担当者:Supports the design of green bond policies and incentives to enhance their effectiveness in promoting corporate green transformation.
📄 Abstract（原文）
Against the backdrop of the global low-carbon transition and the rapid expansion of sustainable finance, green bonds have become an important capital-market instrument for financing environmentally beneficial projects and supporting corporate green transformation. Our research is based on panel data from A-share-listed companies in China between 2013 and 2023, employing a multi-time point Difference-in-Differences (DID) model and a DID model extended with the Dual Machine Learning (DML) estimation method for empirical testing. It further examines potential transmission channels and firm-level heterogeneity. The results show a robust positive association between green bond financing and corporate green technology efficiency. Green bond financing is also associated with weaker financing constraints and more green patent applications. These findings provide firm-level evidence for improving the effectiveness of green bond financing in facilitating corporate green transformation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18168365first seen 2026-08-17 05:28:23 · last seen 2026-08-19 05:20:24
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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。