Strategic Carbon Market Mechanisms and Foreign Investment Dynamics: Business Responses to Climate Policy in China
戦略的炭素市場メカニズムと外国投資のダイナミクス：中国の気候政策に対する企業の対応 (AI 翻訳)
Xiaoping Yang, Mengfan Zhang, Yilin Ma, B. Dhar, Zhao Jiang
🤖 gxceed AI 要約
日本語
中国の排出権取引制度（CETP）が外国直接投資（FDI）を促進するか分析。260都市のパネルデータとDID推定により、CETPはFDI流入を有意に増加させ、高い炭素価格と市場流動性が効果を強化。R&D投資やグリーン特許を通じた革新経路を確認。地域差や国際比較から政策設計への示唆を提供。
English
This study examines whether China's carbon emissions trading policy (CETP) boosts foreign direct investment (FDI). Using panel data for 260 cities and a difference-in-differences approach, it finds that CETP significantly increases FDI inflows, with higher carbon prices and market liquidity reinforcing the effect. An innovation-driven mediation channel through R&D and green patents is identified. Heterogeneity and international comparisons offer insights for carbon market design.
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
本論文は中国の炭素市場に関するものであるが、日本の排出量取引制度（GX-ETS）やカーボンプライシング政策に示唆を与える。特に、炭素市場が外国投資を誘引しイノベーションを促進するメカニズムは、日本のGX政策と海外投資家対応の参考となる。
In the global GX context
While focused on China, this paper provides rigorous causal evidence that carbon markets can attract foreign investment and drive innovation, relevant to global carbon pricing discourse (e.g., EU ETS, UK ETS) and the design of market-based climate policies. It underscores the importance of price credibility and market depth for investment responses.
👥 読者別の含意
🔬研究者:Innovative empirical strategy (staggered DID) and mediation analysis can be replicated for other carbon markets, advancing understanding of carbon pricing impacts on cross-border capital flows.
🏢実務担当者:Corporate sustainability teams can leverage these findings to advocate for well-designed carbon markets as drivers of low-carbon investment and innovation.
🏛政策担当者:Provides evidence that carbon pricing, combined with market depth, can shape foreign investment and innovation, informing the design of China's national ETS and other emerging carbon markets.
📄 Abstract（原文）
This study examines whether China's Carbon Emissions Trading Policy (CETP) influences foreign direct investment (FDI) under staggered policy adoption. Using panel data for 260 cities from 2005 to 2021 and a two‐way fixed‐effects difference‐in‐differences (DID) approach supported by event‐study pre‐trend tests, the results show that CETP is associated with a statistically significant increase in FDI inflows. Treating carbon‐market features as continuous treatments indicates that higher carbon‐price levels and stronger market liquidity reinforce these effects. To clarify the underlying mechanisms, formal mediation using lagged R&D intensity and green patent applications demonstrates a significant innovation‐driven transmission channel. Heterogeneity analysis further shows that the policy impact is stronger in eastern and first‐/second‐tier cities, consistent with higher institutional capacity and more developed market environments. Comparative insights with the EU ETS and K‐ETS suggest that price credibility and market depth are important conditions for investment responses. Overall, the findings provide evidence that CETP can shape cross‐border investment behavior and support the development of innovation‐oriented, low‐carbon growth pathways.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.70560first seen 2026-05-15 17:08:31
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