Climate change and stock market risk: heterogeneous and mediating effect
気候変動と株式市場リスク：異質性と媒介効果 (AI 翻訳)
Junrou Wu
🤖 gxceed AI 要約
日本語
中国A株企業を対象に、気候情報開示が株価暴落リスクを低減することを実証。投資家センチメントが部分的に媒介する。非国有企業や高炭素産業で効果が強い。
English
Using Chinese A-share listed firms (2010-2025), this study shows that climate information disclosure significantly reduces stock price crash risk, with investor sentiment as a partial mediator. The effect is stronger for non-state-owned enterprises and high-carbon industries.
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「双炭」戦略下での気候情報開示の資本市場効果を示す。日本でもSSBJや有報での開示が進む中、開示が企業リスク評価に与える影響を示唆する。
In the global GX context
This paper provides empirical evidence on how climate disclosure affects stock market risk, relevant to global frameworks like ISSB and SEC climate rules. The findings highlight the importance of disclosure quality for investor protection.
👥 読者別の含意
🔬研究者:Evidence on the capital market effects of climate disclosure, useful for research on disclosure regulation and market efficiency.
🏢実務担当者:Corporate disclosure teams can use findings to justify climate disclosure investments as risk management tools.
🏛政策担当者:Regulators can note that climate disclosure reduces stock price crash risk, supporting mandatory disclosure mandates.
📄 Abstract（原文）
Against the backdrop of the comprehensive advancement of the “dual-carbon” strategy and the high-quality development of capital markets, climate information disclosure has emerged as a critical factor influencing corporate risk levels and stock price stability. Using a sample of non-financial A-share listed companies in China from 2010 to 2025, this study empirically examines the impact of climate information disclosure on stock price crash risk, its transmission mechanisms, and heterogeneous effects. The findings indicate that climate information disclosure significantly mitigates stock price crash risk, with investor sentiment playing a partial mediating role. Heterogeneity analysis reveals that this mitigating effect is more pronounced in non-state-owned enterprises and high-carbon industries. This paper provides preliminary empirical evidence for understanding the capital market effects of climate information disclosure.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.58567/cef04020001first seen 2026-06-29 08:23:33
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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。