Green Credit, Cash Flow Thresholds, and Sustainable Performance in Energy-Intensive Enterprises
グリーンクレジット、キャッシュフロー閾値、エネルギー集約企業の持続可能性パフォーマンス (AI 翻訳)
Xiang Li, Xue Ding
🤖 gxceed AI 要約
日本語
本研究は、2010年から2024年までの中国A株市場のエネルギー集約型上場企業を対象に、グリーンクレジット政策が企業の持続可能性パフォーマンスに与える影響を固定効果モデルとパネル閾値モデルで分析。グリーンクレジットは持続可能性を有意に向上させ、キャッシュフロー指標が正の調整効果と閾値効果を持つことを発見。国有企業で効果が強い。
English
This study analyzes the impact of green credit policies on the sustainability performance of energy-intensive listed companies in China's A-share market from 2010 to 2024. Using fixed-effects and panel threshold models, it finds that green credit significantly enhances sustainability performance, with cash flow positively moderating and exhibiting a threshold effect. Policy effects are stronger for state-owned enterprises.
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
中国のグリーンクレジット政策の実証分析は、日本におけるトランジション・ファイナンスやグリーンローン政策の設計に示唆を与える。特に、キャッシュフロー閾値の存在は、企業の財務状態に応じた政策効果の違いを示しており、日本の金融機関や政策担当者にとって参考になる。
In the global GX context
This empirical study on China's green credit policy provides insights for global transition finance frameworks, particularly the role of firm cash flow in moderating policy effectiveness. It contributes to the literature on green finance and corporate sustainability, relevant for ISSB and transition finance discussions.
👥 読者別の含意
🔬研究者:Provides empirical evidence on green credit effectiveness and threshold effects, useful for further research on green finance mechanisms.
🏢実務担当者:Highlights the importance of cash flow position in benefiting from green credit, informing corporate financing strategies.
🏛政策担当者:Suggests that green credit policies may need to consider firm-level financial thresholds to optimize impact.
📄 Abstract（原文）
As a key financial instrument driving the green transition of the economy, green credit has a significant impact on the sustainability performance of energy-intensive enterprises. Using a sample of energy-intensive listed companies on the A-share market from 2010 to 2024, this study employs a combination of fixed-effects, and panel threshold models to examine the mechanism through which green credit policies operate. The findings reveal that green credit significantly enhances corporate sustainability performance; the cash flow index positively moderates this relationship and exhibits a threshold effect, with policy effects significantly strengthening when the index exceeds the threshold value; policy effects are stronger for state-owned enterprises than for non-state-owned enterprises. The study reveals the impact of green credit policies on energy-intensive enterprises and the threshold-regulating effect of the cash flow index, providing both theoretical and empirical foundations for optimizing green finance policies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.6874846first seen 2026-08-04 04:43:58
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