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モロッコにおける生態系移行の資金調達：グリーンボンドと持続可能な銀行融資の比較分析

Financing the ecological transition in Morocco: a comparative analysis of green bonds and sustainable bank credit (原題)

Karima LAMRANI

International Journal of Scientific Research and Innovative Studies📚 査読済 / ジャーナル2026-08-01#トランジション・ファイナンス経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.63883/ijsrisjournal.v5i4.828
原典: https://doi.org/10.63883/ijsrisjournal.v5i4.828

🤖 gxceed AI 要約

日本語

モロッコ企業の生態系移行資金調達におけるグリーンボンドと持続可能な銀行融資の比較分析。アクセス容易性、コスト、報告要件、契約柔軟性の4次元を検討し、大企業にはグリーンボンド、中小企業には銀行融資が適することを示す。モロッコ市場でのグリーンミアムの存在は確認できず、企業特性と制度環境に依存する。

English

This study compares green bonds and sustainable bank credit for financing the ecological transition of Moroccan firms, examining accessibility, costs, reporting, and flexibility. It finds green bonds suit large firms, while bank credit is more accessible for SMEs. No greenium was confirmed in Morocco, and the optimal choice depends on firm characteristics and institutional context.

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SSBJ開示やトランジション・ファイナンスが進む中、新興市場での資金調達手段の比較は、日本企業の海外展開や途上国支援に示唆を与える。モロッコの事例は、日本における中小企業向けサステナブルファイナンスの設計にも参考になる。

In the global GX context

This paper contributes to global transition finance literature by comparing green bonds and sustainable bank credit in an emerging market context. It highlights the role of institutional environment and firm capabilities, relevant for ISSB-aligned disclosure and sustainable finance frameworks in developing economies.

👥 読者別の含意

🔬研究者:Provides a comparative framework for financing mechanisms in emerging markets, useful for transition finance research.

🏢実務担当者:Offers guidance for Moroccan firms and financial institutions on choosing between green bonds and bank credit.

🏛政策担当者:Informs policymakers on the need for supportive frameworks to enhance access to sustainable finance for SMEs.

📄 Abstract（原文）

This research investigates the trade-offs between green bonds and sustainable bank credit as mechanisms for financing the ecological transition of Moroccan firms. Based on a qualitative and comparative analysis of academic literature, institutional documentation, and regulatory frameworks, the study examines four key dimensions: accessibility, costs and incentives, reporting requirements, and contractual flexibility. The findings indicate that green bonds are better suited for large-scale enterprises possessing the requisite organizational and informational capabilities. Conversely, sustainable bank credit offers broader accessibility, particularly for SMEs and mid-tier companies, albeit subject to rigorous solvency constraints, ESG monitoring, and compliance standards. Furthermore, the analysis suggests that the existence of a "greenium" cannot be directly substantiated within the Moroccan market based on the corpus examined. Ultimately, this study demonstrates that the optimal financing choice is contingent upon both the firm’s specific characteristics and the broader institutional environment. Keywords: Sustainable finance; green bonds; sustainable bank credit; ecological transition; ESG; Moroccan firms. Received Date: June 19, 2026 Accepted Date: July 10, 2026 Published Date: August 01, 2026 Available Online at: https://www.ijsrisjournal.com/index.php/ojsfiles/article/view/828

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