グリーンファイナンスは建設企業のグリーンイノベーションを促進するか？中国の準自然実験
Does Green Finance Promote Green Innovation Among Construction Firms? A Quasi-Natural Experiment from China (原題)
Tianzheng Luo, Zhipeng Cui, Zixin Tian
🤖 gxceed AI 要約
日本語
中国のグリーンファイナンス改革試験区（GFRIPZ）政策が建設企業のグリーンイノベーションに与える因果効果を、2010-2020年の上場企業105社のデータとDiD法で検証。政策はグリーンイノベーションを有意に促進し、資金調達環境の改善が経路であることを確認。非国有企業で効果が大きい。
English
This study uses a difference-in-differences approach on 105 Chinese listed construction firms (2010-2020) to show that the Green Finance Reform and Innovation Pilot Zone (GFRIPZ) policy significantly boosts green innovation, with improved financing conditions as a key channel. The effect is stronger for non-state-owned firms, offering evidence that green finance policies can enable sustainable construction.
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、グリーンボンドやサステナビリティ・リンク・ローン等の金融政策が建設業の脱炭素化を促す可能性を示唆。SSBJ開示や建設業のサプライチェーン排出削減と関連し、金融政策と企業行動の因果関係を理解する上で参考になる。
In the global GX context
This paper provides causal evidence that green finance policies can drive green innovation in a hard-to-abate sector, relevant to global discussions on transition finance and the effectiveness of policy instruments in achieving net-zero targets. It complements TCFD/ISSB frameworks by showing how financing conditions translate into real-economy decarbonization.
👥 読者別の含意
🔬研究者:Provides a rigorous DiD design for evaluating green finance policy impacts on sectoral innovation.
🏢実務担当者:Highlights how access to green financing can support innovation strategies, relevant for construction firms seeking transition finance.
🏛政策担当者:Offers evidence that well-designed green finance pilots can effectively incentivize green innovation, informing policy design.
📄 Abstract（原文）
Against a backdrop of tightening environmental regulations and escalating climate-related risks, the construction sector faces mounting pressure to improve both its sustainability performance and long-term resilience. As a market-oriented institutional tool, green finance policy has been widely identified as a pivotal lever for advancing corporate green innovation; nevertheless, its causal impact on green innovation in construction enterprises—an essential foundation for sustained industry resilience—has Iyet to be fully examined in empirical research. Capitalizing on the exogenous variation introduced by China’s Green Finance Reform and Innovation Pilot Zone (GFRIPZ) initiative, this study investigates 105 construction enterprises listed on the Chinese stock market from 2010 to 2020. Employing a Difference-in-Differences (DiD) estimation strategy, we find that the GFRIPZ initiative significantly boosts green innovation among construction enterprises. This positive association persists after a series of robustness assessments. Channel analysis identifies financing conditions as a key pathway linking the GFRIPZ initiative to green innovation. Reduced financing frictions allow construction enterprises to increase investment in environmentally oriented technological activities. Additional sub-sample analysis corroborates that the GFRIPZ policy exerts a far more salient innovation incentive effect on non-state-owned construction firms, which aligns with the stronger impetus for in-house R&D under competitive market conditions. These findings offer empirical evidence that well-designed green finance policies can serve as effective institutional enablers of green innovation, thereby contributing to the sustainable resilience of the construction sector. The findings offer actionable guidance for regulators on incorporating financial instruments into governance frameworks that support sustainable construction.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/buildings16163274first seen 2026-08-21 05:03:57 · last seen 2026-09-09 05:35:07
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