The Relationship Between Government Sustainable Investment and Corporate Finance: Findings from Three Industries in China
政府の持続可能な投資と企業財務の関係：中国の3産業からの知見 (AI 翻訳)
Jingbo Gao
🤖 gxceed AI 要約
日本語
本研究は、中国政府の持続可能投資（GSI）が企業財務パフォーマンスに与える影響を、環境比率（ER）を代理変数として分析。テクノロジー、金融、自動車の3セクター15社のデータを用いた線形回帰の結果、金融セクターでは効率性の改善が見られたが、収益や利益は不安定。テクノロジーは短期的に中立、自動車は有意な改善なし。GSIはガバナンスや資産配分を通じて効果を発揮し、時間差や産業固有の異質性が存在する。
English
This study analyzes the impact of Government Sustainable Investment (GSI) on corporate financial performance using the Environmental Ratio as a proxy. Linear regression on 15 firms across technology, finance, and automotive sectors in China reveals: finance shows positive efficiency effects but unstable revenue and profit; technology remains neutral short-term due to global revenue and R&D lags; automotive shows no significant improvement amid compliance investments. GSI affects finance through structural channels with time lags and sector heterogeneity. The study recommends shifting focus to efficiency and risk metrics over short-term profits.
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
中国の政府主導の持続可能投資が企業財務に与える影響を産業別に実証した研究。日本でもGX投資が企業業績に及ぼす影響を評価する際、短期的な収益指標だけでなく効率性やリスク指標の採用、観測期間の長期化が示唆される。日本の政策担当者や企業のサステナビリティ担当者にとって、同様の分析枠組みを日本データに適用する際の参考となる。
In the global GX context
This paper provides empirical evidence from China on how government sustainable investment affects corporate financial performance across sectors, highlighting time lags and structural channels. For global audiences, it underscores the need for sector-specific evaluation metrics and longer observation windows in green finance policy. The findings are relevant for policymakers designing national sustainable investment strategies and for researchers studying the transmission mechanisms of green fiscal policy.
👥 読者別の含意
🔬研究者:Provides a framework for analyzing GSI effects with sectoral heterogeneity and time lags; useful for cross-country comparative studies.
🏢実務担当者:Highlights the importance of efficiency and risk metrics over short-term profit when evaluating green investment impacts.
🏛政策担当者:Suggests that green investment policies require sector-specific designs and extended evaluation periods to capture full effects.
📄 Abstract（原文）
This study examines the impact of Government Sustainable Investment (GSI) on corporate financial performance. Using the Environmental Ratio (ER) as a proxy to measure the intensity of regional policies, we perform linear regression analysis on financial data of 15 firms spanning three sectors: technology, finance, and automotive. Key findings reveal: the finance sector demonstrates a positive effect on efficiency first, though revenue and profit trends remain unstable; the technology sector exhibits overall neutrality in the short term, largely influenced by its globalized revenue structure and the time lag between R&D and commercialization; Automotive manufacturing, which is undergoing compliance-related investments and production line transformation, shows no significant improvement. Overall, GSI influences finance through structural channels such as governance, asset allocation, and operational efficiency, exhibiting distinct time lags and industry-specific heterogeneity. We recommend shifting evaluation metrics from short-window profits to efficiency and risk exposure indicators, while extending observation periods. Limitations include sample size, proxy variables, and window length; future research should expand multinational samples and incorporate sustainability performance metrics such as carbon efficiency indices.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.61173/n3fejr16first seen 2026-05-06 00:24:47
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