Carbon Information Disclosure and Firm Risk‐Taking: Evidence From China
炭素情報開示と企業リスクテイク：中国からのエビデンス (AI 翻訳)
Dongxin He, Linhan Jiao, Jingyi Yang, Jiasheng Yu
🤖 gxceed AI 要約
日本語
本論文は中国のA株上場企業のESG・CSR・サステナビリティ報告書を用いて、カーボン情報開示の質が企業のリスクテイクに与える影響を分析。5次元のベクトル化テキスト指標を構築し、実質的な開示と象徴的な開示を区別した。高品質な開示はリスクテイクを低下させ、メディアや公衆の監視がその効果を強化することを発見。実質的な開示が長期財務パフォーマンスの向上、グリーンガバナンスの強化、炭素排出原単位の削減、サプライチェーンへの波及効果をもたらす。
English
This paper examines the impact of carbon information disclosure quality on corporate risk-taking in China using a five-dimensional vectorized text index from ESG, CSR, and sustainability reports of A-share listed firms (2007-2023). Higher-quality substantive disclosure reduces risk-taking, strengthened by informal regulation via media and public scrutiny. Mechanisms include green investor attention, compliance costs, and reputational capital. Outcomes include improved long-term financial performance, green governance, carbon intensity reduction, and supply chain spillovers.
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
本研究は中国の事例であるが、開示の質（実質的対シンボリック）の区別の重要性を示しており、日本のSSBJや統合報告書での実質的な気候関連開示の議論に示唆を与える。また、メディアや市民の監視が規制を補完する点は日本のGX政策にも参考になる。
In the global GX context
This study contributes to global disclosure scholarship by providing empirical evidence from China that substantive carbon disclosure reduces firm risk-taking and improves long-term performance. It demonstrates a methodology for distinguishing symbolic from substantive disclosure using text analysis, relevant to TCFD/ISSB/CSRD frameworks. The role of informal regulation (media, public scrutiny) in strengthening disclosure effects offers insights for designing enforcement mechanisms in transition finance.
👥 読者別の含意
🔬研究者:Provides a novel method for measuring disclosure quality (substantive vs symbolic) using text analysis, and establishes causal links to firm risk-taking and long-term performance.
🏢実務担当者:Demonstrates that high-quality carbon disclosure can reduce risk and improve financial outcomes, justifying investments in disclosure infrastructure.
🏛政策担当者:Highlights the role of informal regulation (media, public) in strengthening the effect of disclosure mandates, relevant for designing enforcement mechanisms.
📄 Abstract（原文）
This paper examines the impact of carbon information disclosure on corporate risk‐taking in China. Using ESG, CSR and Sustainability reports of A‐share listed firms from 2007 to 2023, we construct a five‐dimensional vectorised‐text index that distinguishes symbolic from substantive disclosure. We find that higher‐quality disclosure is associated with lower levels of risk‐taking, and this effect is strengthened by informal environmental regulation through media coverage and public scrutiny. Mechanism analyses provide evidence consistent with green investor attention, compliance cost and reputational‐capital channels. Substantive disclosure, rather than symbolic statements, drives the observed outcomes, which are accompanied by improvements in long‐term financial performance, stronger green‐governance capacity, reductions in carbon intensity, and supply‐chain spillovers. The findings remain robust to multi‐period difference‐in‐differences estimation, alternative specifications and tests for endogeneity.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/acfi.70240first seen 2026-07-18 07:27:54
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。