Green Truth or Green Mirage? Carbon Information Disclosure and Asset Mispricing
グリーンの真実かグリーンミラージュか？炭素情報開示と資産のミスプライシング (AI 翻訳)
Wanyi Chen, Ying Wang, Hao Ren
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業（2007-2021年）のテキスト分析により、多次元炭素情報開示（CID）品質指標を構築。CIDが企業の評判と情報透明性を高め、資産のミスプライシングを有意に抑制することを示した。CIDの1標準偏差増加でミスプライシングが約8.36%減少。メディア露出、デジタル変革、投資家注目が高い企業で効果が顕著。持続可能な開発に向けた高品質CIDの重要性を政策立案者に示唆。
English
This study constructs a multidimensional carbon information disclosure (CID) quality index via text analysis of Chinese A-share listed firms (2007-2021). CID significantly reduces asset mispricing by enhancing corporate reputation and information transparency. A one-standard-deviation increase in CID decreases mispricing by 8.36%. Effects are stronger for firms with high media exposure, digital transformation, and investor attention. It offers insights for policymakers promoting high-quality CID for sustainable development.
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
日本のSSBJや気候関連開示基準において、開示の質と市場評価の関連性は重要な論点。本研究成果は、高品質な炭素情報開示が資本市場の効率性に寄与する実証エビデンスを提供し、日本企業の開示戦略や当局の基準設計に示唆を与える。
In the global GX context
This paper extends carbon disclosure research to capital market mispricing, demonstrating that high-quality carbon information disclosure reduces value inefficiency. It adds to the global ISSB/TCFD discourse by quantifying the economic benefits of robust disclosure, relevant for regulators and standard-setters worldwide.
👥 読者別の含意
🔬研究者:Provides evidence on the capital market consequences of carbon disclosure quality, useful for scholars in accounting, finance, and sustainability.
🏢実務担当者:Highlights that investing in high-quality carbon disclosure can reduce stock mispricing, benefiting corporate treasury and IR strategies.
🏛政策担当者:Supports the case for mandatory high-quality carbon disclosure standards to improve market efficiency.
📄 Abstract（原文）
Carbon information disclosure (CID), as a key dimension of sustainability reporting, remains underexplored regarding its value relevance versus its role in impression management. Using text-based content analysis of A-share listed firms on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2021, this study constructs a multidimensional CID quality index. The results show that CID significantly inhibits asset mispricing through strengthening corporate reputation and enhancing information transparency. In terms of economic significance, a one-standard-deviation increase in CID reduces the degree of mispricing by approximately 8.36%. This effect is more pronounced among firms with greater media exposure, higher digital transformation, and stronger investor attention. This study extends the literature on the economic consequences of CID by moving beyond firm-level outcomes to examine capital market dynamics and enriches the determinants of asset mispricing by introducing a sustainability reporting. It provides new insights for policymakers promoting high-quality CID in support of sustainable development.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1177/00076503251404375first seen 2026-05-15 18:26:37
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