Beyond Tax Shields: Re-Examination of Sustainable Transition of the Real Estate Sector in China
税制上の保護を超えて：中国不動産セクターのサステナブル移行の再検討 (AI 翻訳)
Un Loi Lao
🤖 gxceed AI 要約
日本語
本研究は、中国の不動産セクターにおける資本構造のダイナミクスを解明する「二重シールド」枠組みを提案。強制的な政策シールドと、環境パフォーマンスの向上が資金調達コスト削減につながる能動的なサステナビリティ・シールドを区別し、2003年から2021年のA株企業データを分析。グリーンボンド発行企業は負債コストが持続的に低下し、サステナビリティ・シールドの実在を実証した。
English
This study proposes a dual-shield framework to explain capital structure dynamics in China's real estate sector, distinguishing between coercive policy shields and proactive sustainability shields. Analyzing A-share firms from 2003-2021, it finds that green bond issuers experience a significant and enduring reduction in their cost of debt, establishing a substantive sustainability shield that aligns capital structures with sustainable transition objectives.
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
中国の事例ではあるが、日本の不動産セクターでもGX（グリーントランスフォーメーション）推進に向け、グリーンボンド発行による資金調達コスト低減効果は示唆に富む。日本の「GX実現に向けた基本方針」とも整合する可能性がある。
In the global GX context
While focused on China, this paper provides empirical evidence that green bonds can lower financing costs in a policy-intensive sector, contributing to the global literature on transition finance and the effectiveness of sustainability-linked instruments in driving decarbonization.
👥 読者別の含意
🔬研究者:Provides a dual-shield framework and quasi-experimental evidence linking green bonds to lower debt costs in real estate.
🏢実務担当者:Real estate firms can use green bonds to reduce financing costs while aligning with sustainability goals, despite regulatory pressures.
🏛政策担当者:Shows that combining regulatory policies (e.g., Three Red Lines) with market incentives (green bonds) can steer capital structures toward transition.
📄 Abstract（原文）
This study proposes a dual-shield framework to elucidate the capital structure dynamics within China’s policy-intensive real estate sector. We delineate a coercive policy shield wherein binding regulations supersede market-based incentives, and a proactive sustainability shield which recognizes how superior environmental performance can lead to reduced financing costs. Analyzing data from Chinese A-share firms during 2003 to 2021, we present robust evidence that supports both mechanisms. Notably, the effect of the debt tax shield is diminished in real estate sectors, underscoring the policy shield’s ability to negate traditional financial incentives. In addition, the macroprudential tightening implemented in 2017 has disproportionately disrupted leverage adjustments, especially among firms subsequently affected by the “Three Red Lines” policy. Rigorous quasi-experimental analyses additionally illustrate that green bond issuers experience a significant and enduring reduction in their cost of debt, thereby establishing a substantive sustainability shield. Our findings contribute to the literature on sustainable finance by conceptualizing approaches that extend beyond tax shields, effectively integrating regulatory and market forces to align the capital structures with objectives for sustainable transition.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.3390/su18031603first seen 2026-05-14 21:45:12
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