Green Credit Interest Subsidy Policy and Corporate Environmental Governance Performance: Evidence From a Quasi‐Natural Experiment in China
グリーンクレジット金利補助金政策と企業の環境ガバナンスパフォーマンス：中国の準自然実験からの証拠 (AI 翻訳)
Wang Yujue, Nur Syazwani Mazlan
🤖 gxceed AI 要約
日本語
本研究は中国の上場企業2009-2022年のデータを用い、グリーンクレジット金利補助金政策が企業の環境ガバナンスパフォーマンス（GGP）を向上させることを一般化DIDで実証した。メカニズムは資金調達コスト削減と環境意識向上で、効果は企業特性（機関保有比率、収益性、非重公害産業）により異なる。
English
Using Chinese listed firm data from 2009-2022, this study employs a generalized DID approach to show that green credit interest subsidies significantly improve corporate environmental governance performance (GGP). The mechanism operates through reduced financing costs and increased environmental attention. Policy effects vary by firm type, with stronger effects for firms with high institutional ownership, high profitability, and in non-heavy pollution industries.
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
中国のグリーンクレジット補助金政策の実証分析は、日本のGX推進策（グリーンファイナンス）の設計や効果検証に示唆を与える。補助金が融資コスト削減と環境意識向上を通じて企業の環境ガバナンスを改善するメカニズムは、日本企業のESG対応にも参考になる。
In the global GX context
This empirical study on China's green credit subsidy policy provides robust evidence on how financial incentives improve corporate environmental governance. The findings on financing cost reduction and heightened environmental attention are relevant for global green finance optimization, informing policy design in regions like the EU and Japan.
👥 読者別の含意
🔬研究者:Provides causal evidence on the effectiveness of green credit subsidies in improving corporate environmental governance, useful for green finance and policy evaluation research.
🏢実務担当者:Highlights that green credit subsidies can enhance corporate environmental performance, especially for firms with high institutional ownership and strong profitability; can inform corporate sustainability strategies.
🏛政策担当者:Offers policy design insights: green credit subsidies are effective but need tailoring to firm characteristics; suggests combining subsidies with mechanisms to increase environmental attention.
📄 Abstract（原文）
With the rapid development of China's economy, green finance has emerged as a pivotal instrument for promoting corporate green transformation and sustainable development. Using data from Chinese listed companies from 2009 to 2022, this study adopts a generalised difference‐in‐differences (DID) approach to assess the influence of green credit interest subsidy policies on corporate environmental governance performance (GGP). The results demonstrate that these subsidies significantly contribute to enhancing firm's governance performance. Mechanism analysis reveals that the improvement in GGP is primarily driven by reduced financing costs and heightened environmental attention. Moreover, further analysis shows that the policy effects vary significantly across firms of different types and sizes. Firms characterised by higher institutional ownership, stronger profitability, and those in non‐heavy pollution industries exhibit more pronounced improvements in GGP under the green credit subsidy policy. This study provides robust empirical evidence in support of sustainable development and offers valuable insights for the optimisation of green finance policies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/apel.70042first seen 2026-05-15 21:04:19
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