ESG Disclosure and Cross-Border Investment: How US ESG Disclosure Policy Shapes Chinese Firms’ Investment Strategy
ESG開示と越境投資：米国ESG開示政策が中国企業の投資戦略に与える影響 (AI 翻訳)
Ao Zan, Xuge Zhang, Nina Xie
🤖 gxceed AI 要約
日本語
米国労働省のInterpretive Bulletin 2016-01を自然実験として、中国A株上場企業の対米直接投資（OFDI_US）に対する米国ESG開示政策の影響を実証分析。2006～2020年のデータを用い、政策がOFDI_USを有意に促進することを発見。非国有企業や非重汚染産業でその効果が顕著であり、ESGパフォーマンス向上が仲介メカニズムであることを示した。
English
This study examines how US ESG disclosure policy affects Chinese firms' outward foreign direct investment in the US (OFDI_US). Using the US Department of Labor's Interpretive Bulletin 2016-01 as a quasi-natural experiment and data from Chinese A-share listed firms (2006-2020), it finds a significant positive effect, especially for non-state-owned firms and non-heavy-polluting industries. Mechanism analysis reveals that improved ESG performance mediates this effect.
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
本論文は、米国のESG開示規制が中国企業の対米直接投資に与える影響を実証的に示しており、日本企業が海外投資先として米国を検討する際のESG戦略の重要性を示唆する。SSBJや有報でのESG開示強化が進む日本にとって、開示政策と企業行動の連鎖を理解する上で参考となる。
In the global GX context
This paper provides empirical evidence on how US ESG disclosure policy influences cross-border investment decisions, relevant to global discussions on the real effects of disclosure regulations. It highlights that firms in non-heavy-polluting industries and non-state-owned enterprises respond more strongly, offering insights for ISSB/CSRD and similar frameworks.
👥 読者別の含意
🔬研究者:Demonstrates a causal link between ESG disclosure policy and FDI using a quasi-experimental design with firm-level data from China.
🏢実務担当者:For corporate sustainability teams, this shows that improving ESG performance can facilitate market access and investment in the US.
🏛政策担当者:Offers evidence that US ESG disclosure requirements can shape foreign investment strategies, useful for designing reciprocity or competitive policy adjustments.
📄 Abstract（原文）
Environmental, social, and governance (ESG) play a vital role in promoting the sustained and stable development of firms. However, how the US ESG disclosure policy shapes investment decisions remains unclear. This study investigates Chinese A-share listed firms with overseas affiliates between 2006 and 2020. Using the United States Department of Labor’s Interpretive Bulletin 2016-01 as a quasi-natural experiment, it empirically tests how the US ESG disclosure policy influences the scale of Chinese firms’ outward foreign direct investment in the US (OFDI_US). The experimental and control groups were constructed according to the comparisons of the magnitude of changes in individual firms’ ESG scores and the median magnitude of changes in overall firms’ scores. This study finds that the US ESG disclosure policy significantly positively influences OFDI_US. However, the influence varies significantly because of ownership and industry types. This study finds that non-state-owned firms and non-heavy-polluting industries possess stronger incentives to adjust investment strategies to mitigate risk and gain market legitimacy. Mechanism analysis shows that the US ESG disclosure policy increases OFDI_US by improving the ESG performance. Robustness tests confirm the reliability of these findings, such as the placebo test and propensity score matching. This study offers insights for enhancing ESG disclosure policies and optimizing firms’ cross-border investment decisions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1142/s3060901126500067first seen 2026-07-18 07:42:54
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