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炭素排出権取引パイロット政策は監査人の業界専門性に影響を与えるか？中国からの証拠と持続可能性への示唆

Does the Carbon Emissions Trading Pilot Policy Affect Auditor Industry Specialization? Evidence from China and Implications for Sustainability (原題)

Shuangyang Zhai, Zishan Zhang, Haoyu Hou, Ji Wang, Yuanhe Du

Sustainability📚 査読済 / ジャーナル2026-08-26#AI×ESGOrigin: CN経営インパクト: 調達リスク対象セクター: finance
DOI: 10.3390/su18178751
原典: https://doi.org/10.3390/su18178751

🤖 gxceed AI 要約

日本語

中国の炭素排出権取引（CET）パイロット政策が監査人の業界専門性に与える影響を、2010〜2022年のA株企業データと段階的導入を利用した自然実験で検証。差の差分析により、CETへの曝露が監査人の専門性を高めることを示した。資金調達制約とレバレッジ経路が整合的で、持続可能性政策が専門サービス基盤を再形成することを示唆する。

English

This study examines whether China's carbon emissions trading (CET) pilot policy affects auditor industry specialization using a staggered difference-in-differences design on A-share firms from 2010 to 2022. Results show that CET exposure increases auditor specialization, with financing constraints and leverage as plausible channels. The findings suggest sustainability policy can reshape professional-service infrastructure supporting low-carbon transition.

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

日本ではSSBJ開示やカーボンプライシング導入議論が進む中、政策が監査・保証サービスの需要構造を変える可能性を示す点で示唆的。日本の監査法人や企業の開示対応に参考となる。

In the global GX context

This paper provides empirical evidence from China that carbon pricing policies influence auditor-client matching, relevant for global discussions on assurance infrastructure under ISSB/CSRD. It highlights how sustainability regulation can shape professional services, offering insights for markets developing carbon assurance.

👥 読者別の含意

🔬研究者:Provides causal evidence on how carbon policy affects auditor specialization, useful for research on assurance and sustainability policy.

🏢実務担当者:Highlights that carbon policy exposure may increase demand for industry-specialized auditors, relevant for corporate disclosure and assurance planning.

🏛政策担当者:Suggests that carbon pricing can strengthen professional service infrastructure, supporting regulatory monitoring and credibility of sustainability information.

📄 Abstract（原文）

China’s Carbon Emissions Trading (CET) Pilot Policy may alter corporate information environments and demand for auditors with industry-specific experience. Using the staggered launch of regional carbon markets as a quasi-natural experiment, this study examines whether policy exposure changes auditor industry specialization among Chinese A-share listed firms from 2010 to 2022. Specialization is measured by the logged share of an auditor’s client assets in a given industry; it does not represent an audit-fee premium or direct carbon-assurance expertise. Staggered difference-in-differences estimates show that CET pilot exposure increases this specialization measure. The result is robust to event-study, placebo, propensity-score-matched, and Callaway–Sant’Anna specifications. Channel regressions are consistent with financing-constraint and leverage pathways, while evidence for controlling-shareholder fund occupation is weak and not interpreted as causal mediation. Pairwise tests identify regional differences but no statistically significant ownership or pollution-intensity differences. By linking carbon-market policy to auditor-client matching, the study shows that sustainability policy can reshape the professional-service infrastructure supporting firms’ low-carbon transition. Allocating industry-experienced auditors to policy-exposed firms may strengthen the credibility and comparability of sustainability-related financial information and support regulatory monitoring. These implications concern the institutional capacity for sustainable development; the study does not directly measure sustainability performance or carbon-assurance quality.

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