Climate risk and corporate green innovation bubbles: evidence from Chinese listed enterprises
気候リスクと企業のグリーンイノベーション・バブル：中国上場企業の証拠 (AI 翻訳)
Xueqing Wang, Lang Wang
🤖 gxceed AI 要約
日本語
中国A株上場企業を対象に、気候リスクがグリーン特許の質と量の乖離（グリーンイノベーション・バブル）を悪化させることを実証。経営者近視眼と資金制約が経路であり、デジタル変革とESGパフォーマンスは緩和せず増幅する。非国有・低排出・経営者保有比率の高い企業で顕著。
English
Using Chinese A-share listed firms from 2010-2023, this study shows climate risk exacerbates green innovation bubbles—a divergence between patent quantity and quality. Managerial myopia and financing constraints are key channels, while digital transformation and ESG performance amplify the effect. Findings inform green innovation evaluation and climate disclosure policy.
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開示や有報での気候関連情報開示が進む中、気候リスクが企業のイノベーションの質を歪める可能性を示す本稿は、開示制度設計やグリーン評価の在り方に示唆を与える。中国の事例だが、日本の政策立案や企業のESG戦略にも応用可能。
In the global GX context
This paper contributes to global climate disclosure scholarship by linking climate risk to green innovation quality, relevant for ISSB/CSRD implementation. It highlights unintended consequences of ESG and digital transformation, offering caution for policymakers designing green innovation incentives and disclosure mandates.
👥 読者別の含意
🔬研究者:Provides empirical evidence on climate risk and green innovation quality, with mechanisms and heterogeneity.
🏢実務担当者:Highlights risks of green patent inflation and the need for quality-focused innovation strategies.
🏛政策担当者:Informs design of green innovation evaluation and climate disclosure policies to avoid perverse incentives.
📄 Abstract（原文）
Abstract Against the backdrop of global climate change and China’s “dual carbon” goals, climate risk has become a critical external factor shaping corporate sustainable development strategies in emerging economies. Using a sample of China’s A-share listed companies from 2010 to 2023 and a two-way fixed-effects panel model, this paper empirically examines the impact of climate risk on corporate green innovation bubbles—a phenomenon characterized by a systematic divergence between green patent quantity and quality. Climate risk is found to significantly exacerbate green innovation bubbles, as firms facing greater climate uncertainty systematically prioritize patent quantity over substantive technological quality. Managerial myopia and financing constraints are two key transmission mechanisms through which climate risk distorts the allocation of green innovation resources. Digital transformation and ESG performance unexpectedly amplify rather than mitigate these distortionary effects. Heterogeneity analysis further reveals that the bubble-inducing effect of climate risk is more pronounced among non-state-owned enterprises, low-carbon-emission firms, and firms with higher managerial ownership. These findings extend research on the economic consequences of climate uncertainty and carry important implications for the design of green innovation evaluation systems, climate disclosure policy, and sustainable finance governance in emerging markets.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1038/s41598-026-63717-3first seen 2026-08-07 05:09:36
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