Impact of climate transition risk on capital income share: evidence from China
気候移行リスクが資本分配率に与える影響：中国からの証拠 (AI 翻訳)
Da Pan, Chao Wang, Shengmin Zhao
🤖 gxceed AI 要約
日本語
中国のパリ協定署名を自然実験として、気候移行リスクが企業の資本分配率を有意に引き上げることを実証。コスト削減、資本深化、技術進歩、労使関係の変化が経路として働く。低エネルギー消費地域や環境意識の高い地域で効果が顕著。
English
Using China's Paris Agreement signing as a quasi-natural experiment, this study shows that climate transition risk significantly increases firms' capital income share. Mechanisms include reduced operating costs, capital deepening, technological progress, and reshaped labor-capital relations. Effects are stronger in regions with lower energy consumption and higher environmental awareness.
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開示や移行計画策定が進む中、気候移行リスクが企業の分配構造に与える影響は投資家対応や労使関係の観点から示唆に富む。日本の政策立案や企業戦略に応用可能な分析枠組みを提供。
In the global GX context
This paper contributes to global climate disclosure scholarship by linking transition risk to functional income distribution, a novel angle. It offers empirical evidence relevant for ISSB/TCFD-aligned reporting and transition finance, highlighting distributional consequences of climate policy.
👥 読者別の含意
🔬研究者:Provides a new empirical approach to measuring transition risk impacts on income distribution, useful for climate finance and labor economics research.
🏢実務担当者:Highlights how transition risk can affect capital-labor dynamics, informing corporate strategy and stakeholder communication.
🏛政策担当者:Suggests that climate policies may have distributional effects on income shares, relevant for designing just transition policies.
📄 Abstract（原文）
Leveraging China’s signing of the Paris Agreement as a quasi-natural experiment, this paper examines how climate transition risk shapes the capital share of income at the firm level. Using a panel of Chinese A-share listed firms over the period 2007–2023, we document that exposure to climate transition risk leads to a statistically significant increase in firms’ capital income share. This finding remains robust to a battery of endogeneity and sensitivity checks. Mechanism analyses indicate that climate transition risk operates through multiple channels: it reduces operating costs, induces capital deepening, accelerates technological progress, and reshapes labour–capital relations, jointly contributing to a higher capital share of income. Heterogeneity tests further show that the effect is more pronounced in regions with lower energy consumption and higher levels of public environmental awareness. Overall, the results offer a novel perspective from the lens of green transition for understanding shifts in the functional distribution of income.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/00036846.2026.2718437first seen 2026-08-16 05:08:58
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