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Has China’s Green Finance Reform Policy Promoted Sustainable Innovation? The Mediating Role of CSR Strategies

中国のグリーンファイナンス改革政策は持続可能なイノベーションを促進したか？CSR戦略の媒介的役割 (AI 翻訳)

Yunhua Zhang, Jia Wu

Sustainability📚 査読済 / ジャーナル2026-04-02#AI×ESGOrigin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3390/su18073448
原典: https://doi.org/10.3390/su18073448

🤖 gxceed AI 要約

日本語

本論文は、中国のグリーンファイナンス改革政策が企業の持続可能なイノベーションに与える影響を、制度理論とステークホルダー理論に基づき検証。2012〜2022年の中国A株上場企業データを用いたDID分析により、政策がイノベーションの投入と産出を有意に促進し、CSR戦略が部分的な媒介効果を持つことを示した。また、産業・地域による異質性や、グリーンクレジット比率が一定水準を超えるとCSRがイノベーション投入を促進する閾値効果も確認。

English

This paper examines the impact of China's green finance reform policy on corporate sustainable innovation, drawing on institutional and stakeholder theory. Using DID analysis on Chinese A-share listed firms from 2012-2022, it finds the policy significantly boosts innovation input and output, with CSR strategies partially mediating the effect. Heterogeneity and threshold effects are also identified, providing evidence for optimizing green finance policies.

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

中国のグリーンファイナンス政策の効果を実証した研究は、日本におけるトランジション・ファイナンスやサステナビリティ関連融資の政策設計に示唆を与える。特に、CSR戦略の媒介効果や閾値効果は、日本企業の開示戦略や資金調達戦略を考える上で参考になる。

In the global GX context

This study provides empirical evidence on how green finance policies can drive corporate sustainable innovation, relevant to global discussions on transition finance and ESG integration. The mediating role of CSR strategies and threshold effects of green credit offer insights for policymakers and investors worldwide, complementing TCFD/ISSB-aligned disclosure frameworks.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the causal link between green finance policy and sustainable innovation, with a nuanced mediating mechanism via CSR.

🏢実務担当者:Highlights the importance of CSR strategies in leveraging green finance opportunities, informing corporate sustainability and financing decisions.

🏛政策担当者:Offers insights for designing effective green finance policies, considering industry heterogeneity and threshold effects of green credit.

📄 Abstract（原文）

Aiming to clarify the impact of China’s green finance reform policy on corporate sustainable innovation, as well as its internal mechanism, this paper draws on institutional theory and stakeholder theory to examine whether the policy drives corporate sustainable innovation, as well as the mediating role of corporate social responsibility (CSR) strategies. Using data from Chinese A-share listed companies covering the period 2012 to 2022, we employ a difference-in-differences (DID) model to test the policy effects. The results show that the green finance reform policy significantly boosts both the input and output of corporate sustainable innovation. CSR strategies play a partial mediating role in this relationship: the policy drives firms to optimize CSR practices, which in turn enhances their sustainable innovation. Heterogeneity analysis reveals that the policy effects vary across industries and regions. Specifically, the policy has a stronger effect on innovation input in heavily polluting industries, while it has a more significant impact on innovation output in non-heavily polluting industries. State-owned enterprises (SOEs) amplify the policy’s promotion effect on innovation output. We also find a significant threshold effect: CSR only drives sustainable innovation input when the proportion of green credit exceeds a critical level. These findings provide theoretical and empirical support for optimizing green finance policies to advance the coordinated development of the economy and the environment.

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