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How Do Carbon Markets Reshape Digital–Green Synergy in Corporate Systems?

炭素市場は企業システムにおけるデジタル・グリーン相乗効果をどう再形成するか？ (AI 翻訳)

Siqi Li, Jun Lu

Systems📚 査読済 / ジャーナル2026-04-23#炭素価格Origin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3390/systems14050457
原典: https://doi.org/10.3390/systems14050457
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🤖 gxceed AI 要約

日本語

中国の排出権取引パイロット（CCTPP）が企業のデジタル・グリーン相乗効果に与える影響を、2010-2024年のA株上場企業パネルデータとイベントスタディDIDで分析。政策介入は相乗効果を有意に高め、効果は4年間持続するが徐々に減衰。資金制約、経営者報酬、企業規模が負の調整効果を持ち、地域・セクターによって効果が異なることを示した。

English

This study examines how China's carbon emissions trading pilot (CCTPP) affects the digital-green synergy of firms, using panel data of Chinese A-share listed companies from 2010 to 2024 and an event-study DID approach. The policy significantly enhances synergy, with effects persisting for four years before diminishing. Financing constraints, executive compensation, and firm size negatively moderate the effect, and the impact is concentrated in central/southern regions and non-manufacturing/non-high-tech sectors.

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

中国の炭素市場政策が企業のデジタル・グリーン統合に与える実証的知見は、日本におけるカーボンプライシング導入議論やGX経営の統合戦略に示唆を与える。SSBJ開示やGXリーグ等の政策設計において、企業内部のガバナンス構造が移行に与える影響を考慮する重要性を示す。

In the global GX context

This paper provides empirical evidence on how carbon pricing interacts with corporate governance to drive integrated socio-technical transitions, relevant to global discussions on carbon pricing effectiveness and corporate sustainability. It highlights the role of internal firm structure and regional/sectoral heterogeneity, offering insights for policymakers designing carbon markets and for firms aligning digital and green strategies.

👥 読者別の含意

🔬研究者:Provides a novel system-based empirical framework linking carbon pricing to digital-green synergy, useful for future research on corporate transitions.

🏢実務担当者:Highlights how financing constraints and governance factors can moderate the benefits of carbon markets, informing corporate strategy for digital and green integration.

🏛政策担当者:Offers evidence on the dynamic and heterogeneous effects of carbon pricing, suggesting the need for tailored policies considering firm characteristics and regional contexts.

📄 Abstract（原文）

This study adopts a systemic perspective to investigate how China’s carbon emissions trading pilot (CCTPP) influences the internal configuration of the firm as a complex socio-technical system. We focus on the emergent property of digital–green synergy, which captures the integration between a firm’s digital and green transformation subsystems. Employing a panel dataset of Chinese A-share listed companies from 2010 to 2024 and an event-study difference-in-differences methodology, we analyze the response of this system-level property to carbon market signals. The results demonstrate that policy intervention significantly enhances systemic synergy, with an effect equivalent to 4.4 percent of the standard deviation of the synergy index. The response follows a dynamic pattern, persisting for four years before gradually diminishing, thereby revealing the system’s adaptation process. Critically, the internal structure of the firm-system moderates this response, as financing constraints, executive compensation, and firm size represent key components of governance and resource-allocation subsystems and each exerts a significant negative moderating effect. Furthermore, environmental context matters, with the policy effect concentrating on firms located in central and southern regions and within non-manufacturing and non-high-tech sectors. These findings offer a system-based understanding of how carbon pricing interacts with corporate governance to facilitate integrated socio-technical transitions.

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