How Do ESG Ratings Affect Corporate Green Transformation: Evidence From China
ESG格付けは企業のグリーン変革にどう影響するか：中国からの証拠 (AI 翻訳)
Tianshu Qu
🤖 gxceed AI 要約
日本語
中国A株上場企業の2009～2022年のパネルデータを用いて、ESG格付けが企業のグリーン変革を促進することを実証。負債コストの低減、機関投資家の注目、グリーン技術革新が媒介経路として機能する。国有・大規模・非重公害・ハイテク企業で効果が顕著。
English
Using panel data from Chinese A-share listed companies from 2009 to 2022, this study finds that ESG ratings significantly promote corporate green transformation. The effect is mediated by reduced debt financing costs, increased institutional investor attention, and green technology innovation, with stronger effects for state-owned, large, non-heavy-polluting, and high-tech firms.
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
中国の実証研究だが、ESG格付けが企業変革に与える影響の経路は日本企業にも示唆を与える。日本のSSBJやTCFD開示のもと、ESG格付けの活用を検討する際の参考になる。
In the global GX context
This China-focused study provides robust empirical evidence on how ESG ratings drive corporate green transformation through capital market, governance, and innovation channels. It complements global ESG literature and offers insights for policymakers and investors worldwide.
👥 読者別の含意
🔬研究者:The study identifies three mediating channels (debt cost, institutional attention, green innovation) in the ESG-green transformation nexus.
🏢実務担当者:Improving ESG ratings can lower financing costs and attract institutional investors, supporting corporate green transformation.
🏛政策担当者:Strengthening ESG rating systems can incentivize green transformation, especially for state-owned and large enterprises.
📄 Abstract（原文）
Corporate green transformation represents a critical pathway toward achieving high‐quality economic development and fulfilling the “dual carbon” targets. Concurrently, environmental, social, and governance (ESG) ratings are emerging as a core market‐based governance mechanism to steer corporate sustainable development trajectories. This study empirically investigates the effect of ESG ratings on corporate green transformation and its underlying mechanisms, using panel data from Chinese A‐share–listed companies from 2009 to 2022. The findings reveal the following: First, ESG ratings significantly promote corporate green transformation. This conclusion remains robust after a series of endogeneity and robustness tests, including the instrumental variable method. Second, the cost of debt financing, institutional investor attention, and green technology innovation are identified as mediating channels. Specifically, ESG ratings facilitate corporate green transformation by reducing the cost of debt financing (resource pathway), attracting the attention of institutional investors (governance pathway), and fostering green technology innovation (capability pathway). Third, the enabling effect of ESG ratings on corporate green transformation exhibits significant heterogeneity; the promotional effect is more pronounced for state‐owned enterprises, large‐scale firms, and companies in nonheavy‐polluting and high‐technology industries. Therefore, to fully unleash the empowering effect of ESG ratings on corporate green transformation, it is crucial to enhance the transmission mechanisms through capital markets, corporate governance, and corporate capabilities.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1155/ddns/9433604first seen 2026-05-23 05:58:50 · last seen 2026-05-27 05:06:40
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。