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Can Climate Risk Disclosure Improve the Carbon Performance of High-Carbon Enterprises? Empirical Evidence from China

気候リスク開示は高炭素企業の炭素パフォーマンスを改善できるか？中国からの実証的証拠 (AI 翻訳)

Mudan Wang, Tong Zhu, An Zeng

Systems📚 査読済 / ジャーナル2026-05-23#TCFDOrigin: CN
DOI: 10.3390/systems14060601
原典: https://doi.org/10.3390/systems14060601

🤖 gxceed AI 要約

日本語

中国の高炭素上場企業2006-2022年のパネルデータを用いて、気候リスク開示が炭素パフォーマンスを向上させることを実証。メカニズムとして、グリーン技術革新の促進と財務制約の緩和を特定。中小企業や競争の激しい産業、東部地域で効果が大きい。政策的示唆として、強制的な気候リスク開示枠組みの構築や移行金融の推進を提言。

English

Using panel data of Chinese listed high-carbon companies from 2006-2022, this study demonstrates that climate risk disclosure improves carbon performance. The mechanisms identified are promoting green technological innovation and easing financial constraints. Effects are stronger for smaller firms, in less concentrated industries, and in eastern China. Policy implications include establishing mandatory disclosure frameworks and promoting transition finance.

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

中国企業を対象とするが、気候リスク開示と炭素パフォーマンスの因果関係を実証した点は、日本のSSBJ基準や有価証券報告書における気候関連開示の実務にも示唆を与える。特に、グリーン技術革新や資金調達制約の緩和という経路は、日本企業の脱炭素戦略立案にも参考になる。

In the global GX context

This paper provides empirical evidence from China on how climate risk disclosure drives carbon performance, contributing to the global debate on mandatory TCFD-aligned disclosure and its real effects. The findings on green innovation and financial constraints as channels are valuable for understanding disclosure effectiveness beyond Western contexts, supporting ISSB and CSRD implementation.

👥 読者別の含意

🔬研究者:Provides causal evidence on the disclosure-carbon performance link and identifies mediating mechanisms (green innovation, financial constraints) using Chinese data.

🏢実務担当者:Demonstrates that proactive climate risk disclosure can improve carbon performance, especially for smaller firms; supports internal reporting and transition planning.

🏛政策担当者:Offers empirical justification for mandatory climate disclosure frameworks and targeted policies such as green innovation subsidies and transition finance.

📄 Abstract（原文）

With growing global concern over climate risk, high-carbon enterprises are assuming an increasingly critical role in strengthening climate resilience and fostering low-carbon development. However, how climate risk disclosure shapes their carbon performance—specifically through what mechanisms and pathways—remains a pivotal yet underexplored question. To address this gap, this study constructs a panel dataset comprising Chinese listed high-carbon companies over the period 2006–2022 and employs a two-way fixed-effects econometric model to assess how climate risk disclosure affects carbon performance while investigating the underlying mediating channel. The empirical results provide robust evidence that enhanced climate risk disclosure improves the carbon performance of high-carbon enterprises. Mechanism analysis indicates that this beneficial outcome is mainly achieved through promoting green technological innovation and easing corporate financial constraints. Heterogeneity analysis further shows that the effect is stronger among smaller companies, firms operating in less concentrated industries, and those headquartered in China’s eastern region. The policy implications derived from these findings include establishing and strengthening a mandatory climate risk disclosure framework, introducing targeted incentives for green innovation and transition finance and tailoring climate risk management strategies according to firm-specific characteristics. Overall, this study underscores climate risk disclosure as a crucial factor in supporting the shift toward low-carbon operations among high-carbon enterprises.

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