炭素排出開示の質と企業デフォルトリスク：中国の証拠
Carbon Emission Disclosure Quality and Corporate Default Risk: Evidence from China (原題)
Zepeng Wang, Jialin Li, Kexin Zhang
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業（2013-2022年）を対象に、炭素排出開示の質が企業のデフォルトリスクに与える影響を実証分析した。結果、開示の質が高いほどデフォルトリスクが有意に低下し、金融化レベルと事業リスクが低い企業でその効果が強いことを示した。また、グリーンイノベーションとグリーンガバナンス支出が高い企業でリスク低減効果が顕著である。
English
This study examines the impact of carbon emission disclosure quality on corporate default risk using a sample of Chinese A-share listed firms from 2013 to 2022. Higher disclosure quality is significantly associated with lower default risk, with stronger effects for firms with lower financialization and operational risk. The risk-reducing role is more pronounced in firms with higher green innovation and green governance expenditures.
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開示基準や有報でのサステナビリティ情報開示が進む中、開示の質が信用リスク評価に与える影響を示す本研究成果は、投資家対応や融資判断における開示の重要性を裏付ける。日本企業の開示戦略や金融機関のリスク管理に示唆を与える。
In the global GX context
This study contributes to the global discourse on sustainability reporting and credit risk by providing empirical evidence from China, a major economy with evolving carbon disclosure regulations. It underscores the financial materiality of disclosure quality, aligning with ISSB and CSRD frameworks that emphasize decision-useful information for investors and lenders.
👥 読者別の含意
🔬研究者:Provides empirical evidence linking carbon disclosure quality to default risk, expanding the literature on sustainability reporting and credit risk.
🏢実務担当者:Highlights the importance of high-quality carbon disclosure for reducing credit risk, informing corporate reporting strategies and investor relations.
🏛政策担当者:Suggests that policies promoting high-quality carbon disclosure can enhance financial stability by reducing default risk.
📄 Abstract（原文）
Amid the global rise of environmental regulations, carbon trading schemes, and environmental, social and governance strategies, carbon disclosure has become a critical component for firms seeking to build green, low-carbon business models and maintain competitiveness in an era of global decarbonization. While extant literature has largely examined the financial implications of aggregate carbon disclosure indices, fine-grained analyses focusing specifically on carbon emission disclosure quality—a substantively meaningful dimension—remain scarce. Addressing this gap, this study investigates the impact of carbon emission disclosure quality on corporate default risk, using a comprehensive sample of A-share listed firms in China over the period 2013–2022. Our empirical results reveal that higher carbon emission disclosure quality is significantly associated with lower default risk, a finding that remains robust across a battery of robustness tests. Mechanism analyses further indicate that this mitigating effect is more pronounced among firms with lower financialization levels and lower operational risk. This finding suggests that carbon disclosure should be embedded within a firm’s substantive low-carbon transition strategy. Heterogeneity tests show that the risk-reducing role of carbon emission disclosure quality is stronger in firms exhibiting higher levels of green innovation and greater expenditures on green governance. These findings contribute theoretically by expanding the understanding of the financial consequences stemming from carbon emission disclosure quality, thereby enriching the literature at the intersection of sustainability reporting and corporate risk management.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1177/09721509261474273first seen 2026-08-23 05:10:42 · last seen 2026-09-20 04:53:14
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