生態学的転換への資本供給：グリーン債の軌跡を金融的効用から真の環境実効性まで評価する
Capitalizing the Ecological Shift: Evaluating the Trajectory of Green Debt from Financial Utility to Genuine Environmental Efficacy (原題)
Wei Zhang, Shuo Wang
🤖 gxceed AI 要約
日本語
グリーンボンド研究の系統的レビュー。書誌クラスタリングで資産価格・組織金融・生態学的実効性の3潮流に分類し、研究関心が投機的金融商品から真の脱炭素効果の検証へ移行したと指摘。グリーンウォッシング批判と認証タクソノミー統一の必要性を示し、エネルギー・金融の統合理論枠組みを提示する。
English
A systematic literature review of sustainable bond scholarship, using bibliometric clustering to map three trajectories: asset pricing, organizational finance, and ecological efficacy. It documents a shift from treating green bonds as speculative instruments toward interrogating genuine decarbonization impact and greenwashing risk, and proposes a unified energy-finance framework plus an agenda for project-level verification and taxonomy harmonization.
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
SSBJ・有報でのサステナブルファイナンス開示やトランジション・ファイナンスの説得力が問われる日本企業にとって、グリーン債の実効性検証とタクソノミー整合の論点は投資家対話に直結する。
In the global GX context
Speaks directly to ISSB/CSRD-era debates on whether sustainable finance instruments deliver real decarbonization, and to global efforts to harmonize green bond taxonomies and guard against greenwashing.
👥 読者別の含意
🔬研究者:グリーン債研究の潮流と識別戦略の整理として、実証設計の出発点に使える。
🏢実務担当者:グリーンボンド発行・調達の際に、実効性検証とタクソノミー整合の説明責任を意識する材料になる。
🏛政策担当者:認証タクソノミー統一とグリーンウォッシング防止策の設計に示唆を与える。
📄 Abstract（原文）
Capital markets increasingly rely on specialized environmental debt to finance global decarbonization efforts, yet the true efficacy of these instruments remains intensely debated. Operating at the intersection of climate economics and corporate finance, this research executes a rigorous systematic literature review to map the structural evolution of sustainable bond scholarship. Utilizing advanced bibliometric clustering algorithms, the analysis classifies the empirical corpus into three distinct thematic trajectories: (i) instrumental asset pricing evaluating cross-market volatility spillovers; (ii) organizational finance investigating yield differentials and issuance determinants; and (iii) intrinsic ecological efficacy quantifying verifiable carbon reductions and renewable infrastructure deployment. The synthesis reveals a critical paradigm shift within the literature. Early scholarship predominantly treated environmental bonds as speculative financial instruments, optimizing portfolio diversification during energy market shocks. Conversely, contemporary investigations prioritize the intrinsic ecological value of these instruments, interrogating whether green debt genuinely accelerates the physical energy transition or merely facilitates opportunistic corporate greenwashing. To reconcile these fragmented trajectories, this study constructs a unified energy-finance theoretical architecture. The framework maps the spectrum from instrumental utility to intrinsic value while systematically synthesizing the advanced econometric identification strategies required to neutralize endogeneity in climate finance research. Finally, the analysis proposes a comprehensive future research agenda, emphasizing the urgent need for project-level ecological verification, cross-market resilience testing during geopolitical energy crises, and the harmonization of global certification taxonomies to safeguard market integrity.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.7354687first seen 2026-11-05 04:34:21 · last seen 2026-11-06 04:26:56
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