エネルギー転換と企業の地理的拡大
Energy transition and corporate geographic expansion (原題)
Sabri Boubaker, Yi‐Shuai Ren, Riadh Manita, Yi‐Shuai Ren
🤖 gxceed AI 要約
日本語
中国の新エネルギー実証都市（NEDC）パイロット政策が、企業の省外・地域間投資（CORI）を有意に増加させることを2006〜2022年のA株上場企業で示す。効果は非国有・非重汚染企業やBig Four監査企業で強い。情報非対称性の低減とリスクテイク抑制がメカニズムとして働く。
English
Using Chinese A-share firms (2006–2022), the study finds the New Energy Demonstration City pilot policy significantly increases firms' cross-regional investment beyond home provinces. Effects are stronger for non-state-owned, non-heavy-polluting, and Big Four-audited firms, operating via reduced information asymmetry and lower risk-taking.
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
日本では地域脱炭素先行地域やGX推進法に基づく地域政策が企業立地・投資配分に与える影響を考える上で示唆がある。ただし中国固有の政策設計であり、日本のSSBJ・有報開示への直接的含意は限定的。
In the global GX context
Adds evidence that place-based energy transition policies reshape corporate capital allocation, relevant to global debates on how climate policy interacts with firm investment and transition finance. Complements TCFD/ISSB discussions on policy-driven transition risk and opportunity.
👥 読者別の含意
🔬研究者:地域環境政策が企業の地理的投資配分に与える因果的影響を実証した点が参考になる。
🏢実務担当者:地域脱炭素政策が自社の拠点・投資戦略に与えうる影響を検討する材料になる。
🏛政策担当者:地域エネルギー転換政策が企業投資を域外へ誘導しうる点を政策設計で考慮すべき。
📄 Abstract（原文）
Accelerating the energy transition is pivotal to achieving sustainable economic development, yet localized environmental policies can profoundly reshape the spatial allocation of corporate capital. The impact of place-based energy transition policies on firms' cross-regional investment remains largely unexplored. Existing studies primarily examine the environmental and economic consequences of such policies, while paying limited attention to their influence on firms' geographic expansion strategies. Using a sample of Chinese A-share listed firms from 2006 to 2022, we examine whether and how the New Energy Demonstration City (NEDC) pilot policy affects corporate cross-regional investment (CORI). We find that the NEDC policy significantly increases firms' CORI, indicating that firms located in pilot cities expand more actively beyond their home provinces. This finding is consistent with the resource-based view. We further find that this effect is stronger for non-state-owned firms, non-heavy-polluting firms, and firms audited by the Big Four, and remains robust to a series of robustness and endogeneity tests. Mechanism analyses show that the NEDC policy promotes CORI by reducing information asymmetry and lowering corporate risk-taking. These findings suggest that place-based energy transition policies reshape firms’ geographic allocation of resources and provide new evidence on how policy-induced environmental change affects corporate investment decisions.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1016/j.enpol.2026.115619first seen 2026-09-26 04:48:17
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