Carbon Disclosure and Carbon Performance in Green Transition: An Empirical Study of Policy Regulation and Regional Differences
グリーン移行におけるカーボン開示とカーボンパフォーマンス：政策規制と地域差に関する実証研究 (AI 翻訳)
Tian Xia, Isaac Appiah‐Otoo, Xudong Chen
🤖 gxceed AI 要約
日本語
本研究は、2008年から2023年までの中国A株上場企業33,175社を対象に、カーボン開示が企業の排出削減パフォーマンスに与える影響と、政府補助金の効果を分析。固定効果モデルにより、カーボン開示は排出削減を促進するが、補助金はその効果を弱めることを発見。また、グリーン金融政策は開示とパフォーマンスの関係に負の影響を与え、質の低い開示企業が政策裁定で過剰融資を得る可能性を示唆。地域差分析では、東部地域で効果が顕著である一方、西部では資源・政策制約が課題。
English
This study examines the impact of carbon disclosure on corporate carbon emission reduction performance and the role of government subsidies, using a sample of 33,175 firm-year observations from Chinese A-share listed companies (2008-2023). Using fixed effects models, it finds that carbon disclosure significantly improves carbon performance, but government subsidies weaken this positive effect. Difference-in-differences analysis reveals that green financial policies negatively moderate the disclosure-performance link, suggesting low-quality disclosers may engage in policy arbitrage. Regional analysis shows stronger effects in eastern China, while western regions face resource and policy constraints.
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「双炭」目標下での実証研究であり、日本でもSSBJや有報でのカーボン開示義務化が進む中、開示の質と政策インセンティブの相互作用を考える上で示唆に富む。特に補助金が開示の効果を減殺する点は、日本のGX推進策にも当てはまる可能性がある。
In the global GX context
This paper provides empirical evidence on the interplay between carbon disclosure, government subsidies, and green finance policies, relevant to global discussions on disclosure effectiveness and policy design. The finding that subsidies can undermine disclosure benefits echoes concerns in ISSB and CSRD contexts about ensuring disclosure quality. The regional disparity analysis offers insights for transition finance frameworks targeting different development stages.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating effects of subsidies and green finance policies on the disclosure-performance link, useful for future research on policy design.
🏢実務担当者:Highlights the risk of policy arbitrage and the importance of disclosure quality for accessing green finance, relevant for corporate sustainability teams.
🏛政策担当者:Suggests that green finance policies should be carefully designed to avoid rewarding low-quality disclosure, and that regional differences require tailored support.
📄 Abstract（原文）
ABSTRACT Under the severe background of global warming, carbon emission management has become a key factor in the sustainable development of enterprises. With China's “dual carbon” goal, the challenges and opportunities of corporate carbon management have become increasingly prominent. This paper examines the impact of carbon disclosure on corporate carbon emission reduction performance, as well as the effectiveness of government subsidy mechanisms, using a sample of 33,175 firm‐year observations from Chinese A‐share listed companies between 2008 and 2023. Utilizing the fixed effects model, we find that carbon disclosure significantly enhances carbon performance; however, government subsidies mitigate the positive effect. In addition, the double difference analysis reveals that green financial policies have a negative effect on the relationship between carbon disclosure and carbon performance, suggesting that some low‐quality disclosure enterprises may obtain excessive financing through policy arbitrage, thereby weakening the emission reduction motivation of high‐quality disclosure enterprises. The analysis of regional differences reveals that enterprises in the eastern region exhibit more significant positive effects in the relationship between carbon disclosure and carbon performance, whereas those in the western region face constraints related to resource and policy support. Based on these findings, this study suggests that policymakers should strengthen the regulation of carbon disclosure quality in green finance policies while also formulating more precise regional policy support to promote enterprises' low‐carbon transition. Enterprises, on the other hand, should enhance their competitiveness in the low‐carbon economy by improving the quality of carbon disclosure and optimizing resource allocation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1002/sd.70291first seen 2026-05-05 19:07:43
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