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Patient Capital and Corporate Green Transition: The Mediating Role of Maturity Mismatch from a Cross-Period Perspective

患者資本と企業のグリーン転換：期間不一致の媒介効果に関する異期の視点から (AI 翻訳)

Jingdong Huang, Yihang Jiao, Hao Jin

GBP Proceedings Series📚 査読済 / ジャーナル2026-02-28#トランジション・ファイナンスOrigin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.70088/f2ypz858
原典: https://doi.org/10.70088/f2ypz858

🤖 gxceed AI 要約

日本語

本研究は、中国A株上場企業の2012年から2023年のパネルデータを用いて、患者資本が企業の実質的なグリーン転換を促進することを実証した。患者資本は負債の満期構造を最適化し、期間不一致を緩和することで、グリーン特許出願と環境投資を増加させる。効果は非国有企業や高汚染産業で顕著であり、環境規制が媒介効果を強化する。

English

Using panel data of Chinese A-share listed firms from 2012 to 2023, this study shows that patient capital significantly promotes substantive green transition by reducing maturity mismatch, thereby increasing green patent applications and environmental investment. The effect is stronger in non-state-owned firms, heavy-polluting industries, and firms with high financing constraints, and stricter environmental regulation amplifies the mediation.

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

日本のGX実務では、長期資金の供給と企業の脱炭素投資のミスマッチが課題であり、本研究成果は日本の金融機関や政策立案者にとって、患者資本の重要性を示す示唆を提供する。SSBJ開示や移行金融の枠組みを検討する際に、資金の満期構造が企業のグリーン投資に与える影響を考慮する参考となる。

In the global GX context

This paper provides empirical evidence from an emerging market on how patient capital can facilitate corporate green transition, relevant to global discussions on transition finance and climate-related financial disclosure. It highlights the role of debt maturity structure in enabling long-term green investments, which is pertinent for ISSB and CSRD reporting contexts where financing strategies are increasingly scrutinized.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the mediating role of maturity mismatch in the patient capital-green transition nexus, offering a new time-dimension perspective for green finance research.

🏢実務担当者:Corporate sustainability teams can use these findings to advocate for long-term financing structures that support green investments, potentially improving ESG ratings and investor relations.

🏛政策担当者:Regulators may consider policies that encourage patient capital and reduce maturity mismatch to facilitate corporate green transition, especially in emerging markets.

📄 Abstract（原文）

Against the backdrop of global carbon neutrality, corporate green transition faces a core contradiction between long project cycles and short-term financing bias. Using panel data of Chinese A-share listed companies from 2012 to 2023, this study employs two-way fixed effects and mediation effect models to explore the impact of patient capital on substantive green transition. The results show that: (1) Patient capital significantly promotes green transition, as evidenced by increased green patent applications and higher environmental investment intensity; (2) Maturity mismatch plays a partial mediating role-patient capital reduces mismatch by optimizing debt maturity structure, resolving the "short-term debt for long-term investment" dilemma; (3) The effect is more pronounced in non-state-owned enterprises, heavy-polluting industries, and firms with high financing constraints, and stricter environmental regulation strengthens this mediating effect. This study enriches green finance research by introducing the "time dimension" and provides emerging market evidence for patient capital's role in sustainable development.

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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。