一石二鳥か？中国低炭素都市パイロット政策が企業の投資効率に与える影響
One stone, two birds? The impact of China's low-carbon city pilot policy on firms' investment efficiency (原題)
Bing Hu, Donghang Jiang, Xiaoqi Chen, Weiping Li
🤖 gxceed AI 要約
日本語
中国の低炭素都市パイロット（LCCP）政策を準自然実験として、汚染型企業と非汚染型企業を比較する三重差分法で投資効率への影響を検証した。2009〜2019年の中国A株上場企業24,463社・年サンプルを用い、LCCPが重汚染企業の投資効率を有意に改善し、主に過少投資の抑制を通じて作用することを示す。効果は外部モニタリングが弱くエージェンシーコストが高い企業でより強く、メカニズムとして監視強化・エージェンシーコスト低下・CSR向上が示唆される。気候政策を資本配分への介入として捉え直し、ポーター仮説や「二重配当」論争に実証的根拠を加える。
English
Using China's staggered low-carbon city pilot (LCCP) rollout as a quasi-natural experiment, this study applies a triple-difference design to 24,463 Chinese A-share firm-year observations (2009–2019) to test how environmental regulation affects investment efficiency of carbon-intensive firms. LCCP significantly improves investment efficiency among heavily polluting firms, mainly by curbing under-investment, with stronger effects where external monitoring is weak and agency costs are high. Mechanisms include strengthened monitoring, lower agency costs, and better CSR performance, supporting the Porter hypothesis and the double-dividend debate.
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
中国の都市単位カーボン規制が企業の資本配分を改善し得るという実証は、日本でも排出量取引制度やGX推進法下の規制設計を議論する際の参照点になる。ただしSSBJ・有報開示や投資家対応への直接的示唆は限定的で、規制と企業財務の連関を測る分析枠組みとして読む価値がある。
In the global GX context
This paper reframes climate regulation as a capital-allocation intervention, offering empirical support for the Porter hypothesis that well-designed carbon policy can deliver both environmental and financial benefits. For global disclosure scholarship, it complements TCFD/ISSB debates by showing that regulatory stringency can improve corporate investment behavior, though it does not address disclosure infrastructure directly.
👥 読者別の含意
🔬研究者:Provides a clean DDD identification strategy linking city-level climate policy to firm investment efficiency, useful for environmental economics and policy evaluation research.
🏢実務担当者:Suggests that carbon-intensive firms under stronger climate regulation may face pressure to rationalize capex and improve CSR performance, relevant to capital planning under tightening policy.
🏛政策担当者:Offers evidence that well-designed local carbon regulation can improve corporate capital allocation, supporting the double-dividend case for gradual, predictable climate policy rollout.
📄 Abstract（原文）
Purpose Reducing carbon emissions while sustaining economic growth is a central policy challenge for most countries. Capitalizing on the low-carbon city pilot (LCCP) policy in China, we investigate how environmental regulation affects the investment efficiency of carbon-intensive firms. Design/methodology/approach Exploiting the staggered LCCP rollout as a quasi-natural experiment, we use a triple-difference (DDD) design comparing polluting versus non-polluting firms around pilot designation. The sample covers Chinese A-share listed firms from 2009 to 2019 (24,463 firm-year observations). Investment efficiency is the absolute residual from Richardson (2006); we employ firm and high-dimensional fixed effects with robust errors, plus parallel-trend, placebo, and robustness checks. Findings The LCCP significantly improves investment efficiency of heavily polluting firms. The effect is stronger for firms with weaker external monitoring and higher agency costs, and works mainly by curbing under-investment. Parallel-trend and placebo tests support causality. Mechanism analysis points to strengthened monitoring, lower agency costs, and better corporate social responsibility performance. Originality/value This study links China's LCCP to corporate investment efficiency, reframing climate policy as a capital-allocation intervention. Our findings speak to the “double dividend” debate in environmental economics and are consistent with the Porter hypothesis, suggesting that well-designed climate regulation can deliver both environmental and capital-allocation benefits.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/cwbr-09-2026-0017first seen 2026-11-10 04:57:39 · last seen 2026-11-13 05:09:04
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