企業の安全投資が全要素生産性に与える影響：中国の高リスク産業からの証拠
The Impact of Corporate Safety Investment on Total Factor Productivity: Evidence from High-Risk Industries in China (原題)
Yuyao Zhao, Yating Zeng, Wen-Dai Lv
🤖 gxceed AI 要約
日本語
中国の高リスク産業に上場する企業のパネルデータ（2012-2024年）を用いて、安全投資が全要素生産性（TFP）を有意に向上させることを実証。その効果は組織レジリエンスの強化と資金調達制約の緩和を通じて発現し、安全投資水準が高い企業や国有企業、内部統制が弱い企業で顕著。さらにTFP向上を通じて持続可能な発展とESGパフォーマンスを改善することを示す。
English
Using panel data from Chinese A-share listed firms in high-risk industries (2012-2024), this study shows that safety investment significantly improves total factor productivity (TFP). The effect operates through strengthening organizational resilience and alleviating financing constraints, and is stronger in firms with high safety investment, state-owned enterprises, and those with weaker internal controls. Safety investment also enhances sustainable development and ESG performance via TFP improvement.
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
日本では安全投資は労働安全衛生法や企業のリスク管理の一環として捉えられるが、本論文は安全投資がTFPやESG評価に与える影響を実証しており、日本企業の統合報告書やESG開示において安全指標を戦略的資源として位置づける示唆を提供する。
In the global GX context
This paper provides empirical evidence that safety investment is not merely a compliance cost but a strategic driver of productivity and ESG performance, relevant to global discussions on integrating non-financial factors into corporate valuation and disclosure frameworks like ISSB and CSRD.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the productivity and ESG effects of safety investment, contributing to the literature on corporate sustainability and operational efficiency.
🏢実務担当者:Highlights how safety investment can improve TFP and ESG ratings, supporting business cases for safety budgets and disclosure.
🏛政策担当者:Suggests that safety regulations may have positive spillover effects on productivity and sustainability, informing policy design.
📄 Abstract（原文）
Growing safety-related risks and increasing regulatory pressures have highlighted the importance of safety investment for corporate sustainable development. However, little attention has been paid to whether and how corporate safety investment enhances total factor productivity (TFP). Using panel data from Chinese A-share listed enterprises in high-risk industries over the period 2012–2024, this study examines the impact of safety investment on TFP. The results show that safety investment significantly improves TFP of enterprises in high-risk industries. Mechanism analyses indicate that this positive effect operates primarily through strengthening organizational resilience and alleviating financing constraints. Heterogeneity analyses reveal that the enhancing effect of safety investment is more pronounced in enterprises with high levels of safety investment, state-owned enterprises and enterprises with weaker internal controls. Further analysis shows that safety investment improves corporate sustainable development performance and environmental, social, and governance (ESG) performance by enhancing TFP. These findings contribute to the literature on corporate safety management and operational efficiency by demonstrating that safety investment is not merely a tool for mitigating workplace risks but also a strategic resource that strengthens corporate safety governance, improves operational efficiency, and ultimately promotes sustainable corporate development.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18178644first seen 2026-09-01 05:44:14
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