Biodiversity Risk Disclosure and Corporate Default Risk: Evidence from China's Transitional Economy
生物多様性リスク開示と企業のデフォルトリスク：中国の移行経済からの証拠 (AI 翻訳)
Maozhen Li, Yong Li
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業を対象に、テキストマイニングで生物多様性リスク開示（BRD）指標を構築し、デフォルトリスクへの影響を分析。BRDは情報透明性・内部統治・外部監視の向上を通じてデフォルト確率を有意に低下させる。特に、民間企業・資金制約の高い企業・生物多様性に敏感な業種で効果が大きく、地域のグリーンファイナンスシステムが協力効果を発揮する。昆明・モントリオール枠組みを外生ショックとしたDID分析でも頑健性が確認された。
English
This study examines the impact of biodiversity risk disclosure (BRD) on corporate default risk using a sample of Chinese A-share listed firms from 2015-2023. By constructing a text-based BRD indicator, the authors find that BRD significantly reduces default probability through enhanced information transparency, improved internal governance, and strengthened external monitoring. The effect is more pronounced for private firms, those with high financing constraints, and biodiversity-sensitive industries. A difference-in-differences analysis exploiting the Kunming-Montreal Global Biodiversity Framework confirms causality. The paper also shows that BRD improves ESG performance, sustainable development, and green production efficiency.
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TNFD（自然関連財務情報開示タスクフォース）の普及が進むが、生物多様性開示の財務効果を示す実証研究は限られている。本論文は中国市場のデータから、開示がデフォルトリスク低減やESG向上に寄与することを示し、日本の企業・規制当局がTNFD導入を検討する際のエビデンスとなる。
In the global GX context
This paper provides crucial micro-level evidence linking biodiversity disclosure to financial risk reduction, directly supporting the global push for nature-related financial disclosures under TNFD and ISSB. It demonstrates that disclosure is not just a compliance exercise but a risk management tool that also enhances ESG and green productivity. For global investors and regulators, this evidence from a major emerging economy strengthens the case for mandatory biodiversity reporting.
👥 読者別の含意
🔬研究者:Offers novel empirical evidence on the financial relevance of biodiversity disclosure, using a difference-in-differences approach with a global policy shock.
🏢実務担当者:Shows how biodiversity risk disclosure can lower default risk and improve ESG performance, providing a business case for adopting TNFD-aligned reporting.
🏛政策担当者:Provides data-driven support for mandating biodiversity disclosure, with evidence that it reduces systemic credit risk and promotes green transformation.
📄 Abstract（原文）
Against the backdrop of a growing biodiversity crisis and the transition towards high-quality development, the loss of natural capital has begun to translate into micro-corporate financial risks. However, in the existing literature on environmental finance, empirical studies on the microeconomic consequences arising from biodiversity risks are still relatively limited. This study uses text mining to generate a binary indicator of corporate biodiversity risk disclosure (BRD) and evaluates its influence on default risk based on a sample of Chinese A-share listed companies (2015-2023). The results indicate that BRD significantly reduces the probability of corporate default. This core finding remains highly robust after a series of endogeneity and stability tests, notably including a Difference-in-Differences framework leveraging the Kunming-Montreal Global Biodiversity Framework as an exogenous policy shock. The mechanism analysis indicates that BRD reduces risks through three main channels: enhancing information transparency, optimizing internal governance, and strengthening external supervision. The heterogeneity analysis further indicates that this effect is more pronounced for private enterprises, enterprises with higher financing constraints, and industries that are sensitive to biodiversity; at the same time, a developed regional green finance system can generate positive collaborative governance effects. Further analysis indicates that BRD is not merely a defensive measure for avoiding financial difficulties, as it also significantly enhances the overall ESG performance, sustainable development capabilities, and green production efficiency. This study fills an empirical gap from a micro-financial perspective and offers significant evidence to emerging markets on the use of non-financial disclosure to alleviate financing frictions, prevent systematic credit risks, and achieve comprehensive green transformation and sustainable development.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1142/s3082844926500053first seen 2026-05-14 23:04:43
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