Patents as Green Signals: Capital Market Responses to Corporate Green Innovation in Carbon‐ and Energy‐Intensive Firms
特許はグリーンシグナルとなるか：炭素・エネルギー多消費企業における企業のグリーンイノベーションに対する資本市場の反応 (AI 翻訳)
Jeongdae Yim, Su‐Yol Lee
🤖 gxceed AI 要約
日本語
本研究は、韓国の企業データを用いて、グリーンパテント（環境・エネルギー・気候変動関連特許）が資本コスト（株主資本コスト）を低下させるかを検証。情報非対称性の緩和が重要なメカニズムであり、特にエネルギー多消費・炭素集約型企業で効果が大きいことを発見。
English
Using Korean panel data, this study finds that green patenting reduces the cost of equity, especially for carbon- and energy-intensive firms. The effect is driven by reduced information asymmetry, highlighting green innovation as a signal to capital markets.
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
日本の炭素集約型企業（鉄鋼・化学等）にとっても、グリーン特許開示による情報非対称性緩和が資本コスト低減に寄与する可能性を示唆。SSBJや統合報告書での知的財産情報開示の重要性を補強するエビデンス。
In the global GX context
This study provides novel evidence linking green patents to lower financing costs, relevant for global climate finance and transition risk. It supports the role of green innovation in corporate climate strategy, with implications for TCFD/ISSB-aligned disclosure.
👥 読者別の含意
🔬研究者:Provides causal evidence on green patents as signals; useful for research on climate finance and corporate innovation.
🏢実務担当者:Shows that green patenting can lower cost of equity; relevant for IR and sustainability teams.
🏛政策担当者:Highlights the capital market benefits of green innovation; supports policies promoting green R&D and patenting.
📄 Abstract（原文）
Adopting a signaling perspective, this study examines whether corporate green patenting reduces the cost of equity by mitigating information asymmetry in capital markets. Using longitudinal panel data from South Korea, we find that green patenting—encapsulating technological innovation related to energy, environmental protection, and climate change—is associated with a significantly lower cost of equity. Furthermore, this effect is more pronounced for firms with higher energy consumption and carbon intensity. Channel analyses further indicate that reductions in information asymmetry constitute an important mechanism linking green patenting to lower equity financing costs. The results collectively suggest that green patenting plays a meaningful role in alleviating capital market uncertainty, particularly for firms facing elevated transition risks due to carbon‐ and energy‐intensive operations. Our findings offer managerial and policy implications by highlighting the importance of green innovation in improving financing conditions and strengthening corporate competitiveness during the transition toward a low‐carbon economy.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.70960first seen 2026-05-15 21:21:12
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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。