Climate Risk and Corporate Green Innovation Bubbles: Evidence from China
気候リスクと企業のグリーンイノベーションバブル：中国の証拠 (AI 翻訳)
Xing Bao, Xi Zhang
🤖 gxceed AI 要約
日本語
本論文は、気候リスクが企業のグリーンイノベーションバブル（特許の質と量の乖離）を促進することを実証。そのメカニズムとして、グリーン投資家の注目度上昇、ESG格付けの不一致拡大、アナリストカバレッジ増加が特定された。内部統制の強化がこの効果を緩和する。グリーンウォッシング対策や政策設計に示唆を与える。
English
This study finds that climate risk significantly increases corporate green innovation bubbles (decoupling between patent quantity and quality) among Chinese listed firms. The effect is driven by increased green investor attention, ESG rating divergence, and analyst coverage. Strong internal controls mitigate this effect, offering policy insights for improving green innovation incentives and reducing greenwashing.
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
中国企業を対象とした研究だが、日本企業も気候変動対応でESG開示やグリーン投資の圧力に直面しており、同様の戦略的グリーンイノベーションのリスクが存在する可能性がある。SSBJなどの開示基準が強化される中、内部統制の重要性を示すエビデンスとして参考になる。
In the global GX context
While focused on China, this paper provides a global contribution by empirically identifying mechanisms behind green innovation bubbles under climate risk—a phenomenon relevant to any jurisdiction with aggressive green transition targets. The findings on ESG rating divergence and analyst coverage offer new insights for international investors and regulators concerned about greenwashing.
👥 読者別の含意
🔬研究者:Offers a novel mechanism (green innovation bubbles) linking climate risk to strategic innovation behavior, enriching the literature on greenwashing and ESG.
🏢実務担当者:Corporate sustainability teams should be aware that external pressures can inflate patent counts without quality, and strong internal controls are critical.
🏛政策担当者:Provides evidence that innovation incentives must be carefully designed to avoid quantity-over-quality outcomes, and that monitoring ESG rating divergence can help detect greenwashing.
📄 Abstract（原文）
The green innovation bubble refers to the phenomenon of a “decoupling between patent quantity and quality” that may arise as firms respond to climate risks, posing a potential threat to the effectiveness of green innovation and sustainable development. Based on data from Chinese A-share listed companies from 2015 to 2023, this study examines the impact of climate risk on corporate green innovation bubbles, as well as the underlying transmission mechanisms and boundary conditions, from the perspective of strategic response. The findings indicate that there is a significant positive association between climate risk and the corporate green innovation bubble. Mechanism tests reveal that this effect operates primarily through three mediating channels: increased attention from green investors, amplified ESG rating divergence, and greater analyst coverage. These factors collectively incentivize firms to engage in “strategic green innovation” in response to external pressures. Heterogeneity analysis shows that the effect of climate risk on the green innovation bubble is more pronounced among small and medium-sized enterprises, firms with relatively optimistic investor sentiment, and firms with stronger ESG performance. Moderation analysis further demonstrates that robust internal controls can effectively mitigate the aggravating effect of climate risk on the green innovation bubble. This study uncovers the formation mechanism underlying the coexistence of “quantity expansion” and “quality lag” in corporate green innovation under climate risk. It provides both theoretical and empirical evidence for identifying and addressing innovation bubbles during the green transition, offering policy insights for improving green innovation incentive mechanisms and reducing greenwashing risks.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18094308first seen 2026-05-17 07:03:36 · last seen 2026-05-20 04:52:01
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。