Carbon emission constraint: A catalyst for the shift from real economy to financialization?

IF 2.5 3区经济学 Q2 ECONOMICS

Managerial and Decision Economics Pub Date : 2024-09-18 DOI:10.1002/mde.4393

Xinglin Liu

引用次数: 0

Abstract

The goals of carbon peak and carbon neutrality have gained significant attention in China. Carbon-intensive corporates are tasked with decoupling economic growth from carbon emissions. This research examines their potential for financialization based on the compulsory fulfillment requirement of carbon emission allowances and the emission-free characteristics of financial assets. This research finds that carbon emission policy significantly promotes corporates to allocate more capital toward business operations in the real economy. It leads to an increase in capacity utilization efficiency and profitability for the main business. The findings support that the policy has a positive impact on the real economy.

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碳排放限制：从实体经济向金融化转变的催化剂？

碳峰值和碳中和的目标在中国受到了极大关注。碳密集型企业肩负着经济增长与碳排放脱钩的重任。本研究基于碳排放配额的强制履行要求和金融资产的无排放特征，探讨了其金融化的潜力。研究发现，碳排放政策极大地促进了企业将更多资本用于实体经济的业务运营。它能提高产能利用效率和主营业务利润率。研究结果支持该政策对实体经济产生积极影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Managerial and Decision Economics Multiple-

CiteScore

1.40

自引率

18.20%

发文量

242

期刊介绍： Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.