Abstract
AbstractThe 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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