Inhibiting or Promoting: The Impact of Low-Carbon Policy Intensity and Corporate Financialisation
抑制か促進か：低炭素政策の強度と企業の金融化への影響 (AI 翻訳)
Xiaotong Jian, Ruohan Wu, Rong Xu, Jianluan Guo
🤖 gxceed AI 要約
日本語
2012〜2022年の中国A株上場企業データを用いて、低炭素政策の強度が企業の金融化（実体投資から金融資産へのシフト）を促進することを発見。短期的投機動機が主因であり、規制の厳格化が実物投資を圧迫し、余剰資金を金融資産に振り向ける傾向を強める。
English
Using panel data of Chinese A-share listed firms from 2012 to 2022, this study finds that low-carbon policy intensity increases corporate financialisation (shift from real investment to financial assets). The mechanism is driven by short-term speculative motives: stricter policies crowd out real investment, leading firms to allocate idle funds to financial assets.
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
日本でもグリーントランスフォーメーション（GX）政策の強化に伴い、企業が実体投資を避け金融資産に逃避する「金融化」リスクが懸念される。本論文は政策設計において、副次的な影響を考慮する必要性を示唆する。
In the global GX context
As climate policies tighten globally, this study highlights a potential unintended consequence: firms may shift from real investment to financial assets. Policymakers should monitor financialisation risks when designing low-carbon policy packages.
👥 読者別の含意
🔬研究者:Empirical evidence on how low-carbon policy intensity affects corporate financialisation, with mechanism analysis distinguishing speculative vs. precautionary motives.
🏢実務担当者:Corporate strategists should be aware that stricter low-carbon policies may incentivize financial asset allocation at the expense of real investment, potentially affecting long-term competitiveness.
🏛政策担当者:Policy design must consider that command-and-control instruments may inadvertently increase financialisation; complementary measures to support real investment are recommended.
📄 Abstract（原文）
This study examines the effect of low-carbon policy intensity on corporate financialisation using a panel of Chinese A-share-listed firms from 2012 to 2022. We find that low-carbon policy intensity increases corporate financialisation. The mechanism analysis indicates that this relationship is primarily driven by the short-term speculative motive rather than the “reservoir” motive. Greater stringency of low-carbon policies crowds out real investment and increases firms’ propensity to allocate idle funds to financial assets. Heterogeneity analysis further indicates that command-and-control policy instruments exert a significantly stronger positive effect on corporate financialisation than other policy components. We find that the positive association between low-carbon policies and corporate financialisation is more pronounced among firms in non-polluting industries, non-state-owned enterprises, and firms with higher financing constraints, compared with firms in polluting industries, state-owned enterprises, and firms with lower financing constraints. The effect is also stronger in regions with higher levels of financial development and a larger share of the secondary sector in GDP than in other regions. The findings are of significance in understanding the relationship between low-carbon policy intensity and corporate financialisation, providing inspiration for policy-makers to guide the capital back to the real economy.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18126163first seen 2026-06-18 04:55:02
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