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<p>Corporate financialization&#xa0;(FL) is an emerging trend with potential implications for “dual-carbon” goals in China. This study investigates the effect of FL on the carbon cost efficiency (CE) of thermal power enterprises, which is crucial for achieving green transition in the power sector. Employing a slack-based measure (SBM) model considering costs, we estimate the CE and its decompositions—technical efficiency (CEK), scale efficiency (GE), and allocative efficiency (PE) of Chinese A-share listed thermal power enterprises from 2012 to 2023. The results show that CE generally shows a fluctuating trend, ranging between 0.6 and 0.7. Trend in CEK is similar to those of CE, with fluctuating trend. While GE remains stable and PE recovers after a recent dip. Moreover, FL significantly enhances CE, with this positive effect being more pronounced in enterprises characterized by a lower thermal power proportion, higher power generation, and greater business income. Mechanism analysis further indicates that alleviating financing constraints is a key channel through FL improves CE. This paper indicates that guiding reasonable financial investments can serve as a viable strategy to support the decarbonization efforts of thermal power enterprises.</p>

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Impact of corporate financialization on carbon cost efficiency of thermal power enterprises in China

  • 期刊论文

  • 发表日期：

    2025年10月13日

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  • Wenwen Li,
  • Shuo Fang,
  • Chenran Yan,
  • Qian Li,
  • Weifeng Gong,
  • Chuanhui Wang

摘要

Corporate financialization (FL) is an emerging trend with potential implications for “dual-carbon” goals in China. This study investigates the effect of FL on the carbon cost efficiency (CE) of thermal power enterprises, which is crucial for achieving green transition in the power sector. Employing a slack-based measure (SBM) model considering costs, we estimate the CE and its decompositions—technical efficiency (CEK), scale efficiency (GE), and allocative efficiency (PE) of Chinese A-share listed thermal power enterprises from 2012 to 2023. The results show that CE generally shows a fluctuating trend, ranging between 0.6 and 0.7. Trend in CEK is similar to those of CE, with fluctuating trend. While GE remains stable and PE recovers after a recent dip. Moreover, FL significantly enhances CE, with this positive effect being more pronounced in enterprises characterized by a lower thermal power proportion, higher power generation, and greater business income. Mechanism analysis further indicates that alleviating financing constraints is a key channel through FL improves CE. This paper indicates that guiding reasonable financial investments can serve as a viable strategy to support the decarbonization efforts of thermal power enterprises.