【讲座时间】2024年12月10日14:00
【讲座地点】会计学院108室
【讲座主题】Financial Frictions and Pollution AbatementOver the Life Cycle of Firms
【嘉宾介绍】邹季洋，曼彻斯特大学助理教授
曼彻斯特大学联盟商学院的金融学助理教授，香港大学博士。研究兴趣包括理论与实证资产定价、宏观金融、企业动态和可持续金融等，研究目标是探讨企业财务决策如何影响实体经济和金融市场，在《金融学期刊》（Journalof Finance）和《货币经济学期刊》（Journal of Monetary Economics）等期刊发表文章。
【内容提要】
Using US firm-level data, we document significant differences in pollution abatement activities over the life cycle of firms. Under financial constraints, smaller and younger firms invest more in capital and engage less in pollution abatement; as they accumulate more net worth, their abatement activities accelerate, and their emission intensity reduces. Motivated by this evidence, we develop and quantify a heterogeneous firm model to study the relation between financial frictions, capital investment, and pollution abatement. In the model, smaller and younger firms prefer capital investment over pollution abatement because the returns from the former are higher than those from the latter. More importantly, we show financial frictions make environmental regulation sub-optimal at any level: they reduce aggregate welfare gain by 40%. Finally, we show that even without monitoring, green loan policies are considerably effective in reducing emission intensity.
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