财政与货币金融教研室学术讲座

报告题目：Financial Frictions and Pollution Abatement Over the Life Cycle of Firms

报  告 人：邹季洋（曼彻斯特大学商学院 助理教授）

主  持 人：由林青（中山大学岭南学院 助理教授）

时      间：2024年12月27日（周五）09：30

地      址：岭南堂陈荣捷讲学厅（302）

语      言：中文

摘要：

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.

报告人简历：

      邹季洋，曼彻斯特大学商学院金融学助理教授，拥有香港大学的博士学位。在加入曼彻斯特之前，曾在香港科技大学担任博士后研究员。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，曾在主要的全球金融会议上报告自己的研究成果，包括美国金融学会（AFA）年会、欧洲金融学会（EFA）年会、金融中介研究学会（FIRS）年会、中西部金融学会（MFA）年会、SFS Cavalcade年会和西部金融学会（WFA）年会。 研究成果已发表在Journal of Finance和Journal of Monetary Economics等期刊上。

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