保险与金融工程教研室学术讲座

报告题目：Climate Change Exposure and Bankruptcy Risk

报  告 人：韩立岩 (北京航空航天大学 教授)

主  持 人：曾燕（中山大学岭南学院 教授）

时      间：2023年6月15日（周四）15:00

地      址：岭南堂黄炳礼会议室(203)

语      言：中文

讲座介绍:

This study documents that a firm’s bankruptcy risk increases with its climate change exposure. This relation is stronger for firms with larger cash flow shortfall or tighter financial constraints, supporting the theoretical mechanisms behind the hypothesis. Furthermore, the evidence suggests that improving the protection of creditor rights could mitigate the adverse impact of climate change, which is consistent with the agency theory of debt. This study exploits two distinct sets of quasi-natural experiments to establish causality. Importantly, the positive effect of climate change exposure on bankruptcy risk is weaker after the 2015 Paris Agreement and stronger for firms headquartered in countries that are more severely affected by natural disasters. Cross-sectional analyses reveal that the main effect is more pronounced among firms with higher asset tangibility, loss firms, or firms with higher cash flow volatility, higher profit volatility, or worse solvency performance. Overall, the evidence suggests that climate change has real consequences on firm financial conditions.

报告人介绍：

       韩立岩，北京航空航天大学经济管理学院经济学科二级岗责任教授（退休返聘）、博士生导师；北京雁栖湖应用数学研究院数字经济实验室研究员、珠海复旦创新研究院金融科技首席科学家（双聘）。理学博士，北京市教学名师，享受国务院政府特殊津贴。曾任两届中航工业集团科技委委员、顾问、新华文轩（A+H股）、柳工股份（A股）、航天投资控股有限公司独立董事。主持完成两项国家自然科学基金重点项目“国家外汇储备的多元化和国际资产配置模型”、“汇率市场变化、资本跨境流动与金融风险防范”，均以优秀验收。与中金所研究院合作编制人民币指数，并在中宏网发布。目前研究重点：资产定价、汇率、金融科技、绿色金融。

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        中山大学岭南学院共设八个教研室，以教研室作为人才培养的抓手，通过教研室之间交流、研讨和竞争，让教研室在课程建设、科研团队、党支部建设发挥三位一体的作用。教研室定期邀请嘉宾举办专题学术讲座，分享学术前沿资讯及教师学术研究方向和进展，促进学院师生之间、教研室之间的学术交流与合作。