学术讲座：Finance and Pollution:Do Credit Conditions Affect Toxic Emissions?

讲座题目： Finance and Pollution: Do Credit Conditions Affect Toxic Emissions? （金融与环境：信贷条件会影响有毒物质排放吗？）

时 间：  2019年8月8日（周四）14:00—17:00

地 点：  经济学院326会议室

主讲人：    林晨  香港大学财务金融学讲席教授

讲座内容简介：

We evaluate the impact of credit conditions on firms’ emissions of toxic pollutants. While tightening credit might restrict firm production and reduce toxic emissions (production channel), the abatement channel stresses that tightening credit will induce firms to economize on noncore business functions, such as pollution abatement, increasing toxic emissions. Using four identification strategies, we find evidence that the abatement channel dominates: using three sets of identification strategies. The first strategy exploits shale oil discoveries that generate liquidity windfalls at local bank branches. We measure the degree to which banks in non-shale counties receive liquidity shocks through their branches in shale counties and develop indicators of shocks to firm credit conditions. The second strategy exploits heterogeneity in firm debt maturity and the global financial crisis to identify shocks to firm credit conditions. The third strategy exploits variations in bank holdings of private-label MBS before the crisis. We measure the degree to which banks in a county receive MBS-induced liquidity shocks during the crisis and construct indicators of negative shocks to firm credit conditions. We discover that tightening (loosening) (looser) credit conditions are associated with material increases (reductions) increases (decreases) plants pollution toxic emissions.

主讲人简介：

林晨教授是香港大学财务金融学讲席教授以及宝光基金教授席（金融学）教授，浙江大学求是讲座教授。他同时担任香港大学经济与工商管理学院副院长、香港大学金融创新和发展研究中心主任以及工商管理博士(DBA)项目主任。他同时也担任香港外汇基金货币发行委员会委员，香港金融管理局金融研究院咨询委员。他有超过30篇论文发表在顶级金融学、财务学、管理科学期刊如Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis，The Accounting Review, Journal of Accounting and Economics，Journal of Accounting Research，Review of Accounting Studies, Management Science, Journal of Law & Economics, Journal of Public Economics等。