金融与财务学系系列讲座之281期

时    间：2023年4月11日（周二）13:30-15:00

教    室：史带楼604室

主    题：Leveling Up Your Green Mojo: The Benefits of Beneficent Investment

演讲者：于晓筠  教授, 上海交大上海高级金融学院

摘    要：Using a manually collected dataset on project investment and exploiting the staggered designation of the major cities for the environmental protection (MCEP) scheme in China, we show that firms increase their environmental investments after their city experiences heightened pollution prevention and control by the government. The effect is mostly driven by “beneficent investments” – environmental projects that not only benefit the firm but also directly spill over to society at large. Following the MCEP establishment, media coverage of environmental issues in local cities increases. City officials are more likely to be promoted if they meet pre-set environmental targets or reduce pollution. Firms spending more on green investments pay less taxes, garner more subsidies, and secure more bank loans. State-owned enterprises (SOEs) lead non-SOEs in green investment initially, whereas the latter exceeds the former eventually. MCEP cities with larger corporate environmental spending reduce pollution and cut hospital needs to a greater extent. They also improve local employment and attract more high-quality new firms. Heavily polluting firms contribute less to the city’s tax revenues and speed up their expansion to non-polluting industries. Firms investing more in environmental projects – especially the beneficent ones – have larger value gains, produce more green patents, and experience greater labor productivity than other firms in the same MCEP city. Our findings highlight the role of regulatory mechanisms in enabling E&S investment to be both value- and welfare-enhancing.

简    介：Xiaoyun Yu is currently a Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University. Prior to joining SAIF, she was a Professor of Finance and Arthur M. Weimer Faculty Fellow at the Kelley School of Business, Indiana University. Professor Yu’s research interests are in the areas of theoretical and empirical corporate finance, with a focus on information economics, initial public offering, financial institutions and systems, and political economy of finance. Many of her works have been published in leading academic journals, including Journal of Finance, Journal of Business, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, and Journal of Accounting and Economics. She currently serves as co-editor-in-chief of Pacific-Basin Finance Journal, editor of International Review of Finance, and associate editor of Journal of Corporate Finance, Journal of Banking and Finance, and Journal of Empirical Finance.

金融与财务学系

2023-4-7