现代产业经济学系列讲座第287期

题目：The Carbon Risk Premium Revisited: The Role of Production Networks

时间：2025年11月25日14:00-15:30

地点： 管理学院史带楼303室

主讲人：李明浩助理教授（北京大学国家发展研究院）

主持人：俞学文副教授

摘要: This paper emphasizes the critical role of indirect exposure to carbon risk, transmitted through supply chain linkages, in assessing carbon risk and its implications for the pricing of cross-sectional assets. This channel has been overlooked in the burgeoning literature on the carbon risk premium (or “greenium"). We develop a tractable general equilibrium model that incorporates input-output linkages, carbon emissions, and climate regulatory risks. Analytically, we demonstrate that the carbon risk premium is captured by two sufficient statistics: direct and indirect carbon risk exposure, the latter capturing the network effect. Guided by the model, we empirically measure both direct and indirect exposures and demonstrate a significant cross-sectional carbon risk premium after accounting for firms’ indirect carbon risk exposure. Through a decomposition, we quantify that indirect carbon risk exposure accounts for the majority of the premium, surpassing the impact of direct carbon emissions. Furthermore, we provide strong evidence that the climate regulatory risks propagating through supply chains help explain the premium.

个人简介：李明浩是北京大学国家发展研究院的助理教授。主要研究领域是宏观经济学和货币经济学；他目前的研究兴趣集中在货币政策的传导机制，以及宏观经济中的生产网络和信息摩擦。