经济与金融系学术讨论会第95期

时间：2020年11月17日（周二）12:00-13:00

地点：同济大厦A楼505室

题目： Corporate Finance and Firm Pollution

主讲人：陕晨煜（上海财经大学金融学院 副教授）

讲座简介：

We find that firms release more toxics to the environment when they experience a leverage increase. The causal effect of debt financing on corporate pollution is supported by multiple identification strategies including the interstate branching law changes, the introduction of credit default swaps, and the collapse of Drexel Burnham Lambert. The effect of credit on pollution is more pronounced for firms under greater debt repayment pressure in the short term, and for firms with more stringent debt covenants. The effect is also more pronounced when the lending bank experienced decline in profits or capital. Moreover, the pollution rate over investment is also higher for firms with more debt financing. Overall, our findings suggest that traditional debt usage is associated with a higher pollution level. Firms may sacrifice the environment to generate short-term profits to repay their debt. Environmental friendly financial instruments such as green bonds and green loans are necessary to curb pollution.

主讲人简介：

陕晨煜，上海财经大学金融学院副教授，中美福布赖特学者，香港大学金融学博士。研究领域包括信用衍生产品、金融机构、公司金融和中国金融市场。研究论文发表于Journal of Accounting and Economics, Review of Finance等顶级期刊。论文曾多次西部金融年会(WFA), 欧洲金融年会(EFA), 中国国际金融年会(CICF), 金融中介研究年会(FIRS)等国际会议接收，并多次获得中国国际金融年会最佳论文奖(CICF Best Paper), 华人金融协会最佳论文奖(TCFA Best Paper), 金融市场与公司治理年会最佳论文奖(CFMCG Best Paper)，亚太金融市场年会杰出论文奖(CAFM Outstanding Paper)等。其研究项目“银行发行或有可转债能否降低系统性风险”获得2019年国家自然科学基金青年项目资助。