发布者：殳妮 发布时间：2023-08-28 浏览次数：10
时间：2023年9月1日 上午 10：00-11：30
报告题目：Green credit and its obstacles: Evidence from China's green credit guidelines
ABSTRACT: How effective are green credit policies in guiding credit flows? We find a significant penalty effect of China's 2012 “Green Credit Guidelines” (GCG) on firms in pollution intensive industries. The GCG achieves cross-industry credit allocation by steering bank loans away from pollution intensive industries. Nonetheless, further analyses suggest special interests associated with political connections, local aspirations for economic growth, and banking business preferences stifle this effect. Strong environmental management at the firm level does not improve firms' access to bank credit regardless of their industries, suggesting GCG fails to attain cross-firm credit reallocation within industries. Additional analysis shows that pollution intensive firms strengthen their environmental management when they are bank dependent. When segregating overall bank credit into short-term and long-term, we find the credit penalty effect is more substantial for short-term credit, and the obstacle effects are somewhat mixed. Our evidence also suggests that pollution intensive firms substitute bank debt with debt supplied by non-bank lenders who are arguably under less compliance pressure, and GCG do not affect pollution intensive firms' real investments. Overall, we highlight the tension between environmental policies' intended consequence and the special interests embedded in the political and economic institutions typical of a large developing economy.
报告人：Prof. Ning Gao（曼彻斯特大学）
报告人简介：Ning is professor of finance (chair) at the Alliance Manchester Business School, the University of Manchester, the deputy director of the Centre for the Analysis of Investment Risk (CAIR), and the UG Director of the Accounting and Finance division. He received his Ph.D. from the Hong Kong University of Science and Technology (HKUST). His research interests include corporate finance, environmental/social/governance (ESG) risks, sustainable finance, Mergers and Acquisitions, and information in the financial system. His works have frequently appeared in world-leading and internationally renowned journals (e.g., Management Science, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance). Ning served on the program review committees of EFA and FMA. He also served as a Principal Investor (PI) at the Economics and Social Research Council (ESRC). He is a founder and organizer of the Annual Corporate Finance Conference led by four leading universities in the Russell Group. He also serves as a reviewer for nearly 20 international journals in the finance field. Ning has a broad teaching portfolio which includes Corporate Finance (Global MBA), Sustainable Finance (MSc), Empirical Finance (UG), Financial Markets and Institutions (UG), Advanced Corporate Finance (Ph.D.), Mergers & Acquisitions Negotiations (Full-time MBA).