Corporate Finance and Firm Pollution

讲座内容简介：   

We find that firms release more toxics to the environment after they issue debt. The causal effect of debt financing on corporate pollution is supported by multiple identification strategies including the branching law change and the introduction of credit default swaps. The effect of credit on pollution is more pronounced for firms under greater debt repayment pressure, especially from bank lenders. We also show that green banks help curb pollution as the credit-pollution relationship is weaker for firms borrowing from green banks. 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. Environment-friendly financial instruments such as green loans or green bonds can be useful to curb pollution.

讲座嘉宾简介：     

陕晨煜，上海财经大学金融学院副教授，中美富布赖特学者，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等国际顶级期刊。论文曾多次被西部金融年会(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。其主持的研究项目“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。“银行能否影响环境保护? 债务融资、绿色金融和企业污染的交互影响研究”获得2021年国家自然科学基金面上项目资助。