報告人

李凱，北京大學彙豐商學院長聘副教授

李凱博士現任職于北京大學彙豐商學院，擔任金融學長聘副教授，《經濟學》（季刊）和Asia-Pacific Journal of Financial Studies副主編。研究主要集中在資産定價、宏觀金融、綠色金融、金融經濟學以及中國金融市場等領域，專注于構建、驗證并應用一套基于金融加速器效應的均衡資産定價理論，并針對中國金融市場的重要理論和實證問題進行應用。多篇論文發表在Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, Review of Finance等金融學和經濟學國際頂級期刊。李凱博士主持了國家自然科學基金優秀青年科學基金項目（海外），并曾連續五年獲得香港青年研究基金和優配研究基金的資助。在工業污染和資産定價方面的研究榮獲美國商品和能源市場學會最佳論文獎（Amundi-ESSEC ESG Prize 2022）。

時間

2024年4月18日（周四）上午10:30

地點

韦德体育bevictor學院南路校區學術會堂603

主辦單位

韦德体育bevictor

摘要

This paper investigates the allocative efficiency of green finance instruments through a general equilibrium model with heterogeneous firms and financial frictions. We emphasize the impact of the timing of financial mechanisms—’ex-post’, such as carbon taxes, versus ’ex-ante’, like green credit schemes—on the distribution of dirty capital and its environmental implications. Our study reveals that ex-post measures inadver- tently direct dirty capital towards financially constrained firms with higher utilization, potentially exacerbating economy-wide emission intensity. Such theoretical predic- tion explains empirical observations of Hartzmark and Shue (2023), indicating such strategies may be counterproductive. Conversely, ex-ante approaches yield beneficial redistributions. The study emphasizes the significance of incorporating the distributive effects of green finance tools into their design and advocates for a general equilibrium viewpoint to evaluate their effectiveness comprehensively, highlighting the pivotal role of instrument timing.