基地研究员王亚男副教授与合作者（Gaowen Kong, School of Management, Guangzhou University; Shuai Wang, School of Finance, Zhongnan University of Economics and Law）的论文“Fostering firm productivity through green finance: Evidence from a quasi-natural experiment in China” 在国际知名期刊Economic Modelling在线发表。

Abstract:

This study investigated how green finance affects the total factor productivity (TFP) of firms in heavily polluting industries. In 2017, the People's Bank of China (PBC) issued a policy of incorporating green finance into its macroprudential assessment system. Applying this event as a quasi-natural experiment to identify causality, we used a difference-in-differences approach to show that the PBC's green finance policy can improve the TFP of firms in heavily polluting industries, thus confirming the Porter hypothesis of environmental regulations. While exploring mechanisms, we showed that the PBC's policy can tighten credit to firms in such industries, forcing them to engage in green innovation and reduce their agency costs, thereby improving their TFP. In addition, the PBC's green finance policy mainly promotes TFP in large-scale and nonzombie firms in heavily polluting industries and in firms in regions with weak bank competition.

链接：https://doi.org/10.1016/j.econmod.2022.105979

教师简介

王亚男，中南财经政法大学金融学院副教授。复旦大学经济学院金融学博士，德国WHU-Otto Beisheim School of Management联合培养博士生。主要研究领域为公司金融、合约理论以及行为金融。目前主持国家自然科学基金青年项目一项，并参与多项国家自然科学基金和国家社会科学基金项目。研究成果发表于《经济研究》、《金融研究》等国内重要期刊，以及Journal of Corporate Finance, China Economic Review, Energy Economics, Journal of Business Finance & Accounting, Economic Modelling, Pacific-Basin Finance Journal, Finance Research Letters等SSCI期刊。