数字技术与经济金融前沿论坛（第44期）

摘要：

We study the classic tradeoff between ESG and (short-term) economic growth in the context of the 2008 ESG mandate for a subset of Chinese listed firms. While both event and non-event listed firms decreased pollution at the cost of reduced profits, private firms in event cities increased pollution after the mandate, especially in cities facing higher GDP pressure. Such an environmental “crowding-out” effect is explained by local officials’ promotional incentives which hinged on GDP rather than pollution. Private firms received less tickets after the mandate, and they also reduced investment both in pollution abatement capacities and green technologies.

主讲人介绍：

汪勇祥教授现任上海交通大学上海高级金融学院金融学讲席教授。汪勇祥教授曾任南加州大学Marshall商学院金融学副教授（终身教职）。主要研究领域包括实证公司金融、政治经济学、组织经济学、行为经济学和中国企业战略，主要研究对象是中国经济和金融市场。在Journal of Political Economy，American Economic Review，Review of Economic Studies，American Economic Journal: Applied Economics，Journal of Financial Economics，Review of Financial Studies，Journal of Accounting and Economics，Management Science等顶尖经济学、金融学、会计学和管理学期刊发表高水平学术论文20余篇。其研究成果曾被Wall Street Journal，Business Week，The Economist，New York Times，Science等经济、金融和科学媒体广泛报道。