报告人

李凯，北京大学汇丰商学院长聘副教授

李凯博士现任职于北京大学汇丰商学院，担任金融学长聘副教授，《经济学》（季刊）和Asia-Pacific Journal of Financial Studies副主编。研究主要集中在资产定价、宏观金融、绿色金融、金融经济学以及中国金融市场等领域，专注于构建、验证并应用一套基于金融加速器效应的均衡资产定价理论，并针对中国金融市场的重要理论和实证问题进行应用。多篇论文发表在Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, Review of Finance等金融学和经济学国际顶级期刊。李凯博士主持了国家自然科学基金优秀青年科学基金项目（海外），并曾连续五年获得香港青年研究基金和优配研究基金的资助。在工业污染和资产定价方面的研究荣获美国商品和能源市场学会最佳论文奖（Amundi-ESSEC ESG Prize 2022）。

时间

2024年4月18日（周四）上午10:30

地点

中央财经大学学院南路校区学术会堂603

主办单位

创新发展学院

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.