主讲人：叶志文 助理教授（香港理工大学）

主持人：余莉 助理教授（辽宁大学李安民经济研究院）

嘉宾介绍：肖书康 助理教授（辽宁大学李安民经济研究院）

时间：2026年11月13日（周五）  10：00-11：30（北京时间）

地点：辽宁大学蒲河校区经济学部大楼483会议室

语言：中文/英文

摘要：

Carbon pricing raises the marginal return to abatement and productivity upgrading, but its real effects depend on whether firms can finance the required adjustment. Using China’s 2013–2014 emissions trading scheme pilots as a quasi-natural experiment, we trace the financing mechanism through which policy-induced activities are funded. ETS-exposed firms raise the liabilities-to-assets ratio by 1.5 percentage points, but the response operates entirely outside conventional debt: interest-bearing debt, bank loans, and bonds are unchanged, while non-interest-bearing current liabilities rise, trade credit expands, payout falls, and tax avoidance intensifies. These financing shifts coincide with a 14% rise in R&D and a 4.5% rise in total factor productivity. Liquidity ratios fall simultaneously, revealing a liquidity–productivity trade-off in which firms finance R&D investment by compressing short-run financial slack. All effects are concentrated jointly among financially constrained firms with poor baseline environmental performance. The real effectiveness of market-based climate policy in credit-constrained economies depends critically on non-debt financing margins.

主讲人简介：

叶志文，香港理工大学会计及金融学院经济学助理教授，加拿大卡尔加里大学经济学博士。主要研究方向为公司金融、环境经济学与劳动经济学，研究成果发表于 Journal of Environmental Economics and Management、European Economic Review、Economic Inquiry、Finance Research Letters 等国际期刊。