Allocative Efficiency of Green Finance Instruments
主讲人：
李凯（北京大学汇丰商学院金融学教授）
主持老师：
（北大经院）王一鸣、王熙
参与老师：
（北大经院）刘蕴霆、王法、巩爱博
时间：
2025年9月19日（周五）
10:00-11:30
地点（线下）：
北京大学经济学院107会议室
主讲人简介：
李凯, 现任北京大学汇丰商学院金融学教授。他的研究主要集中在宏观金融、资产定价、绿色金融、金融经济学以及中国金融市场等领域。他专注于构建、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理论和实证问题进行应用。他在Journal of Finance、Review of Financial Studies、Journal of Financial Economics、Journal of Monetary Economics、Review of Finance和《比较》等国内外重要期刊发表论文二十篇。李凯主持了国家自然科学基金优秀青年科学基金项目（海外），并曾连续五次成为香港青年研究基金（ECS）和基础研究基金（GRF）获得者。他在绿色金融方面的研究入选金融学顶级期刊Journal of Finance高被引论文，并获得了美国西部金融学年会（WFA）最佳实证金融论文奖和Amundi-ESSEC ESG奖。
Kai Li is a Professor of Finance at Peking University HSBC Business School (PHBS). His primary research fields include asset pricing, macro finance, green finance, financial economics, and China's financial market. He focuses on developing, testing, and applying equilibrium asset pricing theory, with a special emphasis on the financial accelerator mechanism. His papers have been published in leading academic journals, such as the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, and Review of Finance. His research on green finance is recognized as the top-cited article in the Journal of Finance and has received the WFA Best Empirical Finance Paper Award and the Amundi-ESSEC ESG Prize.
报告摘要：
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 instruments—’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 instruments inadvertently direct dirty capital towards financially constrained firms with higher emission intensity, potentially exacerbating economy-wide emission. Conversely, ex-ante instruments 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.
