题　目：When Help Hurts: The Environmental Externalities of Industrial Subsidies

嘉　宾：李惟 助理教授 香港城市大学

主持人：张澄宇 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年6月6日（周五）10:00-11:30

地　点：上海交通大学 徐汇校区安泰浩然楼306室

内容简介:

This paper examines the environmental consequence of U.S. state government subsidies to industrial firms. Exploiting a within-firm empirical design, we find that subsidized plants in a given state increase their pollution by 25% relative to their sibling plants in other states, conditional on their operational scales. While subsidized plants expand their workforce, they hire less experienced employees and adopt fewer environmentally friendly production processes. Further, subsidy-granting politicians’ career incentives appear to weaken the environmental enforcement against subsidized firms. Local residents suffer from subsidy-induced pollution increase, as localities with a higher concentration of subsidized plants experience deteriorations in air quality and residential health outcomes. Our study highlights the environmental externality of government subsidy on local communities, an important dimension of local residential well-being largely overlooked in the evaluation of subsidy policies.

演讲人简介：

李惟，⾹港城市大学商学院会计学助理教授。2020年于新加坡南洋理工大学取得⾦融学博⼠学位。主要研究领域为企业环保、信息披露、公司治理、公司财务。研究成果发表于国际期刊如Management Science (2x)，Journal of Accounting Research。多次在国际学术会议（如MIT ACA，CICF，FMA）做报告并担任知名期刊匿名审稿⼈（如RFS, PBFJ, CGIR, CJAS）。2017年获得美国⾦融学会博⼠⽣旅⾏奖。主讲课程包括《公司估值》、《中国财务会计专题》、《ESG与资本市场研究》、《企业会计信息系统》。先后获得大华咨询集团奖教⾦、思政课程优秀案例教学成果奖。

欢迎广大师生参加!