报告题目： The Impact of Green Finance Policy on Total Factor Productivity：Based on Quasi-natural Experiment Evidence from China.

报告时间： 2023-09-04 10:00——2023-09-04 11:00

报告人： 葛翔宇

报告地点： 劝学楼408

主办单位： 数据科学与人工智能学院

【报告人简介】

葛翔宇，1990年获武汉大学硕士学位， 2000年获澳大利亚昆士兰大学博士学位，2004年入选日本东京大学JSPS博士后研究员。现任中南财经政法大学统计与数学学院教授，数量经济学专业博士研究生导师，中国数量经济学会理事，中国系统工程学会金融系统工程专业委员会程序委员会委员，中国优选法统筹法与经济数学研究会经济数学与管理数学分会理事等。主要从事随机微分方程和随机优化控制，金融数学和金融风险控制及数量经济学等方面的教学和研究工作。主持国家自然科学基金研究项目和国家社会科学基金研究项目各1项，主持日本学术振兴会JSPS研究项目1项，参与国家自然科学基金研究项目2项和澳大利亚研究基金会(ARC)研究项目2项，主持湖北省自然科学基金研究项目1项，主持委托课题研究项目多项。发表学术论文80余篇，其中在国际学术刊物上发表论文60余篇并被SCI/SSCI收录，有近200篇的SCI同行论文引用总次数。

【报告摘要】

Abstract: Treating the implementation of green finance policy as a quasi-natural experiment, we explore its effect on the total factor productivity of firms, then perform several tests to illustrate the stability of this effect, and then explain this effect based on financing constraint and technological innovation. It has been found that the green finance policy has an inhibitory effect on total factor productivity, which is validated in various tests including the parallel trend test, the heterogeneity treatment effect test, and the robustness test including the placebo test and endogeneity test. The heterogeneity analysis shows that different ownership types and industry type of firms have different impacts on this effect. Further extended analysis reveals that the policy leads to the flow of financial resources from polluting firms to non-polluting firms. There is no significant improvement in technological innovation in non-polluting firms, while there is a significant decline in technological innovation in polluting firms due to lack of credit support. Finally, we make several recommendations based on our findings to achieve precise implementation of the green finance policy.

Keywords: Green finance policy; Total factor productivity; Difference-in difference model; Quasi-natural experiment

撰稿：吴继红    审核：富宇   单位：数据科学与人工智能学院