光华讲坛——海外名家讲堂
主题：The Environmental Spillover Effect through Private Lending通过私人借贷的环境规制溢出效应
主讲人：悉尼新南威尔士大学商学院 戴理理副教授
主持人：西南财大财税学院 李子燃副教授
时间：7月10日 15:30-17:00
举办地点：柳林校区格致楼811
主办单位：财政税务学院 国际交流与合作处 科研处
主讲人简介：
主讲人简介：Lili Dai is an Associate Professor of Accounting at the UNSW Business School. Before joining UNSW, he held academic positions at the Australian National University and Erasmus University Rotterdam. Lili's research interests are in the areas of capital markets-based research in accounting, auditing, and financial issues. His publications have appeared in reputable journals including Journal of Accounting Research, Review of Financial Studies, Review of Accounting Studies, European Accounting Review, Journal of Business Finance and Accounting, Journal of Corporate Finance, and Journal of Banking and Finance. Lili is an editor of Corporate Governance: An International Review, and a deputy editor of Accounting and Finance. He has also served as an ad hoc reviewer for world-leading journals including The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research, Accounting, Organizations and Society, and Management Science. His research achievement has been recognized by the UNSW Business School Research Excellence Award and the Best Paper Awards at the AFAANZ Annual Conference.
戴理理是新南威尔士大学商学院的会计学副教授。在加入新南威尔士大学之前，他曾在澳大利亚国立大学和鹿特丹伊拉斯谟大学担任学术职务。戴教授的研究兴趣在于基于资本市场的会计、审计和金融问题的研究领域。他的出版物出现在知名期刊上，包括《会计研究杂志》《金融研究评论》《会计研究评论》《欧洲会计评论》《商业金融与会计杂志》《公司金融杂志》以及《银行与金融杂志》。戴教授是《公司治理》和《国际评论》的编辑，也是《会计与金融》的副主编。他还担任世界领先期刊的审稿人，包括《会计评论》《会计研究评论》《当代会计研究》《会计、组织与社会》以及《管理科学》。他的研究成就得到了新南威尔士大学商学院优秀研究奖和澳大利亚会计协会年会最佳论文奖的认可。
内容简介：
This study examines the spillover effect of environmental enforcement through private lending networks. Financial lending institutions face growing public and regulatory pressures to manage and reduce environmental risks relating to their lending activities and therefore are motivated to monitor corporate borrowers’ environmental practices. We find evidence indicating that when one borrower experiences an enforcement action targeted by the Environmental Protection Agency (EPA), other firms sharing the common lender reduce toxic emissions in the following years. This spillover effect is more pronounced for lenders with stronger monitoring incentives and abilities and for borrowers with greater environmental pressures and larger similarities to EPA-targeted firms. Further analyses show increased abatement efforts and decreased profit margins following the enforcement shocks spread through lending networks. Taken together, these findings suggest that lenders can learn from and respond to borrowers’ EPA enforcement actions when dealing with other borrowers that pose similar environmental risks.
本研究探讨了环境执法通过私人借贷网络产生的外溢效应。金融借贷机构面临着越来越大的公共和监管压力，需要管理和减少与其借贷活动相关的环境风险，因此有动力去监测企业借款人的环境行为。我们发现有证据表明，当一个借款人遭遇到环境保护署（EPA）的执法行动时，与之共享共同贷款人的其他公司在接下来的几年里会减少有毒物质的排放。这种溢出效应对于具有更强的监督动机和能力的贷款人以及具有更大的环境压力和与环保局目标公司更相似的借款人来说更为明显。进一步的分析表明，在执法冲击通过贷款网络传播之后，减排努力增加，利润率下降。综上所述，这些发现表明，贷款人在与其他有类似环境风险的借款人打交道时，可以从借款人的环保局执法行动中学习并作出反应。
