题　目：Do Consumers Bear the Cost of Environmental Regulation? Evidence from NOx Budget Trading Program

嘉　宾：汪晓樵 助理教授 香港中文大学（深圳）

主持人：张珂源 助理教授 上海交通大学安泰经济与管理学院

时　间：2023年04月13日（周四）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A305

内容简介:

We document an increase in product quality failures for firms subject to the regulation of NOx Budget Trading Program, a program that significantly increases manufacturing firms’ energy consumption cost. The effect is attenuated for firms that have a more responsible culture toward product quality, are less financially constrained, less diversified business or more easily substituted in product market. Examining the potential channel of product quality failures, we show that firms subject to the regulation are more likely to save costs by compromising input quality or outsourcing their production lines. Further evidence suggests that firms also adapt to the environmental regulation through more sustainable solutions such as increasing their explorative efforts in green innovation. Taken together, our findings suggest that environmental regulations might incur unintended consequences when firms try to pass down the regulatory costs to other stakeholders.

演讲人简介：

汪晓樵目前是香港中文大学（深圳）经管学院的终身轨助理教授。在此之前，她于皇后大学获得金融学硕士和博士学位，于中国人民大学获得学士学位，并在博士期间前往康奈尔大学约翰逊管理学院做访问学者。在加入香港中文大学（深圳）前，担任南京大学助理教授并有过德勤咨询和中国出口信用保险公司等业界工作经验。 她的研究主要集中在实证公司金融和财务会计，其中包括产品市场关系、资本市场、信息披露策略、法律和财务等。她关于供应商和销售商关系型投资的研究曾荣获多伦多金融分析师协会颁发的最佳博士论文奖，关于国际资本市场的研究曾获北美金融学会（NFA）最佳博士论文奖, 曾主持国家自然科学基金青年项目。

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