會(huì)議預(yù)告丨人大國(guó)發(fā)院“理論與政策”研討會(huì)（第219-221期）

人大國(guó)發(fā)院“理論與政策”研討會(huì)

（第219期）

Market Feedback: Evidence from the Horse’s Mouth

主 講：劉碧波（清華大學(xué)五道口金融學(xué)院）

主 持：秦 聰（中國(guó)人民大學(xué)國(guó)家發(fā)展與戰(zhàn)略研究院）

時(shí) 間：2025年9月29日14:00-15:10

地 點(diǎn)：立德教學(xué)樓11層1133會(huì)議室

報(bào)告摘要：

We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. More than 90% of firms monitor the stock market for learning new information about real investment and for accessing external financing, suggesting the wide existence of real effects through a learning channel and a financing channel. Firms learn about information on dimensions on which aggregation of external information is valuable. To validate our survey approach, we conduct analysis to link firms’ survey responses to their characteristics and actions. Finally, we provide additional validation by exploring the setting of trading suspensions.

報(bào)告人簡(jiǎn)介：

劉碧波博士現(xiàn)任清華大學(xué)五道口金融學(xué)院長(zhǎng)聘副教授、院長(zhǎng)助理，清華大學(xué)國(guó)家金融研究院副院長(zhǎng)。劉碧波2010年畢業(yè)于清華大學(xué)經(jīng)濟(jì)管理學(xué)院并獲得經(jīng)濟(jì)學(xué)博士學(xué)位；2005年于清華大學(xué)經(jīng)濟(jì)管理學(xué)院獲得學(xué)士學(xué)位。在2014年加入五道口金融學(xué)院之前，劉碧波曾任職于中信證券股份有限公司。劉碧波的研究領(lǐng)域主要包括科技金融、公司金融、金融市場(chǎng)，積極關(guān)注技術(shù)市場(chǎng)、科技創(chuàng)業(yè)創(chuàng)新領(lǐng)域的各項(xiàng)議題。研究成果發(fā)表于《金融研究評(píng)論》（Review of Financial Studies）、《金融經(jīng)濟(jì)學(xué)期刊》(Journal of Financial Economics)、《管理科學(xué)》（Management Science）等多個(gè)一流學(xué)術(shù)期刊；政策建議多次得到政府部門與監(jiān)管機(jī)構(gòu)的采納。劉碧波入選國(guó)家高層次人才計(jì)劃青年項(xiàng)目（2024），獲得孫冶方金融創(chuàng)新獎(jiǎng)、Carlye PE Fellowship等獎(jiǎng)項(xiàng)，并擔(dān)任中關(guān)村科技成果轉(zhuǎn)化50人論壇首批成員。

人大國(guó)發(fā)院“理論與政策”研討會(huì)

（第220期）

When Growth Stumbles, Pollute? Trade War, Environmental Enforcement, and Pollution

主 講：李 蕾（德國(guó)哥廷根大學(xué)經(jīng)濟(jì)與工商管理學(xué)院和人文學(xué)院）

主 持：秦 聰（中國(guó)人民大學(xué)國(guó)家發(fā)展與戰(zhàn)略研究院）

時(shí) 間：2025年9月29日15:10-16:20

地 點(diǎn)：立德教學(xué)樓11層1133會(huì)議室

報(bào)告摘要：

This paper studies the short-term trade-off between economic growth and environmental governance from the perspective of political incentives. In the context of international trade conflicts, we use the U.S.-China trade war as a natural experiment and find that higher U.S. tariffs worsen air quality in China. The city-level analysis shows that a 1% increase in the tariff burden leads to 0.9% and 0.7% increases in SO2 and PM2.5, respectively. Firm-level emission data generate similar results. Interestingly, the hourly monitor-level air quality data suggests that the pollution increases are concentrated at night. We hypothesize that the surprising findings can be largely attributed to the lenient environmental policies adopted by local governments when faced with the risks of economic downturn. We provide suggestive evidence that cities more exposed to the U.S. tariffs attach less emphasis on environmental regulations in local government reports and charge fewer fines on firms violating environmental regulations. Cities with native and older party secretaries and areas closer to province boundaries experience a less severe increase in pollution during the trade war. Our findings are relevant as China scrambles to maintain growth in the face of economic headwinds.

報(bào)告人簡(jiǎn)介：

李蕾，德國(guó)哥廷根大學(xué)經(jīng)濟(jì)與工商管理學(xué)院和人文學(xué)院教授，德國(guó)經(jīng)濟(jì)研究中心（CESifo）、勞動(dòng)經(jīng)濟(jì)研究所（IZA）和歐洲經(jīng)濟(jì)研究中心（ZEW）會(huì)員。加入哥廷根大學(xué)前，她于2019-2024年在德國(guó)曼海姆大學(xué)擔(dān)任助理教授。她的主要研究方向是國(guó)際貿(mào)易和中國(guó)經(jīng)濟(jì)，側(cè)重國(guó)際貿(mào)易爭(zhēng)端、全球化對(duì)環(huán)境和健康的影響、全球化與勞動(dòng)力市場(chǎng)。她在Journal of International Economics、Journal of Economic Perspectives、Energy Economics、China Economic Review、Economic Letters、經(jīng)濟(jì)研究、經(jīng)濟(jì)學(xué)季刊、數(shù)量經(jīng)濟(jì)技術(shù)經(jīng)濟(jì)研究等發(fā)表論文。她于2011年本科畢業(yè)于北航經(jīng)管學(xué)院金融系，2016年博士畢業(yè)于清華經(jīng)管學(xué)院經(jīng)濟(jì)系，2016-2019年在瑞士蘇黎世大學(xué)經(jīng)濟(jì)系從事博士后研究工作。

人大國(guó)發(fā)院“理論與政策”研討會(huì)

（第221期）

Connection and Innovation

主 講：高 明（北京大學(xué)經(jīng)濟(jì)學(xué)院）

主 持：秦 聰（中國(guó)人民大學(xué)國(guó)家發(fā)展與戰(zhàn)略研究院）

時(shí) 間：2025年9月29日16:20-17:30

地 點(diǎn)：立德教學(xué)樓11層1133會(huì)議室

報(bào)告摘要：

China’s Third Front Construction (TFC) in the 1960s and 1970s led to the relocation and establishment of hundreds of large and medium-sized factories in the western inland provinces, which generated exogenous linkages between cities in the western (Third Front) and eastern (First Front) regions. Using patent data from the National Intellectual Property Administration and historical records of TFC factories, we find that, although the TFC ended in 1978, Third Front cities continued to exhibit a higher propensity for and a greater number of both cited patents and collaborative patents with their connected First Front cities during the period 1985–2019. Moreover, these collaborations are associated with higher-quality patent outputs. The effect is more pronounced for city pairs with greater cultural differences or larger GDP disparities but diminishes as the geographic distance between the cities increases. Our analysis suggests that the social ties forged during the TFC period have persisted and play a critical role in sustaining interregional innovation collaboration, as evidenced by ongoing migration, intermarriage, and entrepreneurial activity between the Third Front and First Front regions, as well as information-seeking behavior and food preferences that remain evident decades later among residents of Third Front cities.

報(bào)告人簡(jiǎn)介：

高明現(xiàn)任北京大學(xué)經(jīng)濟(jì)學(xué)院長(zhǎng)聘副教授、博士生導(dǎo)師，北京大學(xué)博雅青年學(xué)者，入選國(guó)家級(jí)青年人才計(jì)劃。他的研究領(lǐng)域涵蓋金融學(xué)、勞動(dòng)經(jīng)濟(jì)學(xué)、區(qū)域與發(fā)展經(jīng)濟(jì)學(xué)，主持和參與多項(xiàng)國(guó)家自然科學(xué)基金項(xiàng)目，學(xué)術(shù)成果發(fā)表于《經(jīng)濟(jì)研究》《金融研究》《管理世界》和Journal of Financial Economics等中英文頂級(jí)期刊，政策報(bào)告被證監(jiān)會(huì)、國(guó)家知識(shí)產(chǎn)權(quán)局、退役軍人事務(wù)部等相關(guān)部門采納。他于北京大學(xué)光華管理學(xué)院取得經(jīng)濟(jì)學(xué)學(xué)士和博士學(xué)位，并于北京大學(xué)國(guó)際關(guān)系學(xué)院取得法學(xué)學(xué)士學(xué)位，曾擔(dān)任普林斯頓大學(xué)訪問學(xué)者。

文章來源：人大國(guó)發(fā)院

審核：秦聰

微信編輯：張菁菁

人大國(guó)發(fā)院是中國(guó)人民大學(xué)集全校之力重點(diǎn)打造的中國(guó)特色新型高校智庫(kù)，現(xiàn)任理事長(zhǎng)為學(xué)校黨委書記張東剛，現(xiàn)任院長(zhǎng)為校長(zhǎng)林尚立。2015年入選全國(guó)首批“國(guó)家高端智庫(kù)”建設(shè)試點(diǎn)單位，并入選全球智庫(kù)百?gòu)?qiáng)，2018年初在“中國(guó)大學(xué)智庫(kù)機(jī)構(gòu)百?gòu)?qiáng)排行榜”中名列第一。2019年在國(guó)家高端智庫(kù)綜合評(píng)估中入選第一檔次梯隊(duì)，是唯一入選第一檔次梯隊(duì)的高校智庫(kù)。

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