报告时间：2025年4月24日（星期四）16:00-16:50
报告地点：科教楼B座1008会议室
报 告 人：戚树森 副教授、博士生导师
工作单位：厦门大学
举办单位：经济学院
报告简介：
Using loan-level data from the U.S. Small Business Administration's 7(a) program, we examine whether lenders incorporate biodiversity risk into credit decisions. We focus on biodiversity dependency risk (the extent to which firms rely on ecosystem services) and biodiversity impact risk (the extent to which firms negatively affect biodiversity). Dependency risk is consistently associated with higher interest rates, more frequent securitization, and lower credit availability. In contrast, impact risk influences loan pricing only in recent years, following global initiatives such as the Paris Agreement and the Kunming-Montreal Framework. The effect of impact risk is stronger in politically progressive states and areas with greater regulatory exposure. Our findings suggest that dependency risk represents credit risk for lenders, whereas impact risk is associated with growing reputational and litigation risk linked to lending to firms with negative biodiversity impact.
报告人简介：
戚树森现任厦门大学管理学院财务学系副教授、博士生导师、北京大学数字金融研究中心研究员、Centre for Economic Policy Research (CEPR) 研究员、International Review of Economics & Finance 副主编。研究领域为银行学、公司金融、气候金融等，相关研究成果发表于 Journal of International Business Studies、Production and Operations Management、Review of Finance 等国内外知名期刊，多次受邀访问国际清算银行、欧洲复兴开发银行、英国央行、德国央行、芬兰央行、匈牙利央行、印度央行、南非央行等国际金融监管机构。