武漢大學經濟與管理學院金融系
一、議程
時間：2025/11/8（星期六）
場地：學院237（易方達會議室）
主持人: 鄒鎮(zhèn)濤 (武漢大學) |
9:30-10:20 | 報告人：陳彪（西南財經大學） |
報告 1 | 題目：Inflation, debt overhang and corporate investment（通貨膨脹，債務負擔和企業(yè)投資） |
10:20-11:10 | 報告人：牛英杰（上海財經大學） |
報告 2 | 題目：Consumption dynamics under ambiguous volatility（波動性模糊時的消費動態(tài)） |
11:10-12:00 | 報告人：譚英賢（江西財經大學） |
報告 3 | 題目：Corporate carbon emissions and liquidity management under green-transition risks（企業(yè)碳排放與綠色轉型風險下的流動性管理） |
12:00-14:30 | 午餐 |
14:30-15:20 報告 4 | 報告人：吳文生（合肥工業(yè)大學） 題目：Managing government debt and taxes in the age of climate change （在氣候變化時代管理政府債務和稅收） |
15:20-16:10 | 報告人：趙思琦（復旦大學） |
報告 5 | 題目：Managing resilience against climate disaster with sustainable Finance（通過可持續(xù)金融應對氣候災害的韌性管理） |
16:10-17:00 | 報告人：鄒鎮(zhèn)濤（武漢大學） |
報告 6 | 題目：Dynamic R&D competition with overlapping ownership（所有權重疊的動態(tài)研發(fā)競爭） |
注：每篇論文共計50分鐘（報告40分鐘，自由討論10分鐘）
二、報告人及文章摘要
1. 陳彪
個人簡介：陳彪，上海財經大學金融學博士，西南財經大學金融學院副教授，研究方向為公司金融理論和科技金融。在《經濟研究》《管理科學學報》《數量經濟技術經濟研究》《中國管理科學》、Journal of Business Ethics和Energy Economics等國內外核心期刊發(fā)表論文20余篇，目前正在主持國家自然科學基金面上項目，主持完成國家自然科學基金青年項目和四川省自然科學基金青年項目。
題目：Inflation, Debt Overhang and Corporate Investment
摘要：We develop a model to examine the impact of inflation on corporate debt overhang and investment. Our model characterizes how inflation influences corporate investment decisions through two key assumptions: sticky cash flows and fixed nominal debt coupons. Expected inflation delays investment by reducing the real value of future cash flows and raising discount rates, though lower cash flow stickiness partially offsets this effect. More importantly, expected inflation mitigates debt overhang by lowering the real burden of corporate debt, thereby reducing agency costs between shareholders and creditors, and encouraging firms to invest earlier. This phenomenon is more pronounced when corporate debt has a longer maturity. We test these predictions using a sample of U.S. firms and present new evidence that supports our theory.
2. 牛英杰
個人簡介：牛英杰，經濟學博士，上海財經大學金融學院助理教授，研究領域主要為動態(tài)公司金融理論、模糊理論、綠色金融等。已在Journal of Economic Theory、Games and Economic Behavior、Economic Theory、Journal of Economic Dynamics & Control、《經濟研究》《管理科學學報》等國內外權威期刊發(fā)表論文多篇。學術成果曾獲第十八屆中國金融工程學年會優(yōu)秀論文二等獎、2020年當代經濟學博士創(chuàng)新項目等，主持國家自然科學基金、教育部人文社科基金項目等課題。
題目：Consumption Dynamics under Ambiguous Volatility
摘要：We consider the optimal consumption-savings policies in a dynamic setting by incorporating ambiguity about volatility dynamics. The agent formulates robust decisions under the worst scenario. We show that (i) ambiguous volatility strengthens the savings motive and the agent responds to consume less, (ii) the additional precautionary savings demand matters substantially for MPCs and the model predictions about MPCs are consistent with empirical estimates, and (iii) comparison with alternative models characterizing ambiguity demonstrates the superiority of our model. Finally, we explore the influence of ambiguous income volatility on the retirement decision.
3. 譚英賢
個人簡介：譚英賢，江西財經大學金融學院教授、博士生導師，中國準精算師，金融工程系主任，湖南大學金融學博士，上海財經大學金融學博士后，入選江西省贛鄱俊才支持計劃，主要研究領域為綠色金融、氣候金融、公司金融、資產定價與科技金融等。近三年聚焦綠色金融與可持續(xù)發(fā)展，探討“雙碳目標”下企業(yè)動態(tài)投融資與綠色低碳轉型研究。近年來在Journal of Economic Dynamics and Control、European Financial Management等國際權威SSCI期刊和《中國管理科學》《系統(tǒng)工程學報》等國內權威期刊發(fā)表學術論文20余篇，出版學術著作1部。主持國家自然科學基金研究課題2項，教育部人文社會科學研究課題2項、中國博士后科學基金一等資助項目、江西省自然科學基金面上項目、省社科規(guī)劃項目等省部級課題10多項，參與國家自科基金面上項目等課題多項，參與國家一流本科課程一門。撰寫多篇智庫報告獲國家部委、省政府領導肯定性批示和采納。
題目：Corporate carbon emissions and liquidity management under green-transition risks
摘要：Liquidity is critical for long-term corporate green innovation investment. We develop a dynamic model of corporate carbon emissions and liquidity management for financially constrained high-carbon firms facing green transition risks, including internal green innovation failures and external environment policy shifts. Firms mitigate emissions through short-term abatement and long-term green innovation. While green innovation can reduce emissions and tax burdens, thereby increasing firm value, it necessitates higher precautionary cash holdings and delays dividend payouts. Firms with lower cash reserves consequently favor abatement over innovation, particularly those facing bankruptcy liquidation. Furthermore, policy transition risk reduces precautionary incentives, which partially discourages green innovation investment. Finally, introducing green innovation subsidies and threshold-based carbon tax policies strengthens precautionary incentives, increases the proportion of investment in green innovation, and accelerates corporate green transitions.
4. 吳文生
個人簡介：吳文生，合肥工業(yè)大學經濟學院金融工程系副教授、碩士生導師，主要從事資產定價、投資組合、公司金融等領域研究，目前在Journal of Banking and Finance、《系統(tǒng)理論工程與實踐》《中國管理科學》等期刊發(fā)表論文10余篇，主持國家自科項目和省部級項目4項。
題目：Managing Government Debt and Taxes in the Age of Climate Change
摘要：In this study, we develop a model for managing government debt and taxes when facing climate risk. We find that the mitigation of climate risk significantly increases household value and a country’s debt capacity and lowers the marginal costs of servicing debt. Moreover, the government lowers the amount of mitigation spending because of the crowding-out effect of taxes. Finally, debt results in a greater willingness to pay for mitigation because mitigation technology can effectively lower the degree of default risk by reducing the degree of climate risk.
5. 趙思琦
個人簡介：趙思琦，復旦大學經濟學院講師，主要研究領域為動態(tài)金融理論、綠色金融、金融摩擦。論文發(fā)表于《金融研究》《世界經濟》、Economic Theory、Journal of Economic Behavior & Organization、Journal of Mathematical Economics、Journal of Economic Dynamics and Control等期刊。
題目：Managing Resilience against Climate Disaster with Sustainable Finance
摘要：We study how to build up resilience against climate disasters with sustainable finance. The adaptation benefits of green capital incentivize allocation to eco-friendly production, but external financing frictions hinder balance-sheet adjustment. The endogenous reallocation dynamics create both transition risk and positive externality from fire sales of carbon-intensive assets. Expanded credit supply improves resilience by smoothing balance-sheet adjustment, whereas easing equity constraints can weaken adaptation incentives and erode resilience. In equilibrium, the greenium reflects both reallocation and financing margin.
6. 鄒鎮(zhèn)濤
個人簡介：鄒鎮(zhèn)濤，武漢大學經濟與管理學院金融系副教授，博士生導師，研究領域為連續(xù)時間金融，近年研究成果發(fā)表于Journal of Economic Theory、Games and Economic Behavior、Economic Theory、Journal of Economic Dynamics and Control、Journal of Economic Behavior & Organization、Journal of Banking & Finance等重要學術期刊上。主持國家自然科學基金面上項目和青年項目各一項。
題目：Dynamic R&D Competition with Overlapping Ownership
摘要：We study the impact of overlapping ownership on the strategic investment and welfare of firms in a dynamic model of R&D competition. The existence of overlapping ownership induces the follower to invest later through the conventional anticompetitive effect, but the leader to invest earlier through the preemption-exacerbating effect. The former effect improves welfare, while the latter effect harms welfare. When technology uncertainty is low, the strategic equilibrium exhibits a sequential-investment pattern. As the anticompetitive effect dominates, overlapping ownership always improves the welfare of firms. By contrast, when technology uncertainty is high, the preemption incentive is mitigated, and a joint-investment pattern can be sustained. As overlapping ownership exacerbates the preemption incentive, the Pareto-dominant equilibrium may shift from a joint-investment pattern to a sequential-investment pattern. Therefore, overlapping ownership may harm the welfare of firms when the R&D projects have high technology uncertainty.
