东说念主大国发院“表面与政策”探求会开云kaiyun体育
（第219期）
Market Feedback: Evidence from the Horse’s Mouth
主 讲：刘碧波（清华大学五说念口金融学院）
主 捏：秦 聪（中国东说念主民大学国度发展与政策斟酌院）
时 间：2025年9月29日14:00-15:10
地 点：树德教学楼11层1133会议室
申报选录：
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.
张开剩余82%申报东说念主简介：
刘碧波博士现任清华大学五说念口金融学院长聘副教养、院长助理，清华大学国度金融斟酌院副院长。刘碧波2010年毕业于清华大学经济管理学院并赢得经济学博士学位；2005年于清华大学经济管理学院赢得学士学位。在2014年加入五说念口金融学院之前，刘碧波曾任职于中信证券股份有限公司。刘碧波的斟酌界限主要包括科技金融、公司金融、金融市集，积极关爱技巧市集、科技创业立异界限的各项议题。斟酌截止发表于《金融斟酌挑剔》（Review of Financial Studies）、《金融经济学期刊》(Journal of Financial Economics)、《管理科学》（Management Science）等多个一流学术期刊；政策提议屡次得到政府部门与监管机构的吸收。刘碧波入选国度高级次东说念主才策画后生状貌（2024），赢得孙冶方金融立异奖、Carlye PE Fellowship等奖项，并担任中关村科技截止改动50东说念主论坛首批成员。
东说念主大国发院“表面与政策”探求会
（第220期）
When Growth Stumbles, Pollute? Trade War, Environmental Enforcement, and Pollution
主 讲：李 蕾（德国哥廷根大学经济与工商管理学院和东说念主体裁院）
主 捏：秦 聪（中国东说念主民大学国度发展与政策斟酌院）
时 间：2025年9月29日15:10-16:20
地 点：树德教学楼11层1133会议室
申报选录：
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.
申报东说念主简介：
李蕾，德国哥廷根大学经济与工商管理学院和东说念主体裁院教养，德国经济斟酌中心（CESifo）、工作经济斟酌所（IZA）和欧洲经济斟酌中心（ZEW）会员。加入哥廷根大学前，她于2019-2024年在德国曼海姆大学担任助理教养。她的主要斟酌标的是海外生意和中国经济，侧重海外生意争端、全球化对环境和健康的影响、全球化与劳能源市集。她在Journal of International Economics、Journal of Economic Perspectives、Energy Economics、China Economic Review、Economic Letters、经济斟酌、经济学季刊、数目经济技巧经济斟酌等发表论文。她于2011年本科毕业于北航管理学院金融系，2016年博士毕业于清华管理学院经济系，2016-2019年在瑞士苏黎世大学经济系从事博士后斟酌干事。
东说念主大国发院“表面与政策”探求会
（第221期）
Connection and Innovation
主 讲：高 明（北京大学经济学院）
主 捏：秦 聪（中国东说念主民大学国度发展与政策斟酌院）
时 间：2025年9月29日16:20-17:30
地 点：树德教学楼11层1133会议室
申报选录：
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.
申报东说念主简介：
崇高现任北京大学经济学院长聘副教养、博士生导师，北京大学博雅后生学者，入选国度级后生东说念主才策画。他的斟酌界限涵盖金融学、工作经济学、区域与发展经济学，主捏和参与多项国度当然科学基金状貌，学术截止发表于《经济斟酌》《金融斟酌》《管理世界》和Journal of Financial Economics等中英文顶级期刊，政策申报被证监会、国度常识产权局、退役军东说念主事务部等干系部门吸收。他于北京大学光华管理学院取得经济学学士和博士学位，并于北京大学海外关系学院取得法学学士学位，曾担任普林斯顿大学看望学者。
著述开头：东说念主大国发院
审核：秦聪
微信剪辑：张菁菁
东说念主大国发院是中国东说念主民大学集全校之力重心打造的中国特质新式高校智库，现任理事长为学校党委通知张东刚，现任院长为校长林尚立。2015年入选世界首批“国度高端智库”树立试点单元，并入选全球智库百强，2018年头在“中国大学智库机构百强名次榜”中名列第一。2019年在国度高端智库概括评估中入选第一档次梯队，是惟一入选第一档次梯队的高校智库。
东说念主大国发院积极打造“新平台、大收集，跨学科、重交叉，促立异、高产出”的高端智库平台。围绕经济解决与经济发展、政事解决与法治树立、社会解决与社会立异、全球社交与海外关系四大斟酌界限，汇注全校一流学科优质资源，在基础树立、有规画连络、全球社交、表面立异、公论指引和里面解决等方面取得了显耀收效。东说念主大国发院以“中国特质新式高校智库的引颈者”为主见，扎根中国地面，服从国度政策，承袭期间干事，尽力于树立成为具有全球影响力的世界一流大学智库。
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