讲座题目：Extreme local environmental events and the cost of debt: Evidence

from China

主讲嘉宾：李晓副教授（中央财经大学会计学院）

讲座时间：2023年11月07日上午9:30-11:30

讲座地点：经管学院B区经管学院综合楼103

个人简介：

李晓，中央财经大学会计学院副教授，博士，博士生导师。李晓博士毕业于香港理工大学会计金融学院，获会计学博士。主要研究方向包括审计、会计准则、公司披露等。目前已有多篇论文接收或发表在国外知名学术期刊如Management Science、Contemporary Accounting Research、Journal of Business Research、Journal of Business Finance & Accounting等，并主持和参与多项国家基金项目。

讲座摘要：

In this study, we exploit extreme environmental events in local areas that exogenously affects firms’ environmental risk and study how environmental risk affects firms’ cost of debt. We find an increase in the cost of debt for firms headquartered in areas occurring local environmental events, suggesting that the outbreak of extreme environmental events strengthens local government’s environmental enforcement and supervision. Further evidence supporting this story is that local government makes more frequent references to the importance of environment and environmental protection actions in the government work report after the outbreak of extreme environmental events. Additional analysis shows that the adverse effect of local environmental events on the cost of debt is weakened for firms with better environmental performance and for firms with relationship with the government. Last, we document that when extreme environmental events adversely impact firms’ cost of debt, the firms’ long-term development also suffers.