报告主题：Emission Trading Scheme and Cross-border Mergerand Acquisitions
内容摘要：Emission trading schemes (ETS) provides a manket mechanism to mitigate carbon emissions and has been introduced in many countries across the world. The fundamental idea of an ETS is to make carbon emission costly. As a consequence, firms undertaking cross-border expansions may have to take this extra cost into consideration when entering a market with ETS. In other words, cross-border M&A decisions and also the consequential financial performance may be affected. Using a large sample of international firms between 2000 and 2019, we investigate this issue via a Difference-in-Difference(DID) approach. Our results show that introducing ETS in host countries lead to significantly less cross-border M& A deals and also lower financial performance. There are also clear evidences of cross-sectoral difTerences. In addition to the cost, we also find evidence that the establishment of carbon market can bring additional uncertainties, which contribute to the negative effects on cross-border M&A.
主讲人简介：张大永
2006年与业于英国伯明翰大学获得经济学博士，现任西南财经大学经济与管理研究院教授,博士生导师，海外学习交流中心创始大。主要研究方向为能源金融、能源经济学,金融市场、银行与风险管理。
近年来主持和参与十余项重要课题，担任国家社会科学基金重大项目首席专家，主特国家自然科学基金面上项目2项、英国科学院国际合作项目等。在国内外学木期刊上发表论文一百余篇，其中ESI高被引论文18篇，热点论文8篇。政策研究报告获国家领导人批示。2020年爱思唯尔中国高被引学者( 应用经济学)。
活动时间：2022年3月17日(星期四) 21:00-22.30北京时间 13:00-14:30英国时间