On January 19, 2024, Faculty of Finance at City University of Macau organized the 11th Finance Salon (2023-2024) at the Taipa campus. The salon was hosted by Dr. Chi Man Yip from the Hong Kong Polytechnic University. Dr. Yip delivered a lecture on the research paper titled "Corporate Finance and Environmental Policy: Evidence from China's Emissions Trading Scheme," which examined the impact of China's Emissions Trading Scheme (ETS) on corporate financing and investment decisions. The study employed a difference-in-differences framework and demonstrated that the carbon emissions trading system led to an increase in financial leverage for companies, promoting innovation and enhancing productivity. Further analysis revealed that the improvements in innovation and productivity were concentrated among financially constrained and highly polluting firms. The findings of the paper also showed that financially constrained and highly polluting companies actively seek alternative financial resources to support their innovation efforts.
Dr. Yip is currently an Assistant Professor at the Hong Kong Polytechnic University. His research focuses on environmental economics, labor economics, and macroeconomics. He has published articles in journals such as the Journal of Environmental Economics and Management, and Economic Inquiry.
During this salon, Dr. Yip brought valuable academic exchange and discussion of understanding environmental policy and corporate finance to the members and students. The Finance Salon organized by Faculty of Finance at City University of Macau serves as a platform for exchanging academic ideas and fostering academic awareness. With finance as the main focus, we invite senior scholars/experts from academia and the financial industry to engage in research discussions on cutting-edge topics and share industry development trends, aiming to provide a fresh academic experience and thinking model for CityU students and members of the faculty. Through activities like the Finance Salon, we hope to offer graduate students a better academic platform, encouraging further exploration and research on academic issues.