讲座人：刘学悦 复旦大学

讲座时间：2026年4月27日下午15:00-17:00

讲座地点：北京大学国家发展研究院承泽园校区245教室

讲座题目：The Environmental Costs of Fiscal Distress: Evidence from China 

内容简介：Environmental regulations often fall short of achieving their intended goals. This paper investigates whether fiscal distress contributes to such failures. Leveraging the 2002 China Income Tax Reform, which substantially reduced the share of corporate income tax revenues allocated to local governments, as a natural experiment, we find that cities facing larger revenue shortfalls were more likely to see increased pollution from firms, more so in areas where stringent environmental controls should have been in place and where local officials faced stronger promotion incentives. Our analysis shows that a one-standard-deviation increase in fiscal distress led to a 4 percentage-point rise in firm-level sulfur dioxide (SO2) emissions and a 0.28 μg/m³ increase in city-level SO2 concentrations. The environmental cost associated solely with SO2 concentration increases during this period of fiscal distress is estimated to account for 6.1 percent of China’s total environmental protection investment in 2005.

主讲人简介：刘学悦，复旦大学经济学院副教授、复旦大学创新与数字经济研究院研究员。主要研究领域包括创新经济学、能源与环境经济学。相关成果发表在《经济研究》《中国工业经济》《金融研究》、Canadian Journal of Economics、Economic Inquiry、Journal of Economic Behavior & Organization、Journal of Population Economics等中英文经济学期刊，多篇文章被人大复印报刊全文转载。研究成果获得教育部高等学校科学研究优秀成果奖（人文社会科学）青年成果奖、上海市哲学社会科学优秀成果二等奖、江西省社会科学优秀成果奖二等奖。近年来主持国家自然科学基金青年科学基金项目、教育部人文社会科学研究青年基金项目等。撰写的研究报告多次获得中央领导、省部级主要领导的正面批示。