时间：2026年6月25日（周四）上午10:30-12:00

地点：承泽园246

Abstract: Limited access to credit remains a major barrier to business growth in sub-Saharan Africa, yet systematic evidence on how credit frictions shape firm investment decisions is scarce. Adoption decisions only reflect present values of expected adoption benefits net of credit contract payments, which masks the implicit cost of borrowing. This paper evaluates firm demand for solar sold on credit by eliciting discrete choices over contracts, and experimentally compares the impact of down payment subsidies versus flexible subsidies for down payment or repayment. We find that demand is primarily driven by sensitivity to upfront costs rather than future repayments. When offered the flexibility to allocate the subsidy to the down payment or the repayment, nearly all adopters choose to reduce the upfront cost. Despite the same de facto subsidy structure, the tailored subsidy positively selects less liquidity-constrained adopters and shifts firms toward solar-for-grid substitution in lighting, while the down payment subsidy expands energy use on other non-lighting business margins.

Bio: 殳蕴钰，上海财经大学经济学院助理教授。2025年获美国布朗大学经济学博士学位，研究方向为发展经济学与环境经济学。其研究关注中国及全球南方国家的气候适应与绿色转型等环境议题，覆盖加纳、肯尼亚、乌干达等国家，主持多项课题获 IGC、PEDL 等国际机构资助。