主讲嘉宾：高宁 教授

讲座时间：2026年4月1日（星期三）上午10：00

讲座地点：重庆大学沙坪坝校区B校园经济与工商管理学院103教室

嘉宾简介：高宁（Ning Gao）是英国曼彻斯特大学商学院（Alliance Manchester Business School）金融学讲席教授，并担任投资风险分析中心（Centre for the Analysis of Investment Risk, CAIR）副主任。高宁教授的研究领域包括公司金融、可持续金融、ESG风险、并购、金融系统中的信息以及公司治理等，其研究成果发表在Management Science,Journal of Financial and Quantitative Analysis,Journal of Corporate Finance等国际顶尖期刊上。高宁教授是英国经济与社会研究理事会（ESRC）评审委员会的成员；the British Accounting Review副主编；Journal of Sustainable Finance and Accounting编辑；曼彻斯特中国研究所顾问。高宁教授是英国年度公司金融会议的创始人和组织者。高宁教授在香港科技大学获得博士学位，并在中国人民大学获得学士学位。

讲座摘要：

Replacing fossil fuels with renewable energy is central to the transition toward a greener economy, yet the impact of this transition on the corporate sector remains underexplored. We examine how renewable energy policies shape firms’ financial policies from the perspective of the value of cash reserves. We find that RPS adoption significantly increases the value of corporate cash reserves, and this effect is more pronounced for firms of greater financial constraints, weaker market power, lower internal capital mobility, higher growth opportunities, greater electricity intensity, or exposure to stricter RPS compliance requirements. Firms also significantly increase their cash holdings following RPS adoption. Our findings indicate that the precautionary motive becomes more influential in shaping corporate liquidity management under renewable energy policies.