题目： The Impact of Air Pollution on Firm Inventory
摘要：Although environmental protection is typically considered costly to firms, we present new evidences on channel through which the air pollution impairs firm productivity. A large body of literature indicates that low visibility is a major threat to transportation. Since air pollution reduces visibility, it interrupts logistics of firms. Using a large panel data set of Chinese manufacturing firms from 1998-2007, we find that low visibility caused by air pollution increases firms’ inventory holdings. We use instrumental variables to address the endogeneity issues, and adopt a quasi-experiment based on firms’ demands for transportation to further identify the causal relationship. Our results show that a 10% decrease in visibility causes firms to increase their inventory holdings by 1.1%. And firms rely more on transportation respond more strongly to the reduced visibility.
主讲人简介：西南财经大学经济与管理研究院副院长，教授。主要研究领域为产业组织、应用微观经济学以及区域经济学，在Journal of Urban Economics, Journal of Retailing, Quantitative Marketing and Economics、《经济研究》、《管理世界》、《经济学季刊》等多个国内外顶级期刊上发表多篇论文。主持多项国家自然科学基金等项目。