时间：2024年4月20日（周日）9：00

地点：气候变化与能源经济研究中心会议室

Paper1：孙泽 “双碳”目标背景下基于ESG整合的投资组合研究

摘要：本文采用中国2019-2020年ESG评级数据，从理论和实证两个层面探讨了考虑ESG效用对投资优先级和资产选择的影响。 研究表明：（１）考虑ESG效用能够改变投资者的投资行为和资产组合选择，资产ESG评级越高，其获配权重越高。 （２）随着ESG水平的增加，ESG—有效前沿曲面整体出现了明显的右移特点，即在同一风险水平下，考虑ESG效用的投资者愿意牺牲部分收益，获得ESG效用的补偿。 （３）基于ESG整合的投资组合模型实现了对风险、收益和绿色可持续的有效权衡，将促进投资行业的高质量发展。 （４）我国股票市场的ESG评级存在一定的不一致性，在进行主动型投资组合管理时应注意其可能诱发的风险。 本文有助于理解ESG评级不一致性给基于ESG整合的投资组合带来的影响，对推动机构投资者合理运用ESG评级信息进行主动型投资组合管理具有一定的参考价值，并间接促进上市公司的绿色低碳化转型。

Paper2：王晓伟  Does urban innovation policy accelerate the digital transformation of enterprises? Evidence based on the innovative City pilot policy

摘要：With the evolution of the digital economy, the gradual digital transformation of enterprises has garnered considerable attention in the market, profoundly influencing sustainable business operations. Local governments are actively fostering this transformation through urban innovation policies. This study analyzes Chinese A-share listed companies from 2003 to 2021 as the research sample. The implementation of the national innovative city pilot policy is regarded as an exogenous shock. A difference-in-differences model was constructed to empirically explore the impact of the national innovative city pilot policy for innovative cities on the digital transformation of local enterprises. The findings indicate a significant enhancement in the level of enterprise digital transformation due to the innovative city pilot policy, supported by robustness tests. Mechanism analysis identifies four pathways through which the policy drives digital transformation: advancing technological progress, improving internal controls, mitigating financing constraints, and reinforcing government support. Subsequent investigations reveal noteworthy heterogeneity in the policy's impact on enterprise digital transformation based on attributes, scale, growth cycles, and regions. The study's conclusions offer valuable insights for maximizing the effectiveness of innovative city pilot policies and fostering enterprise digital transformation.