学术活动：清华大学陈卓副教授——When the State Turns Down the Power: Administrative Power Rationing and Firm Production in China

讲座题目：When the State Turns Down the Power: Administrative Power Rationing and Firm Production in China

讲座时间：2026年11月2日（周一）15:00-16:30

讲座地点：经院叶宇筠楼1101会议室

主讲嘉宾：陈卓（副教授）　　清华大学五道口金融学院

主讲嘉宾简介：

陈卓，现任清华大学五道口金融学院副教授。其研究领域包括中国债券市场、中国经济、实证资产定价以及金融计量经济学，学术论文发表于The Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Management Science, Review of Finance、《经济研究》、《金融研究》、《经济学（季刊）》等国际国内顶尖期刊。他的研究成果曾荣获多项学术奖项，包括The Journal of Finance维度基金优秀论文奖、SFS Cavalcade 固定收益Arthur Warga最佳论文奖、教育部高等学校科学研究（人文社会科学）青年成果奖、刘诗白经济学奖、青木昌彦经济学论文奖提名、PanAgora Crowell 纪念奖决赛入围奖等。其拥有美国西北大学凯洛格管理学院金融学博士学位、杜克大学硕士学位及北京大学工学学士学位，还担任国家自然科学基金优秀青年基金和重大项目子课题的主持人。

讲座主要内容：

We study the real effects of China's 2021 administrative power rationing on manufacturing firms. Using an innovative plant-level measure of production based on satellite thermal infrared radiation (TIR) and the staggered adoption of city-level mandatory rationing, we implement a stacked difference-in-differences design and estimate that rationing reduces plant activity by 16.7%. The effects are robust to a wide range of tests and are stronger in plants operated by private firms. Firms partly offset the shock by reallocating production across facilities and front-loading output. At the same time, the disruption propagates through production networks, as unaffected plants with rationed upstream suppliers reduce production. Exposed firms also experience negative short-term stock price reactions and reduce long-run capital expenditures. Overall, our results highlight both the intended and unintended consequences of China's ``dual control'' energy policy framework, and show how these outcomes are shaped by the interaction between government intervention and market forces.

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经济学院

2026年10月30日

撰稿：黄金波　审核：科研办公室  
（更新于2026/10/30 8:48:00）