Government Financing for Clean Technology Development: Financial Risk and Environmental Benefits
研究了政府为清洁技术企业提供贷款的影响，发现这会促使企业采取更激进的策略，提升技术水平和产量，带来环境效益，但也增加了破产风险，并提出了在适度环境目标下管理破产风险的方法。
We study the impact of government financing designed to promote clean technology advancement. Government financing offers loans for financially constrained firms that manufacture and market clean-technology products. We build an analytical model to explore the impact of such government financing in the presence of market uncertainty. Our analysis shows that compared to prevalent commercial financing schemes such as bank financing and equity financing, government financing encourages firms to pursue more aggressive operational strategies by elevating technology levels and production volumes. While those aggressive measures yield environmental benefits, they also expose firms to increased bankruptcy risk. To address this issue, we propose a risk-mitigation strategy that manages bankruptcy risks within the bounds of a moderate environment target. Our work sheds light on the often-overlooked risk tied to government financing for clean technology development and offers insights into some of the high-profile bankruptcies of firms that received such financing.