金融与财务学系列讲座之328期

Topic: When the State Turns Down the Power: Administrative Power Rationing and Firm Production in China

Time：14:00-15:30, Tuesday, Nov 25, 2025

Location: Room 603, Starr Building（史带楼603室）

Speaker: Zhuo Chen

Tsinghua University

Abstract: 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 13.5%. The effects are robust to a wide range of tests and are stronger in energy-intensive and more polluting industries. Firms offset the shock by reallocating production across facilities and front-loading output, yet exposed firms experience negative stock price reactions and reduce 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 market forces and government intervention.

Bio: 陈卓博士现任清华大学五道口金融学院副教授，清华大学五道口金融学院全球母基金研究中心副主任。 他于2014年毕业于美国西北大学凯洛格商学院，获得金融学博士学位。在此之前，他获得了美国杜克大学的经济学硕士学位和北京大学工程学与经济学双学士学位。

陈卓博士的研究领域是实证资产定价与中国金融市场，包括中国债券市场、量化投资，基金评估，以及金融计量学。他的研究曾经发表于多个国际国内一流期刊，包括JF, JFE, MS, RF, RAPS ,《经济研究》,《金融研究》,《经济学（季刊）》等。他的研究成果获得了数项奖励，包括The Journal of Finance DFA优秀论文奖，刘诗白经济学奖，高等学校科学研究（人文社会科学）青年成果奖，青木昌彦经济学论文奖提名奖，SFS Cavalcade“亚瑟·沃加”最佳固定收益论文奖，中国金融研究会议最佳论文奖，普华永道3535金融论坛最佳论文奖，芝加哥数量投资协会学术竞赛奖，PanAgora资产管理公司的克罗威尔纪念奖章最终入围奖等奖项。陈卓博士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。