近日，我院万凯博士以第一作者身份完成的学术论文《Policy discontinuity and the efficiency of environmental investment: Evidence from China》在SSCI期刊《Quarterly Review of Economics and Finance》在线发表。全文链接：https://doi.org/10.1016/j.qref.2026.102179
《Quarterly Review of Economics and Finance》是双月刊，主要发表经济和金融类的理论和实证论文。该期刊最新影响因子为3.4，位列JCR一区、ABS 2星。
论文题目
Policy discontinuity and the efficiency of environmental investment: Evidence from China
政策不连续性与环保投资效率——来自中国的证据
论文摘要
Policy discontinuities arising from local official turnover can exert significant influence on ecological and environmental governance, thereby affecting firms’ environmental investment behavior. The results show that policy discontinuities induced by official turnover lead to a decline in the efficiency of corporate environmental investment. However, such negative effects are mitigated when newly appointed officials are promoted locally or share a hometown origin with provincial-level leaders. Further analysis reveals that the adverse impact of official turnover on environmental investment efficiency is more pronounced in private firms, heavily polluting firms, and firms with lower holdings by long-term institutional investors.
官员变更导致的政策不连续性会对生态环境建设产生重要影响，从而影响当地企业的正常环保投资活动。研究发现：官员变更引致的政策不连续会导致企业环保投资效率损失。当新任官员为本地升迁或新任官员与省级官员为同乡关系时能够降低政策不连续性，从而缓解当地企业环保投资效率损失。进一步讨论发现，官员变更产生的政策不连续在民营企业、重污染企业以及长期机构投资者持股水平较低的企业会导致环保投资效率损失加剧。
作者简介
万凯，经济学博士，硕士生导师，主要研究方向为数字经济、低碳经济与技术创新。目前，在International Journal of Finance & Economics、Journal of Environmental Management、Energy Policy、Economic Analysis and Policy、Quarterly Review of Economics and Finance等SSCI/SCI期刊上发表学术论文30篇，其中，SSCI一区8篇，ABS三星2篇，ESI高被引论文1篇。主持7项基金项目，包括国家社科基金项目、国家统计局项目、科技部重大专项子课题、浙江省哲学社会科学规划基金专项课题、浙江省高校重大人文社科攻关项目、浙江省省属高校基本业务费课题、浙江省教育厅课题。指导本科生获得省级及以上学科竞赛奖项5项，其中全国特等奖1项、全国三等奖1项；指导研究生获得第五届国际商务专业学位研究生案例竞赛优秀奖。荣获国际知名出版机构Wiley威立中国高贡献作者奖、全国学科竞赛优秀指导教师奖、浙江省经济学年会优秀成果奖二等奖、杭州电子科技大学科研工作青年先锋等荣誉。担任SSCI期刊Journal of East European Management Studies青年编委。曾赴国家发展改革委创新驱动发展中心挂职工作一年，参与撰写的研究报告获中央领导肯定性批示。
