文澜金融论坛（第296期）

摘要：

Biodiversity loss as a global concern requires dramatic shifts in conservation efforts that carry substantial costs. We offer an initial investigation into how the financial market prices such conservation costs, exploiting the“Green Shield Action”(GSA) —— a regulatory change aimed at preserving biodiversity in national nature reserves in China —— as an exogenous shock to local public financing. We document that GSA, while improving biodiversity, augments the yields of municipal corporate bonds by around 25 basis points. The effects are more pronounced for bonds with shorter maturities and for local governments in weak fiscal positions. The increased cost of public capital can be largely attributed to transition pressure resulting from pre-existing economic activities within reserves and the growth in local public spending on biodiversity following the reform. Investors show little consideration towards endeavors counteracting biodiversity loss beyond financial payoffs. Our findings also provide insights concerning investor education and policy interventions for addressing the financing gap for biodiversity conservation.

主讲人介绍：

高昊宇，中国人民大学财政金融学院教授，博士生导师，货币金融系副主任，国家优秀青年科学基金项目获得者、中国人民大学吴玉章特聘教授，第5届中国科协“青年人才托举工程”入选人，博士毕业于中国科学院数学与系统科学研究院和香港城市大学。研究方向主要集中在银行与金融中介、金融风险管理、债务与信用市场和公司金融与中国资本市场等方面。代表性学术成果发表或接受发表在The Journal of Finance (JF)、The Review of Financial Studies (RFS)、Journal of Financial Economics (JFE)、Journal of Financial and Quantitative Analysis (JFQA)、《管理世界》、《金融研究》、《管理科学学报》、《世界经济》、《系统工程理论与实践》、《经济学季刊》等国内外金融管理领域权威刊物。他结题一项国家自然科学基金青年项目（后评估特优），主持一项国家自然科学基金面上项目。