报告题目：Pricing the Priceless: The Financial Cost of Biodiversity Conservation
报告嘉宾：高昊宇 中国人民大学
报告时间：2024年6月5日(周三) 16:00-17:30
报告地点：中国科学院大学中关村校区教学楼S406
内容摘要
Biodiversity loss as a global concern requires drastic shifts in conservation efforts that carry substantial costs. We investigate how the financial market prices such conservation costs, exploiting the “Green Shield Action” (GSA) — an unexpected 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 24 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 beyond financial payoffs towards endeavors counteracting biodiversity loss. Our findings also point to the role of investor education and policy interventions in closing the financing gap for biodiversity conservation.
主讲人简介
高昊宇，中国人民大学吴玉章特聘教授，博士生导师，中国人民大学财政金融学院货币金融系副主任，国家优秀青年科学基金项目获得者，第5届中国科协“青年人才托举工程”入选人。代表性学术成果发表在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，参与多项国家自然科学基金重点项目，曾受邀参加国务院参事室、国家发改委、原中国银保监会、国家开发银行等研究课题。
