主题：Pricing the Priceless: The Cost of Biodiversity Preservation

主讲人：中国人民大学财政金融学院教授 高昊宇

Keywords: Biodiversity transition, public finance, nature reserves, China

时间：2023年11月14日（周二） 10：00-11：30

地点：必赢bwin线路检测中心437(中国)有限公司柳林校区格致楼1211

主持人：吴季

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，国家优秀青年科学基金项目获得者、中国人民大学“杰出学者”青年学者，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。

Abstract

Biodiversity loss is a crucial concern that demands a transition from current practices, which is anticipated to come at a substantial economic expense. However, how such a transition is priced in the financial markets remains unclear. In this paper, we aim to explore the impact of the “Green Shield Action” - a regulation change geared towards preserving biodiversity in nature reserves - on the local public financing costs in China. In a causal context, we show that this transition increases the municipal corporate bond yield by around 24 basis points. Employing precise geographic information and government procurement records, we emphasize the significance of transition costs as a pivotal mechanism. We find that the effects can be attributed to the transition pressure resulting from pre-existing human activities within nature reserves, and public spending related to biodiversity demonstrates notable growth following the reform. This paper provides a reference for addressing the financing gap in biodiversity conservation efforts and offers valuable insights for future regulatory interventions to counteract the declining trend of biodiversity.