题目：Pricing the Priceless: The Cost of Biodiversity Conservation
摘要：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.
个人简介：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。研究方向集中在金融风险管理、债务与信用市场和公司金融。代表性成果发表在The Journal of Finance(JF)、The Review of Financial Studies(RFS)、Journal of Financial Economics(JFE)、《管理世界》、《金融研究》、《管理科学学报》等国内外金融管理权威刊物。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。