The academic team

On the morning of December 4th, the 37th session of the Centennial Jiangcai Series Academic Lecture Jiaohu Financial Forum was successfully held in the second floor lecture hall of the School of Finance. Professor and doctoral supervisor Gao Haoyu from Renmin University of China was invited to give an academic lecture titled "Price the Price: The Cost of Biodiversity Preservation" to the faculty and students of the School of Finance. The event was hosted by Vice Dean Peng Yucui of the School of Finance, and some teachers and graduate students from the School of Finance attended the lecture.

At the beginning of the lecture, Vice Dean Peng Yuting, on behalf of the School of Finance, welcomed and thanked Professor Gao Haoyu, and introduced his research field and academic achievements. Professor Gao Haoyu expressed his hope to have in-depth communication and learning with the attending students.

Professor Gao Haoyu first took the importance of biodiversity to human civilization as a starting point, introducing a series of biodiversity policy frameworks of the Chinese government and the academic research achievements of multiple international organizations and renowned scholars in biodiversity finance. He interpreted the research question of the paper: how investors in the capital market "price" biodiversity conservation; Subsequently, Professor Gao discussed two important exogenous variables in the article: the Green Shield Action (GSA) and the national environmental regulation and retrospective actions triggered by events such as open-pit mining in the Qilian Mountains Nature Reserve. Based on this, he proposed that adhering to the principle of "whoever damages will repair", such events will affect local fiscal budget expenditures and fiscal sustainability, and investors will impose punitive premiums on local government debt.

Professor Gao Haoyu believes that the reaction of capital market investors to GSA is more reflected in the "cost effect". Two important transformation cost mechanisms are the capital market mechanism of human activities damaging biodiversity and the government's mechanism for biodiversity procurement expenditure. Through a series of empirical designs and analysis of empirical results, conclusions are drawn, Capital market bond investors will provide punitive risk compensation for local government debt that cannot be ignored in cases where local governments are subject to GSA regulation due to ecological and environmental protection zones.

At the meeting, the speaker had a discussion and exchange with the teachers and students present. The attending teachers and students actively discussed issues such as the background of government ecological diversity policies and detailed definitions of article variables. At this point, the academic lecture has come to a successful conclusion. The discussion atmosphere during the lecture was extremely strong, promoting academic exchanges between teachers and students.