金融学院科研工作坊系列活动

时 间：2024年10月23日（周三）13:00

地 点：上川路校区文博楼协创中心会议室(436)

主持人：张方 多米体育 金融学院副教授

主题报告：Biodiversity Risk in Emerging Economies: Evidence from China

报告人：高翔

报告人简介：

高翔，博士生导师，教授，经济学博士，特许金融分析师（Chartered Financial Analyst, CFA）、金融风险管理师（Financial Risk Manager, FRM）、特许另类投资分析师（Chartered Alternative Investment Analyst, CAIA）、国际财务顾问资格认证（Financial Advisors International Qualification, FAIQ）；现任上海商学院财务金融研究所所长，曾任上海财经大学国际工商管理学院副教授，博士生导师，美国特许另类投资分析师协会（Chartered Alternative Investment Analyst Association）中国分会执行官；先后获得上海交通大学国际经济与贸易学士学位、香港科技大学经济学硕士学位、美国爱荷华州立大学（Iowa State University）经济学博士学位；曾就职于美国Aviva Investors North America资产管理公司从事风险管理工作；创立了国内首家提供操作风险事件外部数据库的商业情报机构：科德中国金融机构操作风险数据库（www.cord-oprisk.com）。曾在Economic Journal、Journal of Economic Dynamic and Control, Journal of Comparative Economics、Journal of Economic Surveys、Journal of Portfolio Management、Pacific-Basin Finance Journal、Journal of Operational Risk、世界经济研究、旅游学刊、中国管理科学、财经科学等国内外期刊发表论文五十多篇，主持并完成国家自然科学基金青年项目、上海市浦江人才计划项目等课题，并译有《经济学的新疆域》和著有《驯化黑天鹅》两本书籍，是知乎的签约作者和金融问题优秀回答者。

Abstract:This paper measures the biodiversity risk faced by the Chinese market at multiple levels, including macro-government, meso-industry and micro-firm, and examines whether corporate biodiversity risk exposure is priced into the cross-section of stock returns. Our results suggest that corporate biodiversity risk exposure has been increasing for more than 20 years and has a statistically significant negative effect on stock returns. From an internal governance perspective, high biodiversity risk exposure reduces corporate reputation and exacerbates corporate financing constraints, while external monitoring results suggest that media and analyst attention amplify the negative effects of biodiversity risk. In addition, there are differences in the perception of biodiversity risk among market participants, with only funds, insurance and endowments among institutional investors significantly reducing the share of holdings in firms with high risk exposure. Heterogeneity tests suggest that the negative effect of risk exposure on stock returns is amplified for firms from highly polluting industries, low-carbon pilot cities and regions with high environmental regulatory intensity. These results have implications for understanding the links between biodiversity and financial markets in emerging economies.

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金融学院

2024年10月14日