【讲座信息】

主讲人：张子龙 浙江大学经济学院

主持人：吴鹏 浙江财经大学经济学院

时间：2024年10月23日（周三）14:00 - 16:00（下午）

地点：

线下：经济学院210会议室

讲座主题：

Migration and Municipal Bond Pricing: Evidence from China’s Household Registration Reform

【Abstract】This study investigates how interregional migration impacts municipal bond pricing in China. Traditionally, the country’s household registration system, or Hukou system, has heavily restricted interregional migration. However, with the relaxation of these restrictions, cities experiencing an influx of population show a notable decrease in the issuing yield spreads of their municipal bonds. The effect is more pronounced for prefectural cities with greater fiscal pressure and lower bond ratings, consistent with a credit risk channel. Further analyses reveal that the decline in municipal bond spreads is mainly driven by increased demand for local services and infrastructure facilities and by an enhanced supply of skilled labor. Additional findings suggest that migration significantly bolsters local governments’ land sale revenue, a significant channel that lowers default risk and, thus, municipal bond spreads.

[主讲人简介] 张子龙教授现任浙江大学经济学院百人计划研究员（正高）兼博士生导师，拥有香港科技大学金融学博士学位、新加坡国立大学经济学硕士学位以及北京大学经济学学士学位。他的主要研究领域涵盖公司金融和资产定价，研究成果发表在《Journal of Accounting Research》、《Journal of Financial and Quantitative Analysis》、《Management Science》、《Review of Corporate Finance Studies》等国际顶级学术期刊上。