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

嘉　宾：张子龙 研究员 浙江大学

主持人：张澄宇 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年3月21日（周五）10:00-11:30

地　点：上海交通大学 徐汇校区安泰包图A403

内容简介:

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. With the relaxation of these restrictions, prefectural 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 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. Finally, migration significantly bolsters the land sale revenue of local governments, a significant channel that lowers default risk and, thus, municipal bond spreads.

演讲人简介：

张子龙现任浙江大学经济学院百人计划研究员、博士生导师，香港科技大学金融学博士、新加坡国立大学经济学硕士、北京大学经济学学士。他的研究兴趣包括公司金融、银行贷款以及中国资本市场，研究成果发表于Journal of Accounting Research, Journal of Financial and Quantitative Analysis, Management Science, Review of Corporate Finance Studies等权威国际期刊。

欢迎广大师生参加!