主讲人：路磊，加拿大曼尼托巴大学阿斯博商学院Bryce Douglas金融学讲席教授
主持老师：（北大国发院）沈艳
参与老师：（北大经院）王一鸣、王熙、刘蕴霆、王法、李少然、巩爱博
（北大国发院）黄卓、张俊妮、常晋源
时间：2026年5月29日（周五）10：00-11:30
地点（线下）：北京大学国家发展研究院承泽园132教室
主讲人简介：路磊，加拿大曼尼托巴大学阿斯博商学院Bryce Douglas金融学讲席教授，博士生导师。2007年毕业于加拿大麦吉尔大学，获得金融学博士学位。路磊教授的研究方向包括资产定价 (理论和实证)，投资者行为和国际金融。研究成果发表在金融学，经济学和管理学期刊，包括Management Science, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Financial Markets, Financial Management, Journal of Economic Dynamics and Control, Economic Theory, 《管理科学学报》和《金融研究》等期刊。路磊教授主持过加拿大社会科学和人文研究理事会基金项目，国家自然科学基金面上项目，上海市浦江人才计划项目以及中国金融期货交易所的研究项目。目前担任Accounting and Finance和 Financial Review杂志的副主编。
报告摘要：This study examines whether bond markets price verifiable environmental outcomes using China's carbon neutrality bonds (CNBs), which require issuers to disclose quantified and independently verified carbon emission reductions. We find that CNBs exhibit significantly lower yield spreads than both conventional green bonds and ordinary bonds, indicating a stronger green premium. More importantly, the magnitude of the premium is directly linked to environmental output: bonds promising larger reductions in CO₂ emissions have lower financing costs. Mechanism analyses show that verified carbon disclosures reduce information asymmetry, attract investors with environmental preferences, and serve as credible signals in weaker institutional environments. Overall, the evidence shows that standardized carbon-reduction metrics are priced in bond markets.
