講座題目：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?

講座時間：2022年06月17日（星期五）上午10:00-11:30

講座方式：騰訊會議ID：583-729-613；密碼：0617

講座鏈接：https://meeting.tencent.com/dm/crKBoaqKxMWE

主講人：朱菲菲，中央財經(jīng)大學(xué)金融學(xué)院講師，中國財富50人論壇青年研究員，香帥數(shù)字經(jīng)濟實驗室研究員。博士畢業(yè)于北京大學(xué)光華管理學(xué)院，系芝加哥大學(xué)訪問學(xué)者。她的研究興趣為公司金融、綠色金融、公募基金，以及銀行類金融機構(gòu)。她目前在中外文高水平期刊發(fā)表論文十余篇，包括《金融研究》、《經(jīng)濟學(xué)（季刊）》、《數(shù)量經(jīng)濟技術(shù)經(jīng)濟研究》，Accounting and Finance等。主持國家自然科學(xué)基金青年項目一項，參與國家自然科學(xué)基金、國家社會科學(xué)基金若干項。

講座簡介：This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the common wisdom that share pledging funds circle back to the listed firms. Share pledging funds are at the discretion of the shareholders who pledge their publicly traded shares, and survey evidence shows that a majority of the largest shareholders (67.3%) used pledging funds outside the listed firms. By linking firm registration data with share pledging data, we show a positive relation between shareholders’ pledging transactions and entrepreneurial activities. Utilizing the launch of the exchange market in 2013 as a quasi-natural experiment that favors share pledging by natural person shareholders against that by legal entity shareholders, our difference-in-differences (DID) analysis shows natural person shareholders increased their entrepreneurial activities significantly in response to the policy shock, relative to legal entity shareholders. In addition to various robustness checks, we also show that shareholders with better access to share pledging invest more heavily in industries with above-median growth potential.