讲座题目：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?

讲座时间：2022年06月17日（星期五）上午10:00-11:30

讲座方式：腾讯会议ID：583-729-613；密码：0617

讲座链接：https://meeting.tencent.com/dm/crKBoaqKxMWE

主讲人：朱菲菲，中央财经大学金融学院讲师，中国财富50人论坛青年研究员，香帅数字经济实验室研究员。博士毕业于北京大学光华管理学院，系芝加哥大学访问学者。她的研究兴趣为公司金融、绿色金融、公募基金，以及银行类金融机构。她目前在中外文高水平期刊发表论文十余篇，包括《金融研究》、《经济学（季刊）》、《数量经济技术经济研究》，Accounting and Finance等。主持国家自然科学基金青年项目一项，参与国家自然科学基金、国家社会科学基金若干项。

讲座简介：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.