学术预告 | 国家金融学论坛第20期暨国金学术研讨会第207期
报告人：朱菲菲助理教授
题 ?目：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?
时 ?间：2022年6月22日（周三，9:00-10:30）
地 ?点：腾讯会议（会议号：287 625 751）
主持人: 李伟平助理教授
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报告介绍
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.
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报告人介绍
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。她目前在国内外高水平期刊上发表论文数十篇，包括《经济学（季刊）》、《金融研究》、《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。