科学研究
报告题目：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?
报告人：朱菲菲
报告时间：2022年3月25日（周五）15:00-17:00
报告地点：腾讯会议（会议ID：531 386 115）
主办单位：东北财经大学会计学院
【报告摘要】
This paper studies the connection between share pledging and entrepreneurial activities inChina, 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 tradedshares, and survey evidence shows that a majority of the largest shareholders (67.3%) used pledgingfunds 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 thatfavors share pledging by natural person shareholders against that by legal entity shareholders,our difference-in-differences (DiD) analysis shows natural person shareholders increased theirentrepreneurial activities significantly in response to the policy shock, relative to legal entityshareholders. In addition to various robustness checks, we also show that shareholders withbetter access to share pledging invest more heavily in industries with above-median growthpotential.
【报告人简介】
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。
