会议时间：2021/12/15 12:00-13:30

会议主题：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?

会议地点：明辨楼304

内容提要： This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the common wisdom that share pledging funds are circled 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 larger fraction of the largest shareholders (67.3%) used the pledging funds outside the listed firms. By linking the firm registration data with the 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. Besides various robustness checks, we also show that shareholders with better access to share pledging invest more heavily in industries with above-median growth potential.

主讲人信息：刘碧波，清华大学五道口金融学院院长助理、副教授。清华大学先进工作者。曾任 中信证券股份有限公司副总裁。研究兴趣为公司金融、行为金融、中国资本市场等 。关于宏观经济、企业融资、新冠肺炎的多篇政策建议报告获得中央或部委领导批示；代表性成果发表在Journal of Financial Economics、Management Science、Financial Management、《经济学动态》、《中国工业经济》、《金融研究》等国内外金融管理领域核心刊物；研究成果获得孙冶方金融创新奖、小林实教育基金会最佳论文奖、凯雷投资集团最佳PE论文奖等奖项。