講座通知——首都金融論壇149期：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?
發布時間：2021-12-13 來源： 作者： [打印] 字號： T T T
會議主題：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?
內容提要： 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.
主講人信息：劉碧波，清華大學五道口金融學院院長助理、副教授。清華大學先進工作者。曾任 中信證券股份有限公司副總裁。研究興趣為公司金融、行為金融、中國資本市場等 。關于宏觀經濟、企業融資、新冠肺炎的多篇政策建議報告獲得中央或部委領導批示；代表性成果發表在Journal of Financial Economics、Management Science、Financial Management、《經濟學動態》、《中國工業經濟》、《金融研究》等國內外金融管理領域核心刊物；研究成果獲得孫冶方金融創新獎、小林實教育基金會最佳論文獎、凱雷投資集團最佳PE論文獎等獎項。