讲座题目：Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?中国上市公司大股东股权质押：为上市公司融资还是为创业融资？

主讲人：朱菲菲 中央财经大学金融学院

讲座时间：2022年5月13日15:00

讲座地点：腾讯会议650769837

内容摘要：

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.

文章研究了我国股权质押与创业活动之间的关系，对股权质押资金回流上市公司这一共识提出了质疑。股权质押资金的支配由持有股份的股东自行决定，调查证据显示，多数大股东（67.3%）将质押资金用于上市公司外部。通过将公司注册信息与股权质押数据关联起来，文章发现股权质押与创业活动之间存在正相关关系。利用2013年股权质押市场推出场内交易市场这一更有利于自然人股东的准自然实验，文章发现，相比法人股东，自然人股东在这之后显著增加了创业活动。各类稳健性检验也均支持上述结论。此外，研究还发现，通过股权质押获取资金的股东更多地将资金投资到了增长潜力较高的行业。

主讲人简介：

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。