一、主題：ControllingShareholders’ Share Pledging and Private Enterprises Development in China

二、主講人：朱菲菲，北京大學光華管理學院金融系在讀博士研究生，芝加哥大學布斯商學院聯合培養博士生，中國财富50人論壇（CWM50）青年研究員，香帥數字經濟實驗室（XS Digital Economy Lab）研究員。她的主要研究方向為影子銀行、股票質押、資産管理市場。目前，她已在國内外高水平學術期刊上發表論文10篇，包括Accounting and Finance、《經濟學（季刊）》《金融研究》《數量經濟技術經濟研究》等。

三、時間：2019年11月13日（周三），中午12:30-13:30

四、地點：bevictor伟德官网學院南路校區主樓913會議室

五、主持人：黃志剛，bevictor伟德官网教授

Abstract: We show that a widely-usedpersonal financing vehicle for listed firms’ shareholders, share pledging,facilitates the development of private enterprises in China. To mitigate theendogeneity concern, we utilize the policy reform of share pledging in 2013which exogenously increases pledging intermediated by securities companies. Wefind that controlling shareholders which registered in cities with morebrokerage branches in 2012 established more private enterprises related to themafter 2013, a strong empirical pattern that is robust to various alternativemeasures. In contrast to the existing literature which emphasizes the negativeimpact of share pledging on listed entities, our study highlights the positiveeconomic consequences of share pledging on private sector, and hence hasimportant policy implications on the development of private sector in China.