一、主題：Controlling Shareholder Pledging: Its Nature and Economic Consequences

二、主講人：羅妍，複旦大學管理學院财務金融系副教授、博士生導師。2010年獲得香港大學金融學博士。研究領域包括行為金融、公司财務、資産定價、中國資本市場特殊問題等，在Management Science、Reviewof Accounting Studies、Journal of Corporate Finance、Journalof Banking and Finance、Journal of Accounting,Auditing, and Finance等國際期刊發表多篇論文。主持國家自然科學基金、上海市晨光計劃、上海市浦江人才計劃等十多項縱向及橫向課題。擔任SSCI期刊Research in International Business and Finance副主編、十餘本SSCI期刊匿名評審、國家自然科學基金通訊評審、香港研究資助局(RGC)研究基金外部評審等。

三、時間：2020年5月15日星期五，下午14:00-15:30

四、地點：騰訊會議【具體房間臨時通知】

五、主持人：黃瑜琴，應用金融系主任    

Abstract: This paper examines the economic consequences of controlling shareholder  pledging in the Chinese A-share market conditional on the nature of the pledging. We decompose controlling shareholder pledging into expected and unexpected components. The former can be inferred from firm characteristics, whereas the latter captures the pure effect of the pledging behavior. Both expected and unexpected pledging add to firms’ future crash risk, while only unexpected pledging contributes to firm financial constraints in the short-term. Furthermore, we collect pledging purpose and classify them into three groups: firm operations and investments, pledge supplements, and personal use. The negative effects of pledging are weak among pledges for the purpose of firm operations and investments but strong among those for the purpose of personal use. The evidence suggests that the nature of pledging, as suggested by its expected and unexpected components as well as pledging purposes, plays an important role in influencing the economic consequences of controlling shareholder pledging.