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

二、主讲人：朱菲菲，北京大学光华管理学院金融系在读博士研究生，芝加哥大学布斯商学院联合培养博士生，中国财富50人论坛（CWM50）青年研究员，香帅数字经济实验室（XS Digital Economy Lab）研究员。她的主要研究方向为影子银行、股票质押、资产管理市场。目前，她已在国内外高水平学术期刊上发表论文10篇，包括Accounting and Finance、《经济学（季刊）》《金融研究》《数量经济技术经济研究》等。

三、时间：2019年11月13日（周三），中午12:30-13:30

四、地点：中央财经大学学院南路校区主楼913会议室

五、主持人：黄志刚，中央财经大学金融学院教授

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.