| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29731 |
| 来源ID | Working Paper 29731 |
| Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship? | |
| Zhiguo He; Bibo Liu; Feifei Zhu | |
| 发表日期 | 2022-02-07 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 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. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Development and Growth ; Development ; Country Studies |
| URL | https://www.nber.org/papers/w29731 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587405 |
| 推荐引用方式 GB/T 7714 | Zhiguo He,Bibo Liu,Feifei Zhu. Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29731.pdf（985KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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