讲座主题：Liquidity Contraction and State Capital Expansion

主讲嘉宾：聂卓 对外经济贸易大学国际经济贸易学院

讲座时间：2026年4月3日周五14:00-16:00

讲座地点：沙河校区学院11号楼308

嘉宾简介：聂卓，对外经济贸易大学国际经济贸易学院讲师。研究领域为公共经济学和发展经济学，主要关注政府债务、政府间财政关系、地方财政收支行为等研究主题。目前已在Journal of Development Economics、Journal of Economic Behavior and Organization、《经济研究》、《管理世界》、《经济学（季刊）》、《世界经济》、《中国工业经济》等国内外权威期刊上发表多篇学术论文。

内容摘要：This paper studies how financial regulatory shocks reshape corporate ownership structure through local governments’ industrial development objectives. We exploit two regulations implemented in 2018 that jointly disrupted equity pledge refinancing in China, forcing highly pledged controlling shareholders to unwind positions through equity transfers. Using a difference-in-differences design, we find that listed firms with higher pre-reform share pledge ratios experienced significantly greater state ownership entry after the regulatory shock. Combining hand-collected equity transfer announcements with firm-level behavioral measures, we show that state acquisitions are predominantly driven by local government-affiliated entities and concentrated in locally targeted industries. Post-acquisition, firms experience improved liquidity, lower leverage, reduced default risk, and enhanced operating performance, without systematic governance restructuring through the appointment of state-affiliated managers. Our findings suggest that the recent expansion of state ownership in China reflects not a crisis response, but the interaction between financial regulation and local governments’ industrial policy objectives.