一、主题：How do institutional investors affect firm innovation in the presence of the controlling shareholders? Evidence from China

二、主讲人：潘小飞, 澳大利亚伍伦贡大学高级讲师（副教授）。2011年获得澳大利亚伍伦贡大学金融学博士学位。主要研究兴趣是实证公司金融及公司治理, 政治资本及影响和新兴市场。主要研究成果发表在Management Science, Journal of Corporate Finance, Journal of Banking and Finance等期刊。研究成果多次在国际学术会议当中获得优秀论文奖。

三、时间：2019年5月22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：姜富伟，中央财经大学金融学院副教授

摘要：In this paper, we investigate the effect of institutional investors on firm innovation using a large sample of Chinese listed firms from 2003 to 2015. We find that domestic mutual funds and Qualified Foreign Institutional Investors (QFIIs) have positive effects on firm innovation and the effects of domestic mutual funds are stronger than that of QFIIs. Moreover, domestic mutual funds’ effects become stronger when their ownership is close to that of controlling shareholders. In contrast, encountered with the challenges from unique institutions and different cultures, QFIIs tend to comply with the controlling shareholders and thus have weaker effect on firm innovation when their ownership is close to the controlling shareholder. These results are robust after correction for potential endogeneity issues. We also find strong evidence that the effects of institutional investors on firm innovation are consistent with the quiet life model, rather than the career concern model, which is different from the US. Furthermore, the effects of domestic mutual funds are weaker in state-owned enterprises, firms with lower profitability, and when firms complete the split-share structure reform. Overall, our findings suggest that the influence of institutional investors is subject to their identities as well as the presence and identity of the controlling shareholders in China where ownership concentration is prevailing and institutional environment is underdeveloped.

[编辑]：孙颖