一、題目：Minority shareholder voting and firm innovation

二、主講人：安雲碧教授，加拿大皇後大學金融學博士，現任加拿大溫莎大學Odette商學院金融學教授，其主要研究領域包括公司财務金融、資産組合選擇、期權定價、風險管理等。曾在Journal of Corporate Finance, Financial Management, Journal of Banking and Finance, Journal of International Money and Finance, Small Business Economics, Journal of Business Finance and Accounting和Journal of Futures Markets等國際期刊發表論文五十多篇。安教授的學術成果得到了國内外金融理論與實務界的廣泛承認，多次受邀參加EFMA, EFA, MFA, 以及NFA等舉辦的金融學年會，并擔任許多國際著名期刊的審稿專家。

三、時間：2022年10月10日（周一）9:00-10:30

四、地點：騰訊會議 ID 720-843-526

五、主持人：郭劍光助理教授

六、内容簡介：Based on the 2014 regulatory reforms aimed at strengthening the protection of legitimate rights and interests of minority investors in China, we investigate minority shareholders’ short-termism and how the enhanced minority voting power impacts firm innovation. We find that the enhanced minority voting power after the reforms lowers firms’ patent counts. We show that the reduced innovation outcomes cannot be explained by shareholders’ weak monitoring in firms with strong minority voting power potential, as for such firms, strong product market competition does not promote innovation. Moreover, the enhanced minority voting power boosts both the target earnings growth rate in executive incentive plans and executive turnover-performance sensitivity, which undermine innovation incentives. Finally, the negative impact of the enhanced minority voting power on innovation is particularly pronounced for firms with non-entrenched managers and firms with low ownership held by pressure-resistant institutions.