一、主題：Howdo institutional investors affect firm innovation in the presence of thecontrolling shareholders? Evidence from China

二、主講人：潘小飛, 澳大利亞伍倫貢大學高級講師（副教授）。2011年獲得澳大利亞伍倫貢大學金融學博士學位。主要研究興趣是實證公司金融及公司治理, 政治資本及影響和新興市場。主要研究成果發表在Management Science, Journal ofCorporate Finance, Journal of Banking and Finance等期刊。研究成果多次在國際學術會議當中獲得優秀論文獎。

三、時間：2019年5月22日（周三），中午12:30-13:30

四、地點：bevictor伟德官网學院南路校區主樓913會議室

五、主持人：姜富偉，bevictor伟德官网副教授

摘要：Inthis paper, we investigate the effect of institutional investors on firminnovation using a large sample of Chinese listed firms from 2003 to 2015. Wefind that domestic mutual funds and Qualified Foreign Institutional Investors(QFIIs) have positive effects on firm innovation and the effects of domesticmutual funds are stronger than that of QFIIs. Moreover, domestic mutual funds’effects become stronger when their ownership is close to that of controllingshareholders. In contrast, encountered with the challenges from uniqueinstitutions and different cultures, QFIIs tend to comply with the controllingshareholders and thus have weaker effect on firm innovation when theirownership is close to the controlling shareholder. These results are robustafter correction for potential endogeneity issues. We also find strong evidencethat the effects of institutional investors on firm innovation are consistentwith the quiet life model, rather than the career concern model, which isdifferent from the US. Furthermore, the effects of domestic mutual funds areweaker in state-owned enterprises, firms with lower profitability, and whenfirms complete the split-share structure reform. Overall, our findings suggestthat the influence of institutional investors is subject to their identities aswell as the presence and identity of the controlling shareholders in Chinawhere ownership concentration is prevailing and institutional environment isunderdeveloped.