一、主题：Howdo institutional investors affect firm innovation in the presence of thecontrolling 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 ofCorporate 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。
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.