一、题目：Minority shareholder voting and firm innovation

二、主讲人：安云碧教授，加拿大皇后大学金融学博士，现任加拿大温莎大学Odette商学院金融学教授，其主要研究领域包括公司财务金融、资产组合选择、期权定价、风险管理等。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等国际期刊发表论文五十多篇。安教授的学术成果得到了国内外金融理论与实务界的广泛承认，多次受邀参加EFMA, EFA, MFA, 以及NFA等举办的金融学年会，并担任许多国际著名期刊的审稿专家。

三、时间：2022年10月10日（周一）9:00-10:30

四、地点：腾讯会议 ID 720-843-526

五、主持人：郭剑光助理教授

六、内容简介：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.