Governance by One-Lot Shares
研究中国准官方投资者持有一股股票对企业的治理效果，发现其能增加独立董事反对票、减少掏空和盈余管理、改善并购绩效，为保护中小股东提供新机制。
Abstract We use a novel experiment in China to examine the effects of having a quasi-official investor own a small number of shares on specific firm outcomes. We find that, relative to control firms, pilot firms experience an increase in dissenting votes from independent directors, a reduction in tunneling and earnings management activities, and an improvement in merger performance. Independent directors questioned by the quasi-official shareholder in activism events subsequently lose board seats in the director market. Overall, our results shed light on a new mechanism for enhancing the protection of minority shareholders.