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“The Insurance Funds Placards” and Corporate Governance in Dispersed Ownership Era
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Title“The Insurance Funds Placards” and Corporate Governance in Dispersed Ownership Era  
AuthorZheng Zhigang, Shi Lina and Huang Jicheng  
OrganizationRenmin University of China;; 
Key WordsInsurance Funds Placards; Corporate Governance; Takeover Incentives; Financial Investors; Diversified M&A. 
AbstractBased on the exploration of the implementation mechanism of active shareholder and the identification of the effect boundary, this paper shows that “the insurance funds placards” becomes an important approach to improve the structure of corporate governance through pushing the corporate ownership more dispersed in the dispersed ownership era. However, the insurance funds who transformed into strategic investors from financial investors would impair the above effects. Similarly, comparing to correlative M&A, diversified M&A would weaken the above effects too. Therefore, cautious financial investing and correlative M&A become the effect boundary of corporate governance. This paper not only contributes to the effect evaluation of “the insurance funds placards” in corporate governance, but also raises abundant policy implications for regulating M&A activities of insurance funds and other institutional investors. 
Serial NumberWP1378 
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