迥異於其它國家的股權結構型態，中國上市公司的股權由國家所持有的比例將近50%，這種特殊的股權結構對公司的經營活動產生了重要影響。本研究的焦點旨在探討中國特殊的股權結構型態所引發的代理問題是否會影響到公司的創新活動。實證結果指出，國家持有股份比例與公司創新活動呈負相關，可能係由於國家持股愈高的公司，其經營團隊通常係由政府單位所指派，由於管理者需對公司盈餘向主管機關負責，而與公司之成長機會並無直接利害關係，故本研究認為管理階層可能為避免高額創新費用而放棄長期成長機會，故國家持股比例將與創新活動呈負相關。其次，法人機構的股權比例對創新活動為正面的影響，結果亦同樣證實Shleifer and Vishny (1997)的論點，顯示法人股東對於公司監督的力量相對較其它股東大，因此法人股東對公司關鍵性策略具影響力，且對公司創新活動之績效呈正向的影響。接著，公眾股東股權比例與創新活動呈負向關係，因為中國境內公眾股東受制於委託代理的限制，再加上平均持有股權比例較低(Xu and Wang, 1999)，故公眾股股東對於公司管理當局監督的能力較為薄弱。最後，實證結果亦支持境外股股權比例對於創新活動的影響是正面的假說，本研究認為境外股份受到發行當地國家較多的規定限制，因此管理當局受到的制約較大，且能夠境外發行股票的公司其公司治理結構較好。

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