| 摘要: | 本研究採用台灣經濟新報 (Taiwan Economy Journal) 2010年至2021年台灣上市櫃電子業廠商資料，探討公司股權結構與專利產出的關聯。股權結構以前三、前五大股東持股，以及類HHI指數衡量股權集中度，並使用類吉尼係數模型建構股權類吉尼係數，衡量股權不均度。此外，本研究亦依據專利種類、公司特徵、電子業細項產業別區分子樣本進行異質性分析。
實證結果顯示，公司股權集中度、不均度與專利數目間呈現U型關係。當股權集中度、不均度較低時，大股東增加持股除了能鞏固其影響力外，亦需承擔更高的風險，導致大股東出現風險趨避行為而限縮公司創新；反之，當公司之股權集中度、不均度較高時，大股東之利益與公司密切相關，其主要考量為公司長遠之發展而推動長期創新，並提供所需之資源及人脈。子樣本的結果發現，股權結構與專利之U型關係主要來自於發明型專利。股權集中度較高、負債比率較低、規模較小、成立較久、屬於家族經營、董事長兼任總經理之企業，以及屬於電腦及週邊產業之公司亦有此現象。股權不均度與專利間的U型關係則顯現於規模較大，與屬於半導體及電子零組件業之公司。;This study examines the relationship between ownership structure and patent output. Regression analyses are performed on a dataset, extracted from Taiwan Economy Journal, which includes Taiwanese publicly listed firms belonging to the electronic industry. The time span of this study is 11 years (2010-2021). Ownership structure is measured by two indices, ownership concentration and ownership inequality. Ownership concentration is calculated by the sum of the top three, top five shareholders, and HHI-style index, respectively. Ownership inequality is measured by utilizing Gini-style model. Subsamples are divided according to patent types, company features, and subindustries.
This study finds a U-shaped relationship between ownership concentration and ownership inequality with patent output. In firms with low ownership concentration or inequality, block holders′ risk aversion behaviors, driven by their increasing shares, negatively impact patent output. Conversely, in firms with high ownership concentration or inequality, block holders′ interests align with the firm′s prospects, leading to project facilitation and resource allocation that benefit the firm over a longer time span. Subsample analysis confirms that the U-shaped relationship between ownership structure and patent output stems from the invented patents. Furthermore, the U-shaped relationship between ownership concentration and patent output extends to firms with higher concentration ratios, lower leverage ratios, smaller sizes, family-run firms, those with CEO duality, or those in the computer-related industry. Additionally, a U-shaped relationship between ownership inequality and patent output is observed among larger firms and those in the semiconductor and electronic component industries. |
