本文以2001年至2020年台灣上市、上櫃企業為研究樣本，以專利總數作為創新之衡量變數，探討董監事持股與股權質押對企業創新活動的影響，以及企業創新對公司績效的影響；此外，本文亦延伸探討經理人持股是否對於企業創新活動造成影響。實證結果如下：其一，董監事持股比率對於企業創新活動存在負向關係；其二，董監事質押比率對於企業創新活動存在負向影響，推論其原因為董監事畏懼股價崩跌而出現的風險趨避行為；其三，企業創新活動對於企業長期公司績效帶來正向影響；最後，經理人持股比率對於企業創新存在顯著正向關係，顯示出在台灣市場當中，經理人持股能夠降低代理問題，使經理人投入創新以獲得長期價值成長，避免短視近利的決策。

This study takes listed companies in Taiwan from 2001 to 2020 as research samples and uses the total number of patents as a proxy variable to measure innovation. We mainly examine the influence of directors’ and supervisors' shareholding and stock pledges on corporate innovation and the impact of corporate innovation on company performance. In addition, this paper extends to explore whether managers' shareholding impacts corporate innovation activities. The empirical results are as follows: First, there is a negative relationship between the shareholding ratio of directors and supervisors and corporate innovation activities. Second, the stock pledge ratio of directors and supervisors has a negative influence on corporate innovation, and it is inferred that directors and supervisors are fear of stock price collapse and tend to behave risk-averse. Third, corporate innovation positively impacts long-term corporate performance. Finally, managers’ shareholding ratio has a significant positive relationship with corporate innovation, showing that in the Taiwan market, manager shareholding may reduce agency problems, which makes managers invest in long-term activities such as innovation, and avoid short-sighted decisions.

論文審定書 i
致謝 ii
摘要 iii
Abstract iv
圖次 vi
表次 vii
第一章、緒論 1
第二章、文獻探討 3
第一節、董監事持股對於創新活動的影響 3
第二節、股票質押對創新活動的影響 3
第三節、創新活動是否能替企業提升附加價值 4
第四節、假說建立 4
第三章、資料與樣本 6
第一節、主要研究變數(自變數與應變數) 6
第二節、控制變數 7
第三節、固定效果 8
第四章、研究方法與設計 8
第五章、敘述統計與實證結果 11
第一節、敘述統計 11
第二節、多元迴歸分析結果 20
第六章、將研究發展費用視為企業創新之替代變數 30
第一節、研究發展費用 30
第二節、多元迴歸分析結果 30
第七章、延伸議題：經理人持股對於企業創新活動的影響 39
第一節、經理人持股 39
第二節、相關文獻回顧與假說建立 39
第三節、實證結果 40
第八章、結論與建議 47
參考文獻 49

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