本文研究管理层持股比例对企业技术创新效率的影响。使用2003-2014年中国沪深A股上市公司的大样本，本文发现管理层持股比例显著提升了中国上市公司的技术创新效率，这表明管理层持股在技术创新实践中具有“激励相容效应”。进一步的研究发现，管理层持股对技术创新效率的正向影响在代理成本较低的企业更明显。

This paper explores the influences of managerial ownership on firms’ innovation efficiency. Using the sample of China’s listed firms for the period 2003-2014, this study finds that managerial ownership promotes the firms’ innovation efficiency. Specifically, we find that firms with higher managerial ownership achieve greater innovative success for given research and development expenditures. In addition, we find that the impact of managerial ownership on innovation efficiency is more pronounced for firms with lower agency cost.