Research on the Influence of Differential Voting Rights on Technological Innovation Output: Empirical Evidence based on Listed Companies on the STAR Market

Abstract

This study examines the impact of differentiated voting rights structures on the technological innovation output of listed companies on the STAR Market. Grounded in human capital theory, it argues that corporate innovation is not solely driven by physical capital investment but is also closely linked to human capital accumulation and incentive mechanisms. By analyzing empirical data, the study finds that firms with differentiated voting rights exhibit higher innovation activity and effectiveness compared to those following a one-share-one-vote model. This governance structure enhances R&D investment and market conversion efficiency while optimizing decision-making and stimulating innovation among management and key technical personnel. The findings highlight the crucial role of human capital in corporate innovation and provide empirical support for institutional innovation in corporate governance.