企業的創新已經進入到應用專利權進行策略佈局的階段，因此綜合研發投入和專利產出的創新效率便成為關注企業競爭力的重要指標。而影響創新效率的關鍵在於企業決策者的策略意圖，但由於新興國家法規體制尚不完備，與決策者相關的公司治理因素成為創新效率的核心議題。為深入瞭解其中的連結，本研究以中國的上市公司為研究對象，並從外資投資者的角度探討股權結構與創新效率之間的關係。研究結果發現外資股對於創新效率有正向影響，若與國有股同時存在，原有的正向影響則會減弱；但當國有股私有化的程度愈高，外資股所受的干擾降低，對創新效率的正向影響便愈大；另外法人股的存在則更能增進外資股提升企業的創新效率。 / Nowadays, enterprises regard patents as a key strategy to enhance its innovation capability. Therefore, innovative efficiency (IE), measured as the relation between R&D expenditures and patents granted, becomes an important index to observe corporate competitiveness. Ownership structures could affect the outcome of IE as shareholders are ultimate decision makers. However, this may be a more serious issue in emerging countries, as they generally have weak legal environments and shareholders do not fully understand the details of firms’ innovation efforts. This study explores this issue based on a sample of Chinese listed companies and examines the extent to which ownership structures, especially foreign shareholders, are associated with the IE of publicly listed firms in China. The results indicate that IE is positively associated with the foreign shareholdings, while this relation turns negative when there are state shareholdings. As state shareholding have negative effects on IE and could interfere the role of foreign shareholdings in improving a company’s innovation activities, the results also suggest that the level of state shareholding privatization improves the association between IE and foreign shareholding. Moreover, the relation between IE and the foreign shareholding is more pronounced if institutional shareholdings exist.