在科技创新的浪潮中，中国为了完善资本市场制度，引入特别表决权结构和 日落条款机制。但是由于非同股同权结构的固有局限，特别表决权结构的实施效 果与政策初衷是否一致尚待考证。因此，本文选取2018-2022年期间上市的港交 所主板公司和2019-2022年期间上市的上交所科创板公司作为样本，探究特别表 决权结构和日落条款类型对企业创新水平的作用机制。研究发现：相比于单一股 权结构企业，特别表决权结构企业的创新水平显著较高，稀释型日落条款在特别 表决权结构对企业创新水平的作用机制中发挥正向调节作用；特别表决权结构的 创新推动作用和稀释型日落条款的调节作用在高科技行业企业更加明显；特别表 决权结构的创新推动作用通过为企业保留独特优势智力资本和缓解融资约束来 发挥效果。本研究拓展了特别表决权结构相关理论研究，也为中国资本市场制度 改革和企业创新提供建议。

In the wave of scientific and technological innovation, China has introduced special voting structure and sunset clause in order to improve the capital market system. However, due to the inherent limitations of the structure with different shares and same rights, whether the implementation effect of special voting structure is consistent with the original intention of the policy remains to be verified. Therefore, this paper selects the companies listed on the main board of the Hong Kong Stock Exchange from 2018 to 2022 and the companies listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange from 2019 to 2022 as samples to explore the effect mechanism of special voting structure and the type of sunset clause on corporate innovation. The results show that: compared with firms with other firms, firms with special voting structure have higher innovation level, and the dilutive sunset clause plays a positive moderating role in the effect mechanism of special voting structure on firms' innovation level; The innovation promotion effect of special voting structure and the regulation effect of dilutive sunset clause are more obvious in high-tech enterprises; The innovation promotion effect of special voting structure is played by retaining unique superior intellectual capital for enterprises and alleviating financing constraints. This study not only expands the theoretical research on special voting structure, but also provides suggestions for China's capital market system reform and enterprise innovation.