在現今知識經濟時代，研發創新儼然成為企業提升自我價值與市場競爭力的最佳途徑，而研發費用的支出取決於公司管理者之決策，故本文以國內上市櫃公司研發支出水準為研究主軸，探討公司總經理持股比率與公司現有條件：企業價值與成長機會、組織寬裕資源與負債比率共四項變數對公司研發支出決策之影響關係，旨在探討總經理在自利動機與公司績效考量下，對研發投資水準之決策考量，並進一步探討在不同的公司型態與條件下，是否具有差異性。 本研究資料取自台灣經濟新報社(TEJ)資料庫並輔以公開資訊觀測站資料，採用多元迴歸分析對樣本進行檢定。實證結果顯示，總經理持股比率、公司負債比率與研發支出呈顯著負相關；企業價值與成長機會、組織寬裕資源與研發支出呈顯著正相關。此外，在整體樣本和不同的上市櫃標準下，以總經理持股率與組織寬裕資源之交互效果對企業研發支出決策具有顯著的正向影響力。唯當公司總經理非由董事長兼任時，僅有企業成長機會、公司負債比率以及兩變數與總經理持股之交互效果對企業研發投資決策具有顯著之影響。 In a knowledge economy, the research and development (R&D) has become the best way for an enterprise to prosper and gain market power. Executives are the ones who decide the amount of capital a firm puts into R&D activities. This study takes the agency perspective to investigate the relationship between CEO stock ownership and a firm''s R&D expenditures. This study investigate the impact of the CEO stock ownership, firm growth opportunity, slack resources, and debt ratio on R&D expenditures. The purpose is to determine whether CEO stock ownership would affect CEO’s decision on R&D expenditures. We further investigate the effects of a firm’s listing statue, industry type, and CEO dual role statue on R&D expenditure. The data comes from TEJ database and the market observation post system, and multiple regression analysis is used to carry on the investigation. As a whole, this study shows that CEO stock ownership and debt ratio are negatively associated with a firm’s R&D expenditures, and firm growth opportunity and slack resources are positively associated with a firm’s R&D expenditures. The increasing in shareholding of CEO will increase CEO’s fear of downside risk. As a result, CEO may reduce the long term risky investment in R&D to avoid the lose. When a firm’s CEO isn’t also the firm’s chairman of the board, only firm growth opportunity and debt ratio have the significant effect on a firm’s R&D expenditures.
