研究發展是全球各國經濟持續成長的驅動力，持續研發競爭力是關鍵，本研究以 1999 年至 2009 年625家台灣上市上櫃之電子公司為樣本，探討機構法人持股與研發活動對財務績效之影響。
本研究之機構法人持股構面變數採用外資持股比例、投信持股比例、自營商持股比例；研發活動構面變數採用研發強度、研發密度；財務績效構面變數採用毛利率、營業利益率、資產報酬率、股東權益報酬率、Tobin’s Q 值，加上控制變數有資本額、成立年數、產業別、上市櫃，並利用SPSS 14.0版執行複迴歸之統計分析工作。
結果發現，在研發活動構面變數為研發強度下，其對所有財務績效均無顯著影響，而研發活動構面變數為研發密度時，其對資產報酬率、股東權益報酬率、毛利率、營業利益率有顯著影響，僅對Tobin’s Q 值無顯著影響；在機構法人持股方面，外資持股比例對資產報酬率具有顯著影響，投信持股比例對資產報酬率、股東權益報酬率、毛利率有顯著影響，特別的是就上市電子公司而言，自營商持股比例對其資產報酬率、股東權益報酬率有顯著影響。以上結果顯示上市櫃電子公司可多進行研發密度之研發行為以及吸引外資與投信的持股，以提升資產報酬率。
關鍵字：研發強度、研發密度、財務績效、機構法人持股

Research and development is driving worldwide for the sustainable economic growth. The investigation in this study utilizes 625 respondents’ data among electronic companies in Taiwan Stock Market for measuring institution’s financial performance effect over the eleven years period of 1999 to 2009.
The constituent variables for the research on institution’s ownership include: Foreign ownership ratio, Investment trust shares ratio, Dealers stake ratio. The constituent variables for the R&D activities include: R&D strength, and R&D intensity. The constituent variables for measuring institution’s financial performance, such as, “Gross marginal profit rate, Business operation profit rate, Asset benefit return rate, and Stockholder’s benefit return rate. Tobin's Q values, as well as Gathered capital volumes, Set up years, Industry/business classifications, Business listed operations”, are implemented in the multiple regression statistical analysis by using software package SPSS 14.0 version.
The major findings consist that the R&D strength variable may not be an overall significant factor on institution’s financial performance. However, except on the values of Tobin’s Q, the R&D intensity variable may create significant impacts on Asset benefit return rate, Stockholder’s benefit return rate, Gross marginal profit rate, Business profit return rate.
In the aspect of institution’s ownership, the foreign ownership ratios may cause significant impacts on Asset benefit return rates. For the Investment trust ownership rate, it can be a significant factor on Assets benefit return rate, Stockholder’s benefit return rate, Gross marginal profit rate. With respect to business listed electronic companies, Dealer’s stake ratio may have significant impacts on Asset benefit return rate, Stockholder’s benefit return rate. Finally, these overall indicators have revealed that the business listed electronic companies will be encouraged to conduct more intensity of R & D activities and therefore mostly likely to be able to attract foreign capital & investment trust holdings, and finally to enhance institution’s financial performance on returns and assets.
Keywords：R&D strength, R&D intensity, Institution’s investors’ holding rate, Financial performance

書名頁……………………………………………………………………………………….i
論文口試委員會審定書………………………………………………………….…..iii
中文摘要……………………………………………………………………………...iv
英文摘要……………………………………………………………………………...v
謝誌…………………………………………………………………………………..vi
目錄…………………………………………………………………………………. vii
表目錄………………………………………………………………………………viii
圖目錄……………………………………………………………………………….. ix
第一章　緒論…………………………………………………………………………1
第一節　前言………………………………………………………………………1
第二節　論文章節架構流程………………………………………………………3
第三節　研究目的.............................................4
第二章　文獻探討……………………………………………………………………5
第一節　機構投資人持股…………………………………………………………5
第二節　研究發展活動…………………………………………………………..9
第三節　財務績效………………………………………………………………..16
第四節　機構投資人持股與財務績效之關係…………………………………..19
第五節　研究發展與財務績效之關係…………………………………………..22
第六節　機構投資人持股與研發活動之關係…………………………………..25
第七節　機構投資人持股與研發活動對財務績效之影響……………………..27
第三章　研究設計…………………………………………………………………..30
第一節　研究架構……….……………………………………………..………..30
第二節　研究假設………………………………………………………….…….31
第三節　研究變數及操作型定義………………………………………………..31
第四節　研究方法………………………………………………………………..38
第四章　研究結果…………………………………………………………………..45
第一節　描述性敘述統計分析…………………………………………………..45
第二節　迴歸分析結果…………………………………………………………..48
第五章　結論與建議………………………………………………..………………69
第一節　研究結論………………………………………………………………..69
第二節　研究限制………………………………………………………………..73
第三節　建議……..………………………………………………………………73
參考文獻……………………………………………………………………………..76
一、中文文獻………………………………………………………………………76
二、英文文獻..……………………………………………………………………..78

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