為了維持公司的競爭力，公司需透過其公司治理與策略的配合，來達到企業所設定的目標。為了達到組織績效目標，公司致力於不同的創新，同時追求探索性創新策略與利用性創新策略，即雙元性創新策略。過去有很多研究探討公司治理與績效之間的關係，其結果是不一致的，本研究將擬以公司治理中獨立性較高的董事會以及外國機構投資人作為公司治理主要變數，重新檢視公司治理與公司績效之間的關係，並探討雙元性創新策略對於其關係的影響。本研究以台灣電子製造業中的640家企業為研究對象。透過階層迴歸分析實證結果發現：一、獨立董事比例與外國機構投資人持股比例皆對於公司績效有正向影響；二、當企業採用雙元性創新策略時，對外國機構投資人持股比例與公司績效之關係有正面調節效果；三、當企業採用雙元性創新策略時，對獨立董事比例與公司績效之間無顯著關係。最後提出相關建議及管理意涵作為參考。

To keep competitive, a firm needs to combine corporate and strategy to achieve the target. In order to achieve organization’s goal, a firm engages in different innovation strategy that comprises exploitative and exploratory innovation strategies, that is ambidextrous innovation strategy. Past research on the relationship between corporate governance and performance shows inconsistent results. We plan to use Independent Directorship and Foreign Institutional Ownership to recheck this relationship. A total of 640 electronic manufacturing firms constitute the analytical sample. Hierarchical regression analysis reveals that foreign institutional ownership and independent directorship have a positive effect on firm performance. Results also show that, when a firm adopts ambidextrous innovation strategy, the positive effect of foreign institutional ownership on firm performance will be strengthened. However, there is no interaction effect with independent directorship on firm performance. The implications of the findings in this study on the theory and practice are further discussed.

第一章 導論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 4
第三節 研究流程 5
第二章 文獻回顧與研究假說 7
第一節 公司治理之背景 7
第二節 獨立董事與績效之間的關係 17
第三節 外國機構投資人持股與績效之間的關係 26
第四節 雙元性創新策略 29
第五節 雙元性創新策略、公司治理與公司績效之關係 39
第三章 研究方法 47
第一節 研究架構 47
第二節 資料來源與樣本 48
第三節 變數的衡量 49
第四節 統計分析方法 55
第四章 實證結果與討論 56
第一節 樣本描述 56
第二節 迴歸分析結果 61
第三節 實證結果分析之討論 64
第五章 結論與未來研究建議 71
第一節 研究結論 71
第二節 理論貢獻與管理意涵 74
第三節 研究限制與後續研究方向 76
參考文獻 77

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