Family Ownership R&D Investment and Firm Performance- An Empirical Analysis of the Electronic Industry in Taiwan

[[abstract]]本文利用台灣上市櫃電子產業為實證對象，藉以探討家族持股比率、研發投資與公司績效的關係。自2000年至2009年，實證期間共計10年，依據迴歸分析進行驗證。實證結果顯示，研發投資與公司績效具有顯著負向關係，說明研發投資的投入愈高，其公司績效將會降低。另外，結果顯示研發投資與家族持股的交互項與公司績效呈現顯著正向關係。說明家族持股比率愈高，將使研發投資與公司績效原先的負向關係呈現減緩的現象，也就是說若家族持股比率愈高，其研發投資的績效將有所改善，相較家族持股比率低的企業具呈現好轉的現象。因此，透過本研究可更進一步瞭解，企業中家族持股比率對於研發投資與公司績效上的重要性。[[abstract]]This paper listed the electronics industry in Taiwan an empirical object to examine the ratio of family ownership R&D and firm performance From 2000 to 2009 a total of 10 years research method is regression analysis The empirical results show that R&D investment and firm performance has a significant negative relationship indicating that investment in higher R&D investment the firm performance will be reduced In addition the results show that R&D investment and the interaction terms of family ownership and firm performance has a significant positive relationship That the higher rate of family ownership will enable the original R&D investment and firm performance show the negative relationship between the phenomenon of slowing meaning that if the higher rate of family ownership and its R&D investment will improve the performance compared with family support Low percentage of companies with shares showing the phenomenon better Therefore through this study can be further understood that the family ownership of importance for R&D investment and firm performanc