研究與開發的投資是提高公司競爭力和增加公司生產力得以達成最大化股東利潤的公司治理的核心目的。本研究採用台灣證券交易市場的上市公司樣本，從2001 年至 2020 年的 20 年數據資料。資料來源為台灣經濟日報 (TEJ) 數據庫, 以具有完整會計財務資訊之公司進行資料彙整，收集 905 家公司的 14509 筆記錄。研究結果發現,研發投資對企業績效具有正面積極地的影響。此外，本研究還針對研發投資對高科技公司和傳統公司所產生的績效影響進行探討。同時也深入研究了企業研發投資績效在經濟衰退期和經濟擴張期的表現。通過台灣的上市公司實證數據，我們發現研發投資有利於企業運營，尤其是在高科技行業和經濟危機剛結束的時期，將獲得更多的優勢。

Research and Development (R&D) investment is one of the approaches to increasing company competitiveness and growth productivity to maximize shareholders' profit as the purpose of corporate governance policy. This study examines the samples from publicly listed firms obtained from the Taiwan Stock Exchange Market, which included a twenty-year period data from 2001 to 2020. The data from the Taiwan Economic Journal (TEJ) database is accessed to select companies having sufficient equity returns and bookkeeping information for our analyses. After removing firm-year data with partial records, our dataset has 14509 firm-year records from 905 companies. We find that R&D spending affects firm performance beneficially. Furthermore, the dissimilar impact of R&D investment on the performance of high-tech and traditional firms is also studied in this research. We also examine how firms performed during the economic recession period and the economic expansion period. With the Taiwan empirical data, we find that R&D expenditures would benefit corporate operations, especially gain more prime in the high-technology industry and period right after the economic crisis.

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