本研究旨在探討相較防禦型策略，前瞻者策略與研發支出之正向關係如何受CEO權益基礎薪酬的調節影響。過去研究對給予管理者權益薪酬，能否解決代理問題、減緩降低研發支出的發生，尚未獲得一致的結論。本研究將商業策略納入研究，實證結果發現，前瞻者為了能立即對環境的變化做出應對，因此較重視研究與發展，在此情況下若公司增加給予CEO的權益薪酬，能使其與公司股東利益更趨一致、重視公司長期發展，而提高對研發投資的重視。此結果支持CEO權益基礎薪酬對前瞻者策略的研發支出具有利益一致化的調節效果。此外，在公司無盈餘門檻誘因或財報由四大會計師事務所查核的情況下，CEO權益基礎薪酬的增強調節效果會更顯著。

This study aims to explore how the positive relationship between prospectors and R&D expenditures is influenced by the moderating effect of CEO equity-based compensation compared to defenders. Whether we can solve the agency problem and reduce the occurrence of cutting R&D expenditures by giving executives equity compensation, past researches have not yet reached a consistent conclusion. This study incorporates business strategies into research and the empirical finding shows that, in order to respond immediately to changes in the environment, prospectors pay more attention to research and development. In this case, if companies increase the equity compensation paid to the CEO, it can make him more consistent with the interests of the company's shareholders, value the company's long-term development, and increase the emphasis on R&D investment. This result supports the moderating effect of the CEO's equity-based compensation on the R&D expenditures of prospectors. In addition, in the case that the company has no threshold incentive or is audited by the Big4 audit firms, the moderating effect of the CEO's equity-based compensation will be more effective.

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