在全球化的社會裡，研發成為公司獲得競爭優勢的以戰勝競爭者的重要因素之一，公司研發被那些因素影響一直是長期為人所研究的題目。機構投資者的投資在很多層面影響公司，特別是主動投資者會更涉入公司的決策與策略當中。因此，我建立雙重差分模型來分析主動投資者如何影響公司。此外，公司的總部位置若坐落在產業群聚與聚集經濟的區域，會有外溢效果。所以我建立了三重差分模型來探討公司總部位置與主動投資者之間如何影響公司研發與其二者之間如何影響與研發之間的係數。本文結果指出公司總部位置與公司研發並未有顯著正向關係。因此可能需要探討更全面的變因，加入更多變數，再度測試本文之假說。接續之研究會使用更多的樣本與加入更多細節。

In the globalization world, innovation is one of the most important factors to get the competitive advantages to win over other competitors. How corporate innovation been influenced by other factors is a long-time topic. Institutional investors are the factor that could make an impact on the company in many aspects. Especially, hedge fund activists who involve in the company strategies and decisions more. Therefore, we try to figure out how they influence the company by using the Difference-in-Difference model. Also, the location of company headquarters has been proven it can have some spillover effect when the company located in industry cluster or agglomeration economy. Thus, I come up with the model of Difference-in-Difference-in-Difference to know how location of the company headquarters and hedge fund activists influence each other. The results here prove that the location the location of the headquarters have no significant positive impact on innovation. Therefore, we may need to put more variables to test the hypothesis again. The remaining work will be carried out as a future work along with entire sample and for more details.

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