摘要
　　投資本身就是具有風險的決策，而追隨性投資行為並不必然對公司的價值提升有利，如何透過有效的治理來妥適降低風險提升公司的價值，是現代化管理的課題。而董事會及高階經理人為現代化企業內最具有決策影響力的治理階層，此二者主導廠商對策略的偏好及風險的態度，進而影響投資決策的形成，好的公司治理應具有促使董事會與管理階層以公司與全體股東最大利益的方式，來達成營運目標的正當誘因，協助企業管理結構之轉型，以及提供有效的監督機制之功效。
　　本論文以近幾年興起投資熱潮的汽車零配件產業為研究對象，著重在探討治理階層的正式與非正式關係及權力配置變數，如何有效的監控並影響投資策略的形成。主要以問卷調查的方式，輔以因素分析、層級迴歸分析等研究方法來測試公司治理的對追隨性投資行為的直接效果與內外部情境因素之調和效果。
　　研究結果發現在主變數的效果上，董事會與高階經理人的私交確實會對追隨性投資行為產生正面的影響，私交愈密切此行為愈顯著。而在加入環境成長性及組織的成功投資經驗之情境因素後關係更強烈，顯示情境效果亦存在。研究結果亦顯示愈年輕公司愈傾向有追隨性的投資行為，其結果可為產業內廠商之借鏡。

Abstract
　Investment is a risk taking behavior. Investment bandwagons couldn’t always raise the company ‘s value. How to use corporate government to reduce the risk and raise the value are important to Entities. Both boards and CEO are important roles for the corporate government. They dominate the strategy preference and risk attitude to decide the investment strategy.
　Based on a survey on 81 companies across auto parts, this study is aimed to clarify formal and informal relationship and power balance between boards and CEO to hop on the investment bandwagon, we also exam the moderating effects. It has raised considerable debats on corporate governance and performance in the extant literature, the relationship between the boards and CEO affect a firm’s strategy behavior such as investment has been rarely explored.
　The results of this study show that the universal effect of the investment bandwagon is positively and significant associated with social ties between boards and CEO and also under the moderation of growth and prior experience. The duality and power balance are negatively associated with investment bandwagon but not significant. The younger company plays an important role to echancing the bandwagon behavior.

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