本研究探討公司治理內外部機制強度對決策者研發和廣告支出裁量權之影響，亦即探討公司治理程度與裁決性支出間之關係。並且探討不同成長機會及規模之公司，其公司治理機制與裁決性支出之關連性。以2001年至2004年為研究期間，樣本為我國上市電子公司。研究結果發現：
1.	在研發支出整體樣本中，董事席位數及會計師查核意見與研發支出呈正向關係，應收關係人款項則與研發支出呈負向關係。
2.	在高成長機會公司樣本中，董事席位數及會計師事務所審計品質與研發支出呈正向關係；應收關係人款項與研發支出呈負相關，與廣告支出則呈正相關。 
3.	在大規模公司樣本中，董事長兼任總經理及應收關係人款項與研發支出間以及董監事持股比率及會計師查核意見與廣告支出間皆呈負相關；而會計師事務所審計品質與研發支出則呈正相關。
4.	在小規模公司樣本中，機構投資人持股比率與研發支出呈顯著負相關。
綜合本研究的實證結果發現，公司治理機制對研發支出具有干擾效果，而廣告支出與公司治理間線性相依程度甚低，另高成長機會公司及大規模公司，公司治理機制對其裁決性支出有一定程度之影響。

Prior researches were focused on better corporate governance, but were not considered whether the stronger corporate governance will affect the discretionary power of managers. This study was intended to examine the associations between the strength of corporate governance and the discretionary expenditure, and explored their relationship under both growth opportunities and scales of company. The samples were selected from publicly listed companies of electronic industry in Taiwan, 2001-2004.
The main findings of this research as follows:
1.	In the whole samples, the association between research and development expenditure (RDE) and number of the member of the director board or opinions from independent auditors are positive but the RDE and receivable items due from related parties is negative.
2.	In the higher growth opportunity samples, number of the member of the director board, auditor’s quality and the RDE show a positive relationship, as the receivable items due from related parties and RDE is a negative one but positive with advertisement expenditure(AE). 
3.	In the large-scale samples, chairman served concurrently with general manager and the receivable items due from related parties has the negative impact to the RDE, also the supervisors’ stock mortgage and independent auditor’s opinion to the AE, as auditor’s quality and the RDE show a positive one. 
4.	In the small-scale samples, there is a negative relationship exists between institutional investors and RDE. 
In a whole, three major’s findings are found in this study: (1) There is an interfering effect of the mechanisms of corporate governance on RDE. (2)The AE has a low degree of linear dependence with the corporate governance. (3)The mechanisms of corporate governance hold impact upon discretionary expenditure in the companies with higher growth opportunity and large scale.

目      錄

謝辭…………………………………………….…………………………Ⅰ
中文摘要………………………………………………………………….Ⅱ
英文摘要………………………………………………………………….Ⅲ
目錄…………………………………………………………………….…Ⅳ
表目錄.........................................................................................................Ⅵ
圖目錄…………………………………………………………………….Ⅶ第一章 緒論……………………………………………………………….1
第一節 研究背景與動機………………………………………………………….1
第二節 研究目的………………………………………………………………….4
第三節 研究流程………………………………………………………………….5
第二章 文獻探討………………………………………………………….6
第一節 公司治理………………………………………………….………………6
第二節 裁決性支出……………………………………………………………...24
第三節 無形資產………………………………………………………………...27
第三章 研究方法………………………………………………………...36
第一節 觀念性架構……………………………………………………………...36
第二節 研究假說………………………………………………………………...37
第三節 變數定義與檢測模式…………………………………………………...44
第四節 研究樣本與資料來源…………………………………………………...48
第五節 資料分析方法…………………………………………………………...50
第四章 實證結果分析…………………………………………………...52
第一節 敘述性統計……………………………………………………………...52
第二節 相關分析………………………………………………………………...56
第三節 迴歸結果分析…………………………………………………………...61
第五章 結論與建議……………………………………………………...74
第一節 研究結論………………………………………………………………...74
第二節 研究限制………………………………………………………………...78
第三節 研究建議………………………………………………………………...79
參考文獻………………………………………………………………….80

 
表  目  錄

表2-1 公司治理五個構面、十七項變數與公司績效的關係……………………...…19
表3-1 檢測假說之迴歸式預期方向………………………………………………….47
表3-2 樣本公司篩選過程彙總表…………………………………………………….49
表4-1 研發支出比例敘述統計分析………………………………………………….53
表4-2 廣告支出比例敘述統計分析………………………………………………….55
表4-3 Pearson Correlation Coefficient -研發支出比例…………...…………………..57
表4-4 Variance Inflation Factor（VIF）-研發支出比例....……….…………………..58
表4-5 Pearson Correlation Coefficient -廣告支出比例………...……………………..59
表4-6 Variance Inflation Factor（VIF）-廣告支出比例....……….…………………..60
表4-7 公司治理內外部機制對裁決性支出之影響-整體樣本…...………………….64
表4-8 公司治理內外部機制對裁決性支出之影響結果彙總-整體樣本....................65
表4-9 公司治理內外部機制對研發支出之影響-整體樣本和分組樣本……………69
表4-10 公司治理內外部機制對廣告支出之影響-整體樣本和分組樣本.………….72
表4-11 公司治理內外部機制對裁決性支出之影響結果彙總-分組樣本…………..73
 
圖  目  錄

圖1-1 研究流程圖………………………………………………………..………...…..5
圖2-1 世界銀行提出的公司治理之架構圖…………………………………………...9
圖3-1 觀念性架構圖………………………………………………………………….36

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