本文研究以2009年至2015年台灣上市、櫃電子業為研究對象，探討機構投資人、管理者短視研發投資行為與創新績效之關係，並檢視管理者短視研發投資行為是否具有中介效果。實證結果主要發現如下：(1)相對於國內機構投資人，國外機構投資人持股與企業未來創新績效具有更正向的關係；(2)相對於國內機構投資人，國外機構投資人持股與管理者短視研發投資行為具有更負向的關係；(3)管理者短視研發投資行為與企業未來創新績效具有負向之關係；(4)相對於國內機構投資人，當國外機構投資人持股較高時，管理者從事短視研發投資行為可能性低，對於企業未來之創新績效具有更正向的影響。實證結果也發現當管理者從事短視研發投資行為時，雖然對於企業短期創新數量影響不明顯，但會影響到企業長期創新成果。 This paper uses Taiwanese publicly listed electronics industry as the research object from 2009 to 2015 to examine the relationships among institutional investors, managers’ myopic R&D investment behavior and innovation performance. I also examine whether the managers’ myopic R&D investment behavior plays a mediating role between institutional investors and innovation performance. The main findings are as follows: (1) Compared with the domestic institutional investors, the foreign institutional investors shareholdings have more positive relationship with the corporate innovation performance in the future; (2) Compared with domestic institutional investors, the foreign institutional investors shareholdings have more negative relationship with the myopic R&D investment behavior of corporate managers; (3) Managers’ Myopic R&D investment behavior have more positive relationship with corporate innovation performance in the future; (4) Compared with the domestic institutional investors, the foreign institutional investors with higher shareholdings are more likely to reduce managers’ myopic R&D investment behavior and have more positive relationship with corporate innovation performance in the future. Final, I also find when managers engage in myopic R&D investment behavior can’t impact innovation quantity of current year, but has a negative impact on innovation output in the long run.
