台灣以家族企業為主，家族治理之公司通常於決策制定上會有不同之考量，對於台灣的電子產業而言，研發投資是公司競爭力之來源，因此本研究深入探討家族企業與研發投資之關係，以及董事於其中扮演之角色。在家族企業制定決策時，董事會進行監督或是為管理階層提供資源，以使公司決策成功執行，因此本研究探討董事在公司所扮演的監督角色及提供資源角色，及其相關經驗對於公司決策之調節作用。本研究實證結果顯示，家族企業相較於非家族企業對於研發的投入較少；而在董事會中，外部董事具有獨立性，於家族企業擔任監督的角色，其監督會使家族企業減少對研發的投入，以避免不必要之浪費，且其經驗能加強支持其對於公司之監督；另一方面，內部董事身為了解企業所需之人，具有資訊優勢，能為公司提供適當的資源與建議，進而讓家族企業願意增加對研發的投入，然而其經驗會降低公司的研發投資，顯示內部董事之經驗可以提供有用的建議幫助公司有效使用資源，不會過度投入資源，使資源效益最大化。 In Taiwan, most of the companies are family firms. The strategic decision considerations of family firms are different from other firms. R&D investment is one of the key ways in building firms’ competitive advantage, especially for electronic firms in Taiwan. Therefore, this paper examines the preference of family firms in R&D investment and the role of directors in family firms’ R&D decision making. In family firms’ decision making, the directors play the role of monitor or resource providing to help the strategy implementation successfully. This study also examines how the related experience moderates the relationship between family firms and R&D investment. The empirical results show that family firms have lower R&D investment than non-family firms. In the examination of the role of the board of directors, the outside directors provide monitor role in the R&D investment decision making of family firms which decrease the R&D investment to avoid unnecessary waste of resource. Moreover, the related experience of outside directors aims the strength of monitoring. On the other hand, inside directors play the role of resource providing in the R&D investment decision of family firms which increase the R&D investment. However, the related experience of inside directors decreases the R&D investment, which shows that the experience of inside directors can provide helpful suggestion to help the company to use resource efficiently, not over-investment resource and maximize the benefit from R&D investment.
