本研究主要探討研發支出對於公司績效的影響，也一併分析研發支出對於公司報酬與風險的影響。研究結果發現使用舊的風險指標標準差，研發費用無論是當期還是經過遞延對於公司的風險為正的顯著影響，然而，使用新的風險指標Aumann and Serrano（2008）所提出之風險指標（AS風險指標），研發費用再經過一年後對於公司當期的風險為負的顯著影響，兩者結果不同的可能原因為衡量方式的差別，前者著重與平均值偏離的程度，後者加強左偏的嚴重程度。本研究將研發費用進行自我與同產業的比較，進一步探討研發費用除以總資產得到的研發費用率對於公司績效之影響，證實研發費用率經過半年和一年對於公司當期的報酬有正向顯著的影響。再考慮研發費用對於公司的影響可能是非線性，所以進行研發費用率與同產業的比較，分析研發費用率的排序對於公司績效之影響，證實有投入研發的公司對比沒有投入研發的公司，公司的績效較差，為負的顯著相關，此結果與文獻結果相反。由於研發費用率的排序結果比較了有無投入研發之公司的結果，所以在最後將樣本只篩選出有投入研發之公司，研究其公司的研發費用對於公司績效之影響，證實其公司研發費用越高，公司的風險較低，為負向的顯著影響。本研究也觀察金融危機時期前後對於金融危機時期（2008年和2009年）公司的影響，發現非金融危機時期比較金融危機時期，公司的報酬較低、風險也較低。;This study focus on the effect of research and development (R&D) and firm performance. We also analyze the effect on return and riskiness. The results show that R&D expenditures have a significantly effect on firm riskiness. However, different riskiness measures have different result. When we use standard deviation AS riskiness measures, R&D expenditures, whether in the current period or lagged for 3 period, have a positive significantly effect on firm riskiness. When we use AS riskness index as a new riskiness measures, R&D expenditures, which lagged 2 period, have a significantly negative effect. For the effect of firm size, we use the ratio of R&D expenditures to total asset to examine the effect on firm performance. Then, we find that the ratio of R&D expenditures to total asset, which lagged 1 and 2 period, has a positive significantly effect on return. Considering the potentical nonlinear relationship between R&D and firm performance, we also use the rank of the ratio of R&D to examine the effect on firm performance. The result shows that the firms with R&D investment are worse on firm performance than the firms without R&D investment. This result is different from the literatures on R&D. This study also find that the period before and after financial crisis has lower return and lower firm riskiness than the period on financial crisis.
