本研究以台灣2014至2024年上市電子業為樣本，實證檢驗研發支出對企業長期績效的影響，並分析不同類型投資人（傳統機構投資人與ETF）在其中的調節角色。研究結果顯示：第一，企業研發支出與長期績效之間具有顯著正向關聯；第二，當機構投資人持股比例較高時，此正向效果更為顯著；第三，ETF雖為重要持股來源，但其對研發與績效關係的調節效果相對薄弱；第四，進一步分析ETF異質性後發現，成長型ETF相較於高股息型ETF，對研發與績效關係具有更強的正向調節效果。 本研究填補台灣市場中關於研發支出、長期績效與外部投資人互動關係的實證缺口，提供企業理解股東結構對研發效益之影響，亦為政策制定者評估 ETF 對本土創新與資本市場效率的影響提供重要參考。;This study investigates the impact of R&D expenditure on long-term corporate performance using a sample of publicly listed electronics companies in Taiwan from 2014 to 2024. It further examines the moderating roles of different types of investors—namely, traditional institutional investors and Exchange-Traded Funds (ETFs). The empirical results show that: (1) R&D expenditure has a significant positive relationship with long-term corporate performance; (2) this positive effect is more pronounced when institutional ownership is higher; (3) although ETFs represent an important source of ownership, their moderating effect on the relationship between R&D and performance is relatively weak; and (4) further analysis of ETF heterogeneity reveals that growth-oriented ETFs exhibit a stronger positive moderating effect than high-dividend ETFs. This study fills an empirical gap in the Taiwanese market regarding the interaction between R&D investment, long-term performance, and external investor types. The findings offer valuable insights for firms in understanding how ownership structure influences the effectiveness of R&D, and provide important implications for policymakers in evaluating the role of ETFs in promoting domestic innovation and capital market efficiency.
