在現今高度競爭的環境下，研發與創新為公司競爭力之主要來源，管理階層應審慎評估市場狀況，調整研發創新的投入。公司治理單位亦須發揮其職責，嚴格監督管理階層，使研發投資效率極大化。故本文旨在探討審計委員會品質對研發投資效率的影響，以2012至2016年台灣上市上櫃公司為樣本。研究結果顯示，審計委員會勤勉度增加，會使研發投資效率顯著下降。本研究進一步發現，企業在研發過度投資的情況下，審計委員會之規模與專業性越高，能使研發投資效率顯著提升；但在研發投資不足之情況下，審計委員會品質亦未顯著提升研發投資效率。

In today's highly competitive environment, R&D and innovation are the major sources of corporate competitiveness. The managements should carefully assess market conditions and adjust investment in R&D and innovation. Corporate governance units should also take the responsibility of supervises the management level strictly, and maximizes the investment efficiency of R&D. The purpose of this paper is to discuss the impact of audit committee quality on R&D investment efficiency. The sample of this study is listed companies in Taiwan from 2012 to 2016. The research results show that the increase in the audit committee’s diligence has led to a significant drop in R&D investment efficiency. This study further finds that in the case of R&D overinvestment, the higher the size and expertise of the audit committee, the more significant of the R&D investment efficiency. However, under the condition of underinvestment R&D, the quality of the audit committee has not significantly increased R&D investment efficiency.

第一章 緒論 1
第二章 文獻回顧 7
第一節 投資效率之決定因素 7
一、財務報表品質 7
二、公司治理機制 8
第二節 研發支出相關文獻 10
一、研發支出之會計準則規定 10
二、研發費用化與投資不足 11
三、研發資本化與過度投資 12
四、研發支出與公司績效 13
第三節 審計委員會之設置及其特質 15
一、審計委員會之設置 15
二、審計委員會之獨立性 16
三、審計委員會之規模 18
四、審計委員會之勤勉度 19
五、審計委員會之專業性 20
第三章 假說發展與研究方法 23
第一節 假說發展 23
一、規模 25
二、勤勉度 26
三、專業性 27
第二節 實證模型建立 28
第三節 資料來源與樣本選取 32
第四章 實證結果 35
第一節 敘述性統計 35
一、敘述性統計 35
二、相關係數分析 38
第二節 迴歸結果 40
第三節 額外測試 51
第五章 研究結論與未來建議 61
第一節 研究結論 61
第二節 研究限制與未來建議 62
參考文獻 63

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