本研究以期望績效回饋模型探討正績效回饋與負績效回饋效果對企業投資決策的影響。實證時採1998、2002及2006年1601個上市(櫃)之電子資訊企業作為樣本，以檢驗社會比較績效與歷史比較績效對增量資產成長率的影響，研究結果發現當實際績效大於期望目標時，管理人對投資活動轉趨保守，因而與增量資產成長率呈負向關係；相對的，實際績效低於期望目標則與增量資產成長率呈正向關係。另外，本研究亦發現組織之剩餘資源可以在績效低於期望目標時，支持管理人從事投資活動。

Based on the model of performance-aspiration, this study examines the effect of positive and negative performance feedback on the investment decision. Using 1601 public offering firms as data set from Taiwanese electronics manufacturing industry in 1998, 2002 and 2006, we test the impact of both performances relative to social-aspiration and historicalaspiration level on increasing growth rates of assets. Empirical analysis results show manager taking less risk on investment decision when performance exceeds their goals, which indicating the negative relationship between the performance above the aspiration
level and increasing growth rates of assets. In contrast, there is a positive relationship between the performance below the aspiration level and increasing growth rates of assets. Furthermore, it also shows there is probability that manager can take advantage of slack resource to investment activities when the performance below the aspiration level.