本研究以2002年2月25日前即已公開上市的台灣公司為研究對象，研究目
的有三：首先，本研究將探討影響公司自願設置獨立董事的動機；再者，本研
究將分別檢視獨立董事之任用與研發投資及公司績效間的關聯性。研究結果顯
示，董事會特性及股權組成並未能對獨立董事之任用有顯著影響，反之，公司
特性，例如：公司規模、負債比及歷史績效，才是影響公司是否任用獨立董事
的重要因素。此外，我們亦發現，獨立董事之任用與公司績效間呈正相關，且
獨立董事之任用比例愈高者，公司績效愈好。但本研究並未發現獨立董事之任
用對公司的研發投資決策有顯著影響。

Using firms publicly listed in Taiwan before February 25, 2002 as our sample,
we explored the factors that motivate firms to voluntarily increase independent
boards. Firstly, we examined the impacts of voluntary appointment of independent
boards on R&D investment and firm performance. We found that the property of
board and the ownership structure are not able to influence the appointment of
independent boards. On the contrary, firm size, leverage ratio and previous firm
performance are important factors that motivate firms to voluntarily appoint
independent boards. We also found a positive relationship between the
appointment of independent boards and firm performance. Besides, we found that
the more independent boards the firm use, the better the firm performance is.
However, we did not find a significant association between independent boards
and innovation investment.