| Summary: | 碩士 === 國立臺北大學 === 經濟學系 === 104 === Research and development become the necessary ways to increase profits and future development for contemporary companies. This study analyzes the relationships between R&D investment expenditure and operating performance in Taiwan enterprises. In addition, with the separation of ownership and management to the contemporary companies, the enterprises exist principal-agent problems.The shareholding ratios of insiders will affect the development and profits.To explain the situations, convergence of interest hypothesis and entrenchment hypothesis are proposed. The principal-agent problems in contemporary companies will severe along with the increase of corporate size. The insider ownership is considered an important tool for controlling asymmetric information problems. Although the rich research about the shareholding ratios of insiders to company performance, no paper addresses the association among the insider ownership, R&D spending, and firm performance. This study attempts to fill this gap. In this study, we use a data set of firms listed in Taiwan Stock Exchange market. The yearly based data are used from 2008 to 2014 .The primary findings indicate that the companies have high insider ownership.The more the companies invest R&D, the higher the firms have profit．
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