以我國電子、化學生技產業2年共693家公司為對象，採用多元迴歸及主成分分析進行研究，本研究主要目的是探討總經理自主權、總經理持股比例對於企業研究發展活動的影響，其中以職位權、薪酬權、運作權等三項變數來衡量總經理自主權，結果發現運作權對研究發展投入強度成顯著正相關，薪酬權、職位權、與研究發展投入強度之關係則不明顯，進一步以主成分分析後發現總經理自主權與研究發展投入強度成顯著正相關，且總經理自主權對研究發展投入強度的影響會大於總經理持股比例對其之影響，在追蹤資料分析中，總經理自主權與研究發展投入強度呈現正相關，另外資產報酬率和資產負債率與研究發展投入強度皆呈顯著負相關。
Managerial discretion could have a significant influence on companies’ future di-rection and decision making. This study focuses on R&D intensity and examines its re-lationship with managerial discretion and managerial share ownership.
Managerial discretion is measured in terms of three dimensions. A sample of 693 firms from electronic industry and biochemical industry for the years of 2010 and 2011is used to test the hypotheses. A multiple regression analysis is conducted to test the relationships between managerial discretion﹐share ownership and R&D intensity.
The result indicates that there is a positive relationship between operation dimen-sion of managerial discretion and R&D intensity. Managerial discretion as a whole has a significant positive effect on R&D intensity. Moreover the influence of managerial dis-cretion on R&D intensity is greater than the influence of management ownership on R&D intensity. Finally the panel data analysis indicates that there is a positive relation-ship between managerial discretion and R&D intensity.
