研發密集產業具有高風險高報酬之特性，使得公司管理階層偏好採行多角化策略以分散職位風險，但股東郤偏好創新策略以極大化個人財富，而可能產生股東與經理人策略選擇上的利益衝突。本研究基於董事會具有決策控制功能的理論，認為公司內部治理機制具有策略控制功能，而足以影響公司之承擔風險的程度，再者，不同的策略取向也可能影響公司表現，而產生不同的績效結果。因此本研究以策略變數為中介變數，將研究模型設計為公司治理機制－策略－績效架構，以研發密集產業進行驗證。
此外，由於策略效果具有時間落後的特性，因此將本研究架構設計為前後期模型，期使模型更為合理。本研究之公司治理機制含括董事會特性及股權結構，而公司策略為創新策略及多角化策略，並且分別從總資產報酬率及Tobin’s q兩指標，瞭解公司治理機制或策略對公司財務面及價值面的影響。茲將研究結果說明如下：
一、創新策略
在董事會特性方面，董事長兼任總經理有助於公司採行創新策略、外部董事相對比例高郤對創新策略有負向影響。在股權結構方面，僅股權集中度對創新策略有顯著正向影響。而創新策略則如預期對Tobin’s q 有顯著正向影響，但對ROA郤沒有顯著影響，其影響方向未定。
二、多角化策略
在第一階段，本研究以Rumelt(1974)所提出專業比率、相關比率及產業賀芬德指數予以衡量產銷集中度，發現董事會規模、董事長兼任總經理皆不利於公司集中專業生產。而經理人持股比率愈高，有助於公司集中生產或發展相關事業。至於多角化對公司表現的影響，不論以ROA或以Tobin’s q 為衡量指標，非相關多角化策略對公司一律有損於公司表現。
三、中介效果
不論是ROA模型或Tobin’s模型，加入策略變數後均達到解釋力增量顯著性。在ROA模型，策略變數維持對ROA的影響力，而公司治理機制變數也沒有降低，策略的中介效果不獲支持。在Tobin’s模型，公司治理機制變數，因策略因素加入，對Tobin’s q的影響力隨時間遞移而逐漸減弱，部份支持策略的中介效果。

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