本文以對國家安全有重大影響的國防工業廠商為對象，建構理論模型來探討研究發展支出對其經營績效之影響，並選取我國12家軍事生產工廠，以1995至1999年之定組追蹤資料進行實證分析。實證結果顯示，影響我國軍事工廠經營績效提昇之原因，主要係來自生產力之提昇，此包含技術進步效果，以及研發投資的成長效果，而勞動及資本兩生產要素投入之成長對廠商經營績效之效果並不明顯。這些結果在敏感度分析中相當穩健，本研究結果對國防工業主管機構之研發投資具政策意涵。

　　　　　This paper examines the impacts of R&D expenditure on operating performance theoretically and empirically in defense industrial. We test these impacts by examining 12 military factories during the 1995-1999 time periods in Taiwan. We find little effects between labor and capital factors on firm performance, but a significant factor is productivity, including technology progress and growth, size, and spillover effects of R&D investment. The findings have important R&D policy for defense industrial authority. These results are generally robust in sensitivity analysis.