過去文獻發現投資為提升公司企業價值的核心因素之一，本文則以公司治理之角度來探討公司價值的提升是直接受到研發支出和資本支出之公司投資所影響，抑或是間接透過良好的公司治理所造成。實證結果發現，這個問題的答案取決於產業特性和投資之本質，而直接效果和間接效果可以單獨存在，也可能同時並存，甚至公司投資也可能與公司價值無關。我國電子產業，即使缺乏良好之公司治理，公司投資本身就可創造股東財富；反之，非電子產業之公司投資本身並無此效果。另一方面，與無形智慧資產有關之研發支出是較難監督的，因此對任何產業來說，良好之公司治理也無法提升研發支出之價值創造能力；反之，與有形固定資產有關之資本支出較易於監督，故良好之公司治理可進一步發揮正面效益。因此，本文證實了在探討資本支出決策對公司價值之影響時，公司治理乃是不可忽略之關鍵因素。

In this study, we study whether the positive effect of R&D and capital investments on corporate value results from a direct or an indirect mechanism. The results show that the answer depends on industry characteristics and the nature of investments. The direct and indirect effects can exist exclusively or jointly. They can even disappear simultaneously. For the electronic industry in Taiwan, investments can increase the interests of shareholders, even in the absence of good corporate governance. But for the non-electronic industry, it is not the case. On the other hand, for R&D investment, which is relatively hard to be monitored, better governance can not promote its positive effect on firm value further. But for capital investment, which is easier to be monitored, corporate governance does its job successfully. Therefore, corporate governance plays an inneglectable role in the relationship between capital investment and firm value.