知識化時代來臨，各企業開始注重研發行為，尤其以高科技產業更為重要。本研究以1999年至2006年共8年144家台灣上市上櫃之電子產業公司為樣本，探討研發行為是否帶來風險而對財務績效產生影響。本研究之研發行為構面變數採用研發密集度、研發強度與創新速度，風險構面變數採用銷售總額標準差、營運槓桿程度、財務槓桿程度、資產報酬率標準差與股東權益報酬率標準差，財務績效構面變數採用資產報酬率、股東權益報酬率、毛利率與營業利益率，並利用EViews 6.0進行Panel Data regression分析。結果發現就上市電子公司而言，在研發行為變數為創新速度下，其對所有財務績效變數的影響過程中，風險變數具有中介效果；而在研發行為變數為研發密集度時，其對所有財務績效變數之影響上則無中介效果。就上櫃電子公司而言，在研發行為變數為研發密集度下，其對財務績效變數營業利益率的影響過程中，風險變數具有部分中介效果；而在研發行為變數為創新速度時，其對所有財務績效變數之影響上則無中介效果。

The study explores whether the R&D behavior brings some risk and impacts on financial performance or not. In this research, the variables of R&D behavior construct are R&D density, R&D intensity, and speed of innovation. The variables of risk construct are standard deviation of total sales, degree of operating leverage, degree of financial leverage, standard deviation of return on assets, and standard deviation of return on equity. The variables of financial performance construct are return on assets, return on equity, gross profit ratio, and operating income ratio. The results show that the standard deviation of return on assets and the standard deviation of return on equity, are mediators in the process of impact of speed of innovation on all financial performance variables for whole electronic industry. In other words, when the R&D behavior variables is speed of innovation, that will bring fluctuations of both return on assets and return on equity and then make an impact on financial performance; but if when the R&D behavior variable is R&D density, all of risk variables are not mediators for all financial performance variables. For listed electronic companies, the standard deviation of return on assets and the standard deviation of return on equity are mediators in the process of impact of speed of innovation on all financial performance variables. For over-the-counter electronic companies, the standard deviation of return on assets and the standard deviation of return on equity are partial mediators in the process of impact of R&D density on operating income ratio.