本文研究之樣期間為2003至2012年，以臺灣電子產業上市公司為樣本，使用縱橫資料分析(Panel Data)去探討股東異質性與公司政策之關連性，並以經營績效(ROA)做為調節變數探討其交互作用效果。股東異質性區分為外國機構、金融機構、本國企業持股。公司政策分為產品多角化與資本投入程度。

研究結果顯示：(1)外國機構持股與公司產品多角化呈負相關。(2)經營績效(ROA)對於外國機構持股與產品多角化有正向調節效果。(3) ROA對於本國企業持股與產品多角化具有正向調節效果。(4)外國機構、本國企業、金融機構持股皆與資本投入呈正向關係。(5)ROA對於外國機構持股與資本投入有正向調節效果。

This study investigates the changing capital market on corporate policies of Taiwan electronics industry which data is collected during 2003-2012. We define the shareholder heterogeneity included foreign ownership, financial institution ownership and domestic corporation ownership. First, we examine the relationship between shareholder heterogeneity on a firm's diversification strategy and capital investment by fixed effect model. Second, we examine the moderating effects of firm performance (ROA) on the relationships between ownership structure and corporate policies.

The brief of the results are described as follows:
(1) There is negative interaction between foreign ownership and product diversification.
(2) Firm performance (ROA) can positively moderate the relation between foreign ownership and product diversification.
(3) Firm performance (ROA) can positively moderate the relation between and product diversification.
(4) There is negative interaction between foreign ownership, financial institution ownership, domestic corporation ownership and product diversification.
(5) Firm performance (ROA) can positively moderate the relation between foreign ownership and capital investment.

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