經營判斷法則旨在避免法院以事後觀點過度介入董事之商業決策，並於董事基於充分資訊、善意、無利益衝突且未濫用裁量權之情形下，賦予其經營裁量一定程度之尊重，相較於美國法，我國公司法雖未明文規範經營判斷法則，惟近年最高法院已逐步於判決中援引相關概念，並將其作為審查董事忠實義務與善良管理人注意義務之重要判斷框架。
本文以最高法院105年度台上字第2206號刑事判決、109年度台上字第4806號刑事判決及112年度台上字第1306號民事判決作為三個事件時點，並以高科技電子產業作為較可能受司法見解影響之公司群體，本文採用事件前後各一年之二組二期 OLS-DID 設計，檢驗高科技電子產業公司在相關判決後，相較於其他產業公司之實質盈餘管理與研發投入是否呈現差異變化。
實證結果顯示，高科技電子產業公司於部分事件後實質盈餘管理相較於其他產業呈現顯著下降，尤其 2016 年及 2020 年事件後之交乘項呈負向顯著，表示最高法院援引並具體化經營判斷法則後，高科技電子產業公司可能降低透過實際營運活動進行短期盈餘操弄之誘因；相較之下，研發投入之結果並未呈現穩定正向顯著效果，此可能反映研發投入受產業技術週期、公司資源條件與市場需求等因素影響較大，未必能於短期內立即反映司法見解變化。
本文之研究貢獻在於將公司法上經營判斷法則之討論延伸至企業營運決策與投資決策之實證分析，補充我國經營判斷法則研究中較少涉及之量化證據，並提供司法見解如何影響企業決策行為之初步觀察。

The business judgment rule limits ex post judicial review of directors’ business decisions and grants deference when directors act on an informed basis, in good faith, and without conflicts of interest or abuse of discretion. Although Taiwan’s Company Act does not expressly codify the rule, the Supreme Court has gradually incorporated related concepts into its review of directors’ fiduciary duties.
Using three Supreme Court decisions as event points, this study applies a two-group, two-period OLS-DID design to examine changes in real earnings management and R&D intensity. Firms in high-tech electronics industries serve as the treatment group.
The results show that, following the 2016 and 2020 decisions, high-tech electronics firms exhibit significantly larger relative declines in real earnings management than firms in other industries. However, the results for R&D intensity are not consistently significant. These findings provide preliminary evidence that judicial developments in the business judgment rule are associated with firms’ short-term operating decisions, but not necessarily with long-term investment.

外文文獻
Court Case
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中文文獻
判決
臺灣高等法院102年度金上重更（一）字第16號刑事判決。
臺灣高等法院 105 年度重上字第 973 號民事判決
最高法院105年度台上字第2206號刑事判決
最高法院 107 年度台上字第 326 號民事判決
臺灣高等法院108年度金上訴字第23號刑事判決。
最高法院 109 年度台上字第4806號刑事判決
臺灣高等法院 110 年度重上字第 83 號民事判決
臺灣高等法院臺中分院110年度重上更一字第64號民事判決。
最高法院 112 年度台上字第173號民事判決
最高法院 112 年度台上字第1306號民事判決
最高法院 113 年度台上字第967號刑事判決
期刊
方嘉麟，2012，論經營判斷法則於我國法下適用之可能——以明基併購西門子手機部門一案為例，政大法學評論，第128期：261-349。
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周振鋒，2017，論商業判斷法則於我國刑事案件之運用，法令月刊，68卷12期：84-105。
官月緞、簡松源、徐永檳，2008，會計弊案與財務報導保守性－安隆／博達觀察，當代會計，9卷1期：69-106。
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函釋
經濟部商業發展署商策字第11401401940號函（2025年3月12日）。有關忠實義務之內涵。
專書
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