Based on the pecking order theory and the agency theory raised by the information asymmetry between the corporate owner-managers and debt holders, this study investigates the relationship and interaction among research and development (R&D) outlays, debt and dividend policy, and growth opportunity of electronic information companies. The results are as following. First, significantly, the higher R&D intensity (R&D/sales) indicates the lower debt ratio. The higher R&D intensity shows the lower payout ratio with non-significance. Second, debt policy associates positively with growth opportunity, however, debt policy and R&D policy interactively associates negatively with growth opportunity; payout ratio associates negatively with growth opportunity, and payout ratio and R&D policy interactively associates unsignificantly with growth opportunity.