論文提要內容: 企業廠商的投資活動,對一個經濟成長扮演非常重要的角色,其投資行為吸引經濟學家投入心力加以探討。本文採用將濟學家普遍使用的投資方程式,以臺灣地區27家生產與製造穿戴式裝置相關公司於2008~2017年間的縱橫資料,估計影響企業投資五個主要變數的參數值,試圖了解影響其投資行為的因素。 實證研究結果發現,包含Tobin’s q、現金流量、財務槓桿、新增債務與有效利率這五個變數的估計結果,其方向皆符合理論預期,惟皆不具統計上的顯著性,其中Tobin’s q單一變數的影響較明顯。此外,除了新增債務的影響略為下降外,近三年來前三個變數的影響略呈上升,惟其變化同樣不具統計上的顯著性。
Abstract Investments by business firms has always played crucial role in promoting country’s economic growth. Economists have dedicated tremendous efforts to uncover the factors that affect firm’s investment behavior. This thesis adopted econometric investment equation that is popularly used by economists in studying firm’s investment behavior. Using panel data from financial statements of 27 Taiwanese firms covering the period between 2008 and 2017 to estimate the five parameters in attempting to unveil the factors that has affected their investment behavior. Our empirical estimations have shown that all five variables, namely, the Tobin’s q, the cash flows, the financial leverages, new debt and effectives interest rates, are insignificantly affecting the investment ratio in the directions as predicted by theories, among the role of Tobin’s q alone can explain most the force in influencing firm’s investment decision. Furthermore, the influences of the former three variables, except the new debts, have improved a little bit but still not significantly.