Facing the challenges of a competitive market, companies have to invest capital in research and innovation, or to increase capital expenditures to improve the production environment in order to reduce production costs and increase product competitiveness. Capital expenditure plays an important role because it has the characteristics of high risk, which affect the success or failure of the business. Moreover, enterprise will face the different enterprise risk in the different business life cycle. This study will further examine the impact of business life cycle and enterprise risk on capital expenditures. This study uses the sample of firms listed in the electronic industry from 2002 to 2011 to investigate how the different business life cycle stages influence capital expenditures and discuss if the interaction between business life cycle and enterprise risk will also affect capital expenditures. The empirical results show that capital expenditure is different in the different business life cycle stages. Furthermore, the interaction between enterprise risk and business life cycle will affect positively to capital expenditures.