資本投資與資訊優勢：以亞洲水泥股份有限公司為例

對任何追求成長的企業而言，資本支出都是一筆不小的負擔；如何讓支出帶來相對(或更高)的收益與報酬，是企業渴望的目標。儘管企業在進行資本投資前，一般都會透過會計方式計算可能的折現率與損益兩平點，但卻常常忽略了會計計算可能會有的「失真」狀況，也可以說是因為「資訊障礙」導致的錯估或誤判。相對地，在財務面與非財務面、內部與外部的事前或事後資訊當中，企業若能避開資訊障礙，具備資訊優勢，則可能對資本投資的未來發展，有更正確的評估，減少誤判造成的損失，增加獲益機會。本研究藉由Gordon等學者(2006)的資訊障礙理論框架，探究掌握資訊優勢，對資本投資得以成功的關鍵影響力，並選擇以水泥產業前往中國大陸設廠的資本投資為例，進一步印證理論假設。水泥產業自1970年代以來，在台灣有非常成功的發展經驗，1990年代政府開放赴中國大陸投資後，台灣的幾家大型水泥公司，紛紛西進中國大陸開疆拓土，獲得極佳的投資成果，本論文以亞洲水泥公司為例，試圖探究台灣(水泥)產業，當初前往中國大陸進行資本投資的決策形成過程，並分析其中因具備哪些資訊優勢，避開資訊障礙，終能獲致成功。研究結果發現，個案公司以「複製台灣經驗」方式，以較高的資本預算，引進最新生產設備，掌握適合設廠位置的土地、市場及運輸等利基，配合當地政府的政策，地方的水泥產品需求快速成長的趨勢等，確實因掌握資訊優勢，得以創造如今每年超過百億台幣的收益。這也啟發了包括個案公司在內的企業，在進行資本投資時，除了財務因素的考量與計算外，尤其應該注意資訊障礙與資訊優勢的重要性，方能有更正確的資本投資選擇與獲利機會。

關鍵字

資本投資；資訊優勢；水泥產業；大陸投資

並列摘要

Capital expenditure has always been a significant burden for any business pursuing sustainable growth. Therefore, it is the goal of every business yearns for to generate equivalent, if not higher, return vis-a-vis the capital expenditure input. Despite the fact that most business will derive the return rate or break-even point via accounting approach, it is very often omitted that such approach might “deviate from the reality” which might be attribute to “informational impediments.” Comparatively, among various types of information, financial and non-financial, ex ante and ex post, internal and external, a business can gain advantage in information by avoiding informational impediments, generate proper evaluation on the future capital expenditure and hence reduce the loss resulting from misjudgment and create profit. This research adopted the framework of informational impediment introduced by Gordon et al., 2006, to explore the advantage of access to information and its role as key factor contributing to successful investment of capital expenditure. The research chose capital expenditure by cement manufacturer’s investment of integrated cement plant in mainland China to verify the assumption made by this theory. Cement manufacturers in Taiwan have had many successful development in Taiwan since 1970’s. Several major cement manufacturers in Taiwan have extended its footprint west in to mainland China and received abundant rewards. This research took Asia Cement as an example to explore how the investment of capital expenditure in mainland China was decided by Taiwanese cement manufacturers and what was the information advantage possessed which eventually results in avoiding informational impediment and leads to success. It is the finding of this research that the case has duplicate it’s experience in Taiwan by allowing a bigger budget for latest manufacturing production systems, and leveraging the advantage of appropriate plant location, proximity to market and convenience of transportation. The case also strategize in accordance with policies by local government, rapid growth of regional demand for cement and its products which enable the creation of annual revenue of tens of billions. This also inspires businesses, including the case in our research, to consider, in addition financial factors and calculations, especially the importance of informational impediment and information advantage in order to make correct choices of capital expenditure and access to chance of profitability.