資本支出對疫後經濟的影響—以台積電與鴻海為例

The Effect of Capital Expenditure on the Post-pandemic Economy: The Case Study of TSMC and FOXCONN

賴鈺城(Yu-Cheng Lai) ； 胡木成(Mu-Chen Hu)

《全球管理與經濟》 19卷1期 (2023/06) Pp. 51-60

https://doi.org/10.6565/JGME.202306_19(1).0004

摘要

本文利用台積電鴻海兩家公司財務指標計算疫情前投資如何影響疫後經濟。本文發現疫情前長期資本投資對公司未來發展，特別是新冠肺炎疫情影響下，有明顯影響。由台積電在疫情前的資本投資上升（不動產與長期投資比率逐年增加），我們可以推論在疫情後的ROE與股價顯著優異表現。台積電在疫情前的資本投資上升造成股價的推升動力。相對的鴻海在疫情前的資本投資明顯下降（不動產與長期投資比率逐年減少），我們可以推論在疫情後的財報與股價沒有明顯成長。是由於鴻海在疫情前的資本投資下降缺乏股價的推升動力。

關鍵字

長期投資 ； 疫後經濟 ； 台積電 ； 鴻海

並列摘要

This paper investigates the financial reports of TSMC and FOXCONN, studying the effect of capital-expenditure investment before pandemic on post-pandemic economy. This paper claims long-term capital expenditure investment has a significant impact, especially on the period of COVID-19. Due to the reason of the increase of capital expenditure before pandemic of COVID-19 (Real estate and long-term investment increase year by year), we can infer it will increase the ROE and stock price. The capital investment of TSMC before pandemic should be the main support power of higher stock price. On the contrast, the FOXCONN have a significant decline the capital investment before pandemic (Real estates and long-term investment decrease year by year), we can infer it will not significantly increase the ROE and stock price. The lower capital investment of FOXCONN before pandemic cannot support stock price to increase.

並列關鍵字

Long-term Investment ； Post-pandemic Economy ； TSMC ； FOXCONN