臺灣地區鋼鐵業投資行為研究

A Study of the Investment Behaviors of Steel Industry in Taiwan

張王嘉(Wang-Jia Chang)

指導教授 ： 賈昭南 ； 林美榕

淡江大學/商管學院/國際企業學系碩士在職專班/碩士(2019年)

https://doi.org/10.6846/TKU.2019.00499

摘要

論文提要內容：
本文引用臺灣地區鋼鐵業43家廠商於2008~2017年間的縱橫資料，估計計量經濟學家普遍採用的投資方程式，試圖了解影響其投資行為的因素。實證研究結果發現下列二點重要結果：
1. 現金流量與新增債務兩項因素對廠商的投資決策具有顯著的影響，二者的影響皆為正向，且完全符合投資理論之預期。
2. 近三年來，對企業投資活動帶來正面影響者，依序為現金流量、財務槓桿，而新增債務下降為影響企業投資的負面因素。
最後，本文發現，股市榮枯對企業投資的影響並不明顯。

關鍵字

鋼鐵業廠商 ； 投資行為 ； Tobin’s q ； 現金流量 ； 財務槓桿 ； 有效利息

並列摘要

Abstract:
This thesis empirically studies the investment behavior of 43 firms in Taiwan’s Steel Industry.Using penal data collected from firms’ s financial statements covering the period between 2008 and 2017 to estimate the econometric model popularly adopted by economists in relevant studies attempting to find the factors that have affected their investment decision makings. Important findings are as follows:
1.The two factors, cash flows and newly created debt played significant roles in affecting business investment decisions while thepositive influences are matching the predictions of the theories.
2.In the most recent three years the favorable movements in cash flow and financial leverage has generated favorable results in business investment while adverse movement in newly created debts has dragged down investment significantly.
Finally, Tobin’s q does not affect investment decisions significantly showing that performances in the stock market have no effects on firms’ investments.

並列關鍵字

steel industry ； investment behavior ； Tobin’s q ； cash flows ； financial leverage ； effective interest payments

參考文獻

參考資料

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