穿戴裝置科技產業投資行為研究

Research on investment behavior of wearable device technology industry

莊靜怡(Chuang-Ching Yi)

指導教授 ： 賈昭南 ； 張勝雄

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.2019.00675

摘要

本文引用生產穿戴裝置產業33家公司於2008~2017年間的縱橫資料，估計其投資方程式，試圖了解影響投資行為的因素。實證研究結果發現下列三點重要結果：
1.五個解釋變數中，除了有效利率的估計結果不符理論預期外，其餘四個變數皆與理論預期相符，而現金流量、財務槓桿、新增債務具有統計上的顯著性。Tobin’s q單獨對投資有顯著的正向影響外，當與其他變數合併後，其顯著性即告消失。
2.財務槓桿的負面影響已經進入臨界狀況，顯示公司債負已經偏高，可能影響爾後繼續舉債投資的能力。
3.近三年來，四個融通變數的影響並未出現明顯的改變。

關鍵字

穿戴裝置 ； 投資行為 ； Tobin's q ； 現金流量 ； 財務槓桿 ； 有效利率

並列摘要

This thesis empirically estimates the investment equation that is popularly adopted by economists using panel data, covering period from 2002 to 2017 of 33 Taiwanese companies that produce wearable device to study their investment behavior in an attempt to uncover the factors affecting companies’ investment behavior. Important findings are listed as follow:
1.All explanatory variables, except effective interest rates have correct signs in their influence on investment as predicted by economic theories. The influences of cash flows, financial leverages, and new debts are statistically significant. Tobin’s can have significant positive effect as long as the other variables are not included.
2.The negative effects of financial leverages have shown that companies might have difficulties in raising money for investment purpose in the near future.
3. In the most recent three years, the investment behavior have improved a little but have not changed significantly.

並列關鍵字

wearable device ； investment behavior ； Tobin’s q ； cash flows ； financial leverage ； effective interest rate

參考文獻

參考資料

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