資本支出內生化與企業績效之研究

企業在面對日益競爭的環境下，必須不斷成長以達到其永續經營目的，企業成長絕大多數都是經由不斷的擴充與創新，倘若無法持續擴充與創新的企業，終究會面臨淘汰的命運，而企業這種擴充與創新的過程即是一種投資，投資活動的進行不僅會影響到企業資源的配置，也會影響到企業的競爭地位，由此可知投資決策之重要性。本研究以探討資本支出與企業績效間之關聯性。本研究以2000年至2011年台灣經濟新報資料庫(Taiwan Economic Journal，簡稱TEJ)的財務模組及公司治理模組之縱橫斷面資料(panel data)為研究樣本，利用二階段最小平方法(two-stage least squares, 2SLS)模型與Tobit樣本選擇模型(tobit sample selection model)模型進行估計，先將企業投入之資本進行內生化估計與影響因子探討後，再著手進行企業績效之評估。本研究發現經理人持股比率、董監事持股比率、董事會規模、股東權益規模於資本支出經營具有正向的影響。

關鍵字

資本支出；公司治理；公司績效

並列摘要

Enterprises in the face of an increasingly competitive environment, we must continue to grow to meet its sustainable management purpose, the overwhelming majority of business growth through continued expansion and innovation, if not continued expansion and innovation of enterprises, the fate will eventually be phased out while the enterprise expansion and innovation process such that is an investment, the conduct of investment activities will not only affect the allocation of resources to the enterprise, will also affect the competitive position of the enterprise, can be seen the importance of investment decision. In this study, to explore the capital expenditure and the correlation between corporate performance. In this study, 2000-2011 Taiwan Economic Journal database (Taiwan Economic Journal, referred TEJ) financial modules and module aspect of corporate governance section data (panel data) for the study sample, the use of two-stage least squares method (two-stage least squares, 2SLS) sample selection model and Tobit model (tobit sample selection model) to estimate the model, the first businesses to invest in capital estimates for endogenous and environmental factors discussed, and then proceed with the assessment of corporate performance. The study found that managers shareholders, directors 'shareholding ratio, board size, the scale of shareholders' equity in the capital has a positive impact on operating expenses.