本研究將投資區分為研究發展費用、資本支出兩類,並將現金流量區分為總現金流量、正現金流量及負現金流量,利用最小平方法探討1997年至2007年美國、日本及台灣製造業內部及外部現金流量對投資的敏感性,並分析它們之差異。 研究結果顯示,美國製造業當內部資金充裕時,投資於研究發展費用高於其它兩個國家,但於內部資金不足時,亦是減少研究發展費用最多的國家,而美國製造業在正現金流量之下引用外部資金時,其投資於研究發展費用高於其它兩個國家。日本製造業在無論是否引用外部資金時均在內部資金充裕時,才會投資研究發展費用及資本支出。而台灣製造業於正現金流量時,其資本支出高於其它兩個國家,研究發展費用則僅次於美國;台灣製造業在引用外部資金時,在負現金流量之情況下是減少資本支出最多之國家,而在正現金流量時是增加資本支出最高之國家。 不難看出,美國製造業偏好將內外部資金投資於研究發展費,而台灣製造業重於投資於資本支出。
We construct company panel data sets to investigate the investment-cash flow sensitivity for manufacturing firms in America, Japan, and Taiwan during 11 years (1997-2007). Despite positive cash flow, negative cash flow or external finance from stock issues and debt, America manufacturing firms among these are the largest use of funds investment in R&D cost. However, Japan manufacturing firms use external funds in capital spending only for positive cash flow. The largest fund, even for positive cash flow, negative cash flow or external finance from stock issues and debt in capital spending, belongs to Taiwan manufacturing firms. Due to their continuous investment in R&D cost, America manufacturing firms take advantage of competition. But most of Taiwan manufacturing firms belong to electric and heavy industry and emphasize physical investment to extend their size for international marketing development.