企業資本支出之影響因素-以臺灣高薪100指數成分股為例

Determinants of Corporates’ Capital Expenditure –An Empirical Study on Taiwan High Compensation 100 Index

張鈺婷(Yu-Ting Chang)

指導教授 ： 林鳴琴

朝陽科技大學/管理學院/財務金融系/碩士(2017年)

摘要

自2008金融風暴以來，全球經濟處在低迷的環境中，許多國家採取非傳統的低利率量化寬鬆政策，並希望藉由這樣的政策來幫助銀行恢復原有的體質以及鼓勵企業承擔風險來達到刺激經濟的效果。但由2008年後各國的經濟表現來看，雖然低利率的環境如期地讓投資者在市場中找到更高的收益，卻無法有效增加企業的資本支出，因此本文的目的想探討影響台灣企業資本支出的因素有那些。本文選取「臺灣高薪100指數」成份股為研究對象，並用縱橫資料迴歸，探討2006年至2015年的現金流量率、長期負債率、國內生產毛額(GDP)年增率、股權成本、股價波動以及放款利率這些因素和資本支出率之間是否有顯著影響。本文的實證結果發現現金流量率、長期借款率以及GDP年增率，對於資本支出率皆有顯著的影響。

關鍵字

長期借款 ； 現金流量 ； 資本支出

並列摘要

The global economy was in a downturn environment due to financial crisis in 2008. Many countries adopted a low interest rate quantitative easing policy and hope that can help banks to restore the original physical and encourage corporates to take risks to achieve the effect of stimulating the economy by the policy. However, the environment of the low interest rate induced investors to find higher returns in the market, but cannot increase the capital expenditure of enterprises with effectively. Therefore, the purpose of this paper is to explore the factors that affect the corporates’ capital expenditure in Taiwan. We choose the Taiwan High Compensation 100 Index constituent stocks to examine whether cash flow ratio, long-term borrowing ratio, Gross Domestic Product (GDP) annual growth rate, cost of equity, stock price volatility, and prime rates have significant effects on capital expenditure ratio from 2006 to 2015 . By using Panel data regression, the empirical results show that cash flow ratio, long-term borrowing ratio, and the GDP annual growth rate have significant effects on capital expenditure ratio.

並列關鍵字

Long-term Borrowing ； Cash Flow ； Capital Expenditure

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