在當今國際化的開放市場中,企業紛紛地投入資本進行研發創新,或者增加資本支出改善生產環境或提高製程技術,企圖降低生產成本和增加產品的競爭能力。其中,在企業眾多決策中,以資本支出決策最為重要,因為資本支出決策,其投資金額龐大,且具有極大之風險,其成敗與否影響企業之經營甚鉅。 企業處於不同的生命週期所面臨的經營策略、競爭力、不確定性與企業承擔風險能力有所不同,另一方面企業風險與企業生命週期是有關聯的,造成資本支出有所改變,因此本文將進一步了解企業風險與企業生命週期之間關係對資本支出的影響,企業欲取得經營競爭優勢,勢必考慮企業生命週期階段及面臨企業風險所願承擔風險能力,作為資本支出決策之考量。 本研究主要在探討國內上市(櫃)電子業公司在不同企業生命週期階段時,其資本支出與企業風險之間的關聯性,研究期間從2002年起到2011年底為止。研究結果顯示,企業風險對資本支出沒有顯著的影響;然而,企業生命週期對資本支出具有顯著影響。最後,處在企業生命週期之個別的兩個階段(例如:成長期相較於成熟期;成長期相較於衰退期;成熟期相較於衰退期)的企業風險對資本支出是呈現正向的關係。
Facing the challenges of a competitive market, companies have to invest capital in research and innovation, or to increase capital expenditures to improve the production environment in order to reduce production costs and increase product competitiveness. Capital expenditure plays an important role because it has the characteristics of high risk, which affect the success or failure of the business. Moreover, enterprise will face the different enterprise risk in the different business life cycle. This study will further examine the impact of business life cycle and enterprise risk on capital expenditures. This study uses the sample of firms listed in the electronic industry from 2002 to 2011 to investigate how the different business life cycle stages influence capital expenditures and discuss if the interaction between business life cycle and enterprise risk will also affect capital expenditures. The empirical results show that capital expenditure is different in the different business life cycle stages. Furthermore, the interaction between enterprise risk and business life cycle will affect positively to capital expenditures.