臺灣地區光電產業公司投資行為研究

A Study on Investment Behavior of electro-optical industry Companies in Taiwan

褚珮如(Pei-Ju Chu)

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(2017年)

https://doi.org/10.6846/TKU.2017.00807

摘要

本文以2002~2015年間，臺灣地區光電產業16家公司的縱橫資料為樣本，實證估計該產業整體的投資行為。估計結果如下：Tobin’s q 對投資比的影響並不顯著，而現金流量比則一致的對投資比顯著的正面影響。然而，近五年來此正面影響的力道則顯著的下降。最後，就各變數對投資比的貢獻度而言，近五年來財務槓桿比的變動為唯一引發正向影響的變數。

關鍵字

光電產業 ； 投資比 ； Tobin’s q ； 現金流量比 ； 財務槓桿比 ； 新增債務比

並列摘要

This thesis takes the penal data from 16 companies in Taiwan’s electro-optical industry as sample to estimate their investment behavior. The estimated results have shown that Tobin’s q does not significantly affect the investment ratio, while cash flow ratio brings about consistently significant positive effects to the investment ratio during the period between 2002 and 2015. However, the positive force toward investment is weakening during the recent five years. Finally, is so far as the contribution to investment ratio is concerned, leverage rate is the only factor that has contributed positively to investment recently.

並列關鍵字

Electro-optical industry ； Investment ratio ； cash flow ratio ； leverage rate ； new debt ratio

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