臺灣博碩士論文加值系統

投資決策、融資決策和股利決策共同構成了財務決策的主要內容，投資決策是企業重要的財務決策之一，並在企業各項財務決策中居於核心地位。同時，投資決策作為企業價值決定的重要方面，對企業的發展有著深遠的影響。所以，研究企業的投資行為已經成為學術界研究的重要問題之一。
本文正是以企業的投資行為作為出發點，借助於MM理論、資訊不對稱理論，借鑒國內外相關文獻的研究方法和結論，以2007-2016年臺灣上市櫃普通股公司為樣本資料，運用多元線性迴歸分析，探究公司股價、流動比率和融資現金流，分別對公司投資規模的影響。
實證研究表明，從總體上看，（1）融資現金流（FIN）與公司投資規模具顯著的正影響。公司募集的資金可以用於公司的運營、發展，也會帶動公司投資。（2）流動比率（LIQ）與投資規模具顯著的負影響，高的流動比率表示公司有良好的償債能力，但是相反的，公司可能為了償債準備過多的現金，導致能用於投資的資金不足。（3）公司股價（STOCK）與公司投資規模具顯著的正影響。股價代表了公司的經營狀況，股價高會帶給公司更多的資金用於經營發展。

關鍵字：投資規模、融資現金流、流動比率、公司股價

Investment decision, financing decision and dividend decision together make up financial decisions. Investment decision is one of the important financial decisions in a company, and it is the core in financial decisions. Meanwhile investment decision as an important aspect of enterprise value decisions, it would be far-reaching effects on the development of company. Hence, the study of corporate investment behavior has become one of the important issues of academic research.
This article is based on the investment behavior of company as the starting point, with the MM theory and information asymmetry theory, learn from domestic and foreign related literature’s research methods and conclusions, using 2007-2016 listed and OTC Taiwanese firms as subjects, to explore the company's share price, liquidity ratio and financing cash flow. How to impact the company's investment scale respectively by multiple linear regression analysis.
Empirical studies show that, in general, (1) There is positive correlation between financing cash flow and investment scale. The funds be raise by company can be used for the company's operations and development, it will also drive the company investment. (2) There is negative correlation between liquidity ratio and investment scale. High liquidity ratio indicates that the company has good solvency. But the reverse is the company may prepare too much cash for debt service, leading to funds for investment become insufficient. (3)There is positive correlation between company's share price and investment scale. The share price represents the company's operating conditions, high price will bring the company more funds for business development.

Keywords: Investment decision, Stock price, Liquidity ratio, Financing cash flow

目 錄
摘 要 I
ABSTRACT II
誌 謝 III
目 錄 IV
圖目錄 VI
表目錄 VII
第壹章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 2
第三節 研究範圍以及結構框架 3
第貳章 文獻探討 5
第一節 資本結構與投資行為 5
第二節 融資約束、自由現金流與投資效率 6
第三節 負債融資、代理衝突與投資行為 7
第四節 融資偏好與投資行為 9
第五節 現金股利與投資過度 9
第六節 產品市場競爭、現金持有與投資行為 10
第參章 研究方法 12
第一節 資料選擇 12
第二節 變數選擇 12
第三節 分析方法 17
第四節 研究假設 18
第肆章 實證結果 22
第一節 描述性統計 22
第二節 相關性檢驗 23
第三節 多重共線性檢驗（VIF） 24
第四節 異質性 26
第五節 迴歸分析結果 26
第六節 Newey-West檢驗 32
第七節 穩健性檢驗 34
第伍章 結論與建議 36
第一節 研究結論 36
第二節 研究建議 36
第三節 研究的局限性及未來研究的方向 37
參考文獻 39
(一) 中文部分 39
(二) 英文部分 39

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