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研究生:周育鴻
研究生(外文):Yu-Hong Chou
論文名稱:資本投資在不同生命週期對公司績效之影響
論文名稱(外文):The impact of capital investment on firm performance in different stage of life cycle
指導教授:徐俊明徐俊明引用關係
指導教授(外文):Junming Hsu
口試委員:楊東曉林岳喬
口試委員(外文):Tung-Hsiao YangY.C. George Lin
口試日期:2016-06-03
學位類別:碩士
校院名稱:國立中興大學
系所名稱:財務金融學系所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:27
中文關鍵詞:過度投資企業生命週期資本支出率銷貨成長率長期績效表現
外文關鍵詞:OverinvestmentLife cycleExpenditure rates of capitalGrowth rate of salesLong-term performance
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本文想探討當企業處再不同的生命週期階段下,投資機會與本身未來發展性的不同,其投資決策在不同生命週期下是否會有差異,而所投資的決策對公司的績效會造成什麼影響?本實證研究最主要是探討成長期與衰退期的關係,因較有明顯的投資機會與成長性上的差異。
本文利用生命週期的三種指標,分別為資本支出率、銷貨成長率與綜合指標,配合過度投資衡量指標之間的關係來檢驗這個議題。實證結果發現企業處於成長期與衰退期階段有高度與低度投資的現象,且處於成長期階段的企業,高度投資下績效較低度投資好,而衰退期階段的企業,低度投資下績效較高度投資好。
代表當企業處於成長期階段時,將會不斷地投資去擴充產能與增加產品銷售量,以應付市場的需求,且其獲利能力與成長性也處於上升的狀態,在未來前景看好下,投機機會較佳,會有較多的高度投資的現象,來防止潛在的競爭者進入市場。而當企業到了衰退期階段時,大多數企業已經無創新能力與發展能力,投資機會較差,更無法透過競爭優勢來創造獲利能力,為了避免投資上的風險,將會做較保守的投資策略。


This study analyzes the relationship between investment opportunities and the firm’s future performance when the firm at different stages of the life cycle. We focus on two stages of company’s life cycle: recession stage and growing stage, because these two stages have potential differences in investment opportunities and growth momentum. In addition, we use three indicators of the life cycle: capital expenditure rates, sales growth rate, and comprehensive index to measure the stages of life cycle. In the analysis, we also consider the situation of overinvestment in different stages of life cycle. The empirical results show that companies in growing stage have high overinvestment, and their performance is better when they are in the overinvestment instead of underinvestment. While the companies in recession stage, they have much better performance with underinvestment. Furthermore, when the companies are in the growing stage, they invest to expand production capacity and increase sales of products to meet market demand. Therefore, their profitability and growth generally become better. When the companies are in a recession stage, however, they have no ability to innovate and improve their performance. The investment opportunities is relatively poor, they cannot create more profit through competitive advantage. Finally, to avoid the risk on the investment, they would be more conservative in making investment strategy.

目錄
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 1
第三節 研究架構 1
第貳章 文獻回顧 3
第一節 過度投資 3
第二節 企業生命週期劃分 3
第三節 企業生命週期的財務特性與策略 4
第參章 研究方法 6
第一節 研究假說 6
第二節 研究變數之衡量 6
第三節 實證模型 10
第四節 資料來源與樣本選取 10
第肆章 實證結果分析 12
第一節 敘述統計量分析 12
第二節 企業生命週期下的投資策略狀況 12
第三節 企業生命週期下投資策略的後續股價表現 13
第伍章 結論與建議 15
第一節 結論 15
第二節 研究限制與建議 15
參考文獻 17

表目錄
表4-1 歷年公司樣本之基本統計量 20
表4-2 公司樣本之基本統計量 21
表4-3 生命週期下的投資策略狀況 22
表4-4 生命週期下投資策略之績效表現 23
表4-4 (續)生命週期下投資策略之績效表現 24
表4-5 資本支出率劃分下對長期績效之影響 25
表4-6 銷貨成長率劃分下對長期績效之影響 26
表4-7 綜合指標劃分下對長期績效之影響 27






中文文獻
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曹壽民, 紀信義, & 陳光政. (2006). 企業生命週期對商標權價值攸關性之影響. 企業管理學報(69), 39-72.
楊朝旭, & 黃潔. (2004). 企業生命週期, 資產組合與企業未來績效關連性之研究: 商管科技季刊.

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