本研究主要在分析國際化對資本投資效率的影響，同時討論企業生命週期之調節效果，本文以2005年至2015年台灣上市櫃公司為研究對象，共有12990筆樣本資料。首先探討國際化與投資效率之關係，以海外子公司跨越國家數與海外子公司數為國際化衡量變數，實證結果發現，企業在國際化的情況下，投資效率較佳，也較不易發生過度投資或是投資不足的情形。本文再進一步探討企業生命週期階段的不同對於國際化與投資效率的影響是否會有差異，結果顯示企業在成熟期的國際化對投資效率的影響較明顯。

This paper aims to explore how firm internationalization influences capital investment efficiency and investigates the moderating effects of corporate life cycle. We selected 12,990 samples of Taiwanese listed companies ranging from 2005 to 2015. First we examine how firm internation-alization influences capital investment efficiency, with the measure of internationalization by the number of countries where the overseas subsidiaries located in and the number of overseas subsidiaries respectively. Our results suggested that internationalization contributed to capital investment efficiency, indicating that companies with higher degree of internationalization lead less to over-investment or under-investment. This paper also further investigated corporate life cycle effects. The findings suggested that the impact of internationalization on capital investment efficiency is more pronounced when a company was in the life cycle of mature stage.

摘要.......................I
Abstract..................II
目錄.....................III
表目錄....................IV
第壹章 緒論...............1
第貳章 文獻探討與假說發展...4
一、國際化的資本投資策略.....4
二、企業生命週期............6
第參章 研究方法...........9
一、樣本選取................9
二、投資效率的衡量..........12
三、國際化的衡量............13
四、企業生命週期的衡量......13
五、控制變數................17
六、實證模型................18
第肆章 研究結果............19
一、敘述性統計與相關分析......19
二、迴歸結果分析.............24
第伍章 敏感性測試..........48
第陸章 結論與建議..........53
參考文獻....................55

王育偉、鄭揚耀 (2013)，公司治理、資本支出與公司價值，管理與系統，20卷4期，頁665-695。
吳孟玲、張書陶、李泊諺 (2015)，國際化、多角化、下方風險與企業社會責任之關係探討，會計與財金研究，8卷1期，頁95-112。
林美鳳、吳琮璠、吳青松 (2008)，資訊科技投資與企業績效之關係 – 從企業生命週期論析，資訊管理學報，15卷2期，頁155-183。
邱垂昌、洪福讚 (2008)，在不同企業生命週期下智慧資本與企業價值關聯性之研究，當代會計，9卷2期，頁201-236。
金成隆、林修葳、邱煒恒 (2005)，研究發展支出與資本支出的價值攸關性：以企業生命週期論析，中山管理學報，13卷2期，頁617-643。
柯勝揮、陳瑞呈 (2014)，企業國際化對經營績效影響之探討 – 以台灣電子業為例，全球管理與經濟，10卷2期，頁79-93。
徐怡、邱世熒 (2010)，資本支出、企業規模與研發投資對企業績效之影響，數據分析，5卷3期，頁1-21。
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期，頁39-72。
陳俞如、林卓民、陳衍佑 (2013)，代理問題、資訊揭露和資本投資現金流量敏感性，管理與系統，20卷3期，頁583-609。
陳俞如、金成隆、謝存瑞 (2009)，海外投資與盈餘品質：資訊不對稱的觀點，管理學報，26卷4期，頁353-376。
陳香蘭、黃惠娟 (2011)，高階經營團隊特性與企業國際化決策之關聯性，台灣企業績效學刊，4卷2期，頁149-168。
曾綺貞、溫育芳 (2009)，國內上市櫃公司資本投資行為之研究 – 採展望理論之觀點，創新與管理，6卷2期，頁39-68。
黃政仁、闕伶倫 (2014)，企業創新能力與國際化程度對創新績效及企業績效之影響：以台灣電子資訊業為例，會計評論，59期，頁107-147。
楊國彬、朱博湧、王少慈 (2011)，國際化歷程特性與績效關係之探討：國際化程度、速度與韻律，交大管理學報，31卷1期，頁1-39。
詹家昌、許月瑜 (2012)，企業生命週期可否解釋投資與現金流量的敏感度？，中山管理評論，20卷3期，頁909-944。
劉俊儒、劉若蘭、許佳新 (2014)，企業生命週期與私募股票溢折價關係之研究，商管科技季刊，15卷2期，頁185-222。
劉政淮、許永聲、金凱雯 (2013)，企業生命週期、董事會組成特性對資訊透明度之影響，台灣管理學刊，13卷1期，頁73-94。
劉政淮、陳俊合、張竹淵 (2012)，以企業生命週期論析盈餘及其組成持續性，台灣管理學刊，12卷2期，頁205-225。
鄭哲惠、王兼善、張嘉文 (2015)，現金流量資訊衡量電子業的企業生命週期之概況：兼論其對盈餘攸關性之影響，東吳經濟商學學報，91期，頁61-80。
謝存瑞、陳俞如、葉日崧 (2011)，國際化與創新表現：吸收能力與區位選擇之調節效果，管理與系統，18卷4期，頁607-632。
謝劍平 (1995)，以公司托賓Q比率預測股價對公司投資變動的反應，管理評論，14卷1期，頁33-46。
Adizes, I. (1988), “Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do about It. ”Englewood Cliffs. New Jersey: Prentice Hall.
Allen, L., and C. Pantzalis (1996), “Valuation of operating flexihility of multinational corpora-tions.” Journal of International Business Studies, 27(4): 633-653.
Anthony, J. H., and K. Ramesh (1992), “Association between accounting performance measures and stock price. ”Journal of Accounting and Eco-nomics, 15: 203-227.
Arregle, Miller, Hitt and Beamish (2013). “Do regions matter? An integrated institutional and semiglobalization perspective on the interna-tionalization of MNEs. ” Strategic Management Journal, 34(8): 910-934.
Berry, H. (2006), “Shareholder valuation of foreign investment and expansion.” Strategic Management Journal, 27(12): 1123-1140.
Berry, H. and M. Sakakibara (2008), “Resource accumulation and overseas expansion by Japanese multinationals.” Journal of Economic Behavior & Organization, 65(2): 277-302.
Biddle, G. C., G. Hilary, and R. S. Verdi (2009), “How does financial reporting quality relate to investment efficiency? ” Journal of Accounting Economics, :112-131.
Bobillo, A. M., F. López-Iturriaga and F. Tejeri-na-Gaite (2010), “Firm performance and inter-national diversification: The internal and external competitive advantage.” International Business Review, 19(6): 607-618.
Bowen, H. P., H. K. Baker and G. E. Powell (2015), “Globalization and diversification strategy: A managerial perspective.” Scandinavian Journal of Management, 31(1): 25-39.
Buhner, R. (1987), “Assessing international diversi-fication of west German corporations.” Strategic Management Journal, 8(1): 25-37.
Chen, H. and T. J. Chen (1998), “Network linkage and location choice in foreign direct investment.” Journal of International Business Studies, 29(3): 445-467.
Chen, Sun, Tang and Wu (2011), “Government intervention and investment efficiency: Evidence from China” Journal of Corporate Finance, 17(2): 259-271.
Chin, C. L., Y. J. Chen and T. J. Hsieh (2009), “In-ternational diversification, ownership structure, legal origin, and earnings management: Evidence from Taiwan.” Journal of Accounting, Auditing and Finance, 24(2): 233-262.
Chin, C. L., Y. U. Chen, G. Kleinman and P. Lee (2012), “The relationship of development status of investee countries and investor perceptions of foreign earnings.” The International Business & Economics Research Journal, 11(7): 785-794.
Cui, H. and Y. T. Mak (2002), “The relationship between managerial ownership and firm per-formance in high R&D firms.” Journal of Cor-porate Finance, 8(4): 313-336.
Delios and Beamish (1999), “Geographic Scope, Product Diversification, and the Corporate Performance of Japanese Firms” Strategic Management Journal, 20(8): 711-727.
Delios and Beamish (1999), “Ownership Strategy of Japanese Firms: Transactional, Institutional, and Experience Influences” Strategic Management Journal, 20(10): 915-933.
Dunning, J. H. (1998), “Location and the multinational enterprise: A neglected factor.” Journal of International Business Studies, 29(1): 45-66.
Duru, A. and D. M. Reeb (2002), “International diversification and analysts’ forecast accuracy and bias.” The Accounting Review, 77(2): 415-433.
Filatotchev, I. and J. Piesse (2009), “R&D, interna-tionalization and growth of newly listed firms: European evidence.” Journal of International Business Studies, 40(8): 1260-1276.
Florackis, C., A. Kostakis and A. Ozkan (2009), “Managerial ownership and performance.” Journal of Business Research, 62 (12): 1350-1357.
Gramlich, J. D., P. Limpaphayom and S. Ghon Rhee (2004), “Taxes, keiretsu affiliation, and income shifting.” Journal of Accounting and Economics, 37(2): 203-228.
Grant, R. M. (1987), “Multinationality and perfor-mance among British manufacturing companies.” Journal of International Business Studies, 18(1): 79-87.
Grubert, H. (2003), “Intangible income, intercompany transactions, income shifting and the choice of location.” National Tax Journal, 61(1): 221-242.
Herrmann, D., T. Kang and J. Kim (2010), “Interna-tional diversification and management earnings guidance: The effects of Reg FD.” Journal of International Accounting Research, 9(1),: 1-22.
Hitt, M. A., R. E. Hoskisson and H. Kim (1997), “International diversification: Effects on inno-vation and firm performance in prod-uct-diversified firms.” Academy of Management Journal, 40(4): 767-798.
Hope and Thomas (2008), “Managerial Empire Building and Firm Disclosure.” Journal of Accounting Research, 46(3): 591-626.
Hoskisson, R. E., M. A. Hitt, R. A. Johnson and D. D. Moesel (1993), “Construct validity of an objective (entropy) categorical measure of diversification strategy.” Strategic Management Journal, 14(3): 215-235.
Jensen and Meckling (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure” 3(4): 305-360.
Khanna, T. and K. Palepu (2000), “The future of business groups in emerging markets: Long-run evidence from Chile.” Academy of Management Journal, 43(3): 268-285.
Kylaheiko, K., A. Jantunen, K. Puumalainen, S. Saarenketo and A. Tuppura (2011), “Innovation and internationalization as growth strategies: The role of technological capabilities and ap-propriability.” International Business Review, 20(5): 508-520.
Lu, J. W. and P. W. Beamish (2004), “International diversification and firm performance: the S-curve hypothesis.” Academy of Management Journal, 47(4): 598-609.
Makino, S., C. M. Lau and R. S. Yeh (2002), “As-set-exploitation versus asset-seeking: Implica-tions for location choice of foreign direct in-vestment from newly industrialized economies.” Journal of International Business Studies, 33(3): 403-421.
McNichols and Stubben (2008), “Does Earnings Management Affect Firms’ Investment Deci-sions?” The Accounting Review, 83(6): 1571-1603.
Miguel A. Ferreira, P. Matos (2008), “The colors of investors’ money: The role of institutional in-vestors around the world.” Journal of Financial Economics, 88(3): 499-533.
Morck and Yeung (1991), “Why Investors Value Multinationality?” The Journal of Business, 64(2): 165-187.
Myers, S. C. (1977) “ Determinants of corporate borrowing.” Journal of Financial Economics, 14(3): 147-175.
O'Brien, J. P., P. David, T. Yoshikawa and A. Delios (2014).” How capital structure influences di-versification performance: A transaction cost perspective.” Strategic Management Journal, 35 (7): 1013-1031.
Pantzalis, C. (2001), “Does location matter? An empirical analysis of geographic scope and MNC market valuation.” Journal of International Business Studies, 32(1): 133-155.
Peter G. P. Walters, P. Whitla, H. Davies (2008), “Global strategy in the international advertising industry. ” International Business Review, 17(3):235-249.
Tallman and Li (1996), “Effects of International Diversity and Product Diversity on the Perfor-mance of Multinational Firms” Academy of Management Journal, 39(1): 179-196.
Tihanyi1, A. E. Ellstrand, C. M. Daily and D. R. Dalton (2000), “Composition of the Top Man-agement Team and Firm International Diversi-fication” Journal of Management, 26(6): 1157-1177.
Tong, T. W., and J. I. Reuer, (2007), “Real options in multinational corporations: organizational challenges and risk implications.” Journal of International Business Studies, 38(2), 215-230.
Yang, Y., P. S. Martins and N. Driffield (2013), “Multinational performance and the geography of FDI: Evidence from 46 countries.” Management International Review, 53(6): 763-794.
Yuan, L. and N. Pangarkar (2015), “Performance implications of internationalization strategies for Chinese MNCs.” International Journal of Emerging Markets, 10(2): 272-292.