臺灣博碩士論文加值系統

近年來股市存在高股價淨值比之情況，尤以新冠疫情(Covid-19)爆發開始，此情況屢見不鮮，這些公司通常股價增漲的速度高於財報基本面的成長。然而，既存文獻指出具成長機會的公司股價往往領先財報顯現的實際成長，導致後續期間未來股票報酬率下降。本文將產品市場競爭、成長性資本支出、企業生命週期變數納入實證模型，以捕捉企業成長性之資訊。實證結果顯示產品市場競爭將會降低公司的成長機會，但公司透過成長性資本支出可弱化產品市場競爭對公司成長性之負面影響，並且可降低股價淨值比與未來年報酬的負向關係。進一步地，考慮企業生命週期之因素後，可發現上述效果主要落在成長期與成熟期的公司。

Companies with higher price-to-book ratio have been widely observed in the stock market in recent years, especially during Covid-19. The stock price of such companies usually grows faster than the earnings fundamentals. However, previous literature has shown that companies with growth opportunities, whose stock price lead growth over reported actual growth, thus have lower stock returns in future periods. This paper considers product market competition, growth capital expenditure, and firm life cycle variables into the empirical model to capture company growth information. The empirical results show that product market competition will reduce the company’s growth opportunities, but when the company engages in growth capital expenditures, this negative effect can be weakened, further reducing the negative relationship between the price-to-book ratio and future returns. Further, after considering the life cycle stage of the company, it is found that the above effect exists in the company in the growth stage and the mature stage.

摘要 I
Abstract II
目錄 III
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究動機及背景 1
第二節 研究目的 4
第三節 研究架構 5
第二章 文獻回顧 7
第一節 股價淨值比與公司成長機會相關文獻 7
第二節 產品市場競爭 10
第三節 資本支出與企業生命週期相關文獻 13
第三章 研究方法 17
第一節 假說發展 17
第二節 衡量變數 20
第三節 樣本選取與資料來源 26
第四章 實證結果與分析 27
第一節 敘述性統計分析 27
第二節 相關係數分析 29
第三節 實證結果分析 31
第四節 敏感性分析 35
第五章 研究結論與建議 43
第一節 研究結論 43
第二節 研究限制與建議 44
第三節 研究貢獻 45
參考文獻 46

一、國內文獻

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金成隆、林修葳與邱煒恒，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〉，《中山管理評論》，第 13 卷（3期）：617-643頁。
洪榮華、郭怡萍與張清惠，2008，〈負債對產品市場競爭行為的影響〉，《管理學報》，第 25 卷（1期）：67-82頁。
許妙如，2012，〈以現金流量模式做為企業生命週期之代理變數研究-以我國上市公司為例〉，《臺灣大學會計學研究所學位論文》：1-52頁。
程心瑤、李馨蘋與林億欣，2019，〈企業生命週期與實質盈餘管理的關聯性〉，《會計與公司治理》，第 14 卷（2期）：1-27頁。
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