在現今競爭愈趨激烈的經濟環境中，企業必須不斷強化自身體質以保持在市場上的競爭力，因此 企業的投資活動，即扮演了驅使企業成長的關鍵因素。在本文中，試圖以三個投資構面來探討其對企業未來獲利能力的增長是否有所幫助。以國內電子業上市櫃公司 投資支出(其中包含資本支出、無形資產以及研發支出)作為變數，探討這三項投資支出對企業P/B比以及ROA之影響，目的在於了解企業的投資活動對企業未 來獲利能力是否存在正向且顯著的影響。資料型態採Panel data形式對樣本進行迴歸分析，並將台灣電子產業概分成五大產業進一步討論，分析在不同產業下，企業進行投資支出對P/B比以及未來效益產生的影響。實 證結果顯示，投資支出對企業獲利的產生的確存在正向且顯著的影響，但存在時間落後性。

Since our current economic environment is getting more and more competitive, enterprises must continuously improve and strengthen their ability in order to maintain their competitiveness. Therefore, investment activities of firms are the key elements to drive business growth. This article tries to discuss whether three different investment dimensions can help to boost firm’s future growth of profitability. This research uses investment spending of listed firms in domestic electronics industry (including capital expenditure, intangible assets and R&D expenditures) as variable to explore the effects of these three investment expenditures on corporate P/B ratio as well as ROA (Return on Asset). This study attempts to analyze whether firm’s investment activities can impose significantly positive influence on its future profitability. We use panel data to run regression analysis and further divide Taiwan electronics industry into five sectors to analyze the effects of firm’s investment expenditure on P/B and future profitability among different sectors. The empirical results show that investment spending imposes significantly positive effect on firm’s profits, but this relationship exist time lags.

論文審定書 i
中文摘要 ii
英文摘要 iii
目錄 iv
圖表目錄 v
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程 5
第二章 文獻探討 6
第一節 績效衡量及代理問題 6
第二節 資本投入之遞延效果 8
第三章 研究方法 10
第一節 研究假說 10
第二節 實證模型 12
第三節 變數檢定 17
第四節 變數定義 18
第五節 研究樣本來源與期間 21
第四章 實證結果與分析 23
第一節 變數檢定結果 23
第二節 PANEL DATA模型實證分析結果 30
第五章 結論與建議 36
參考文獻 38

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