景氣循環與企業資本支出對經營績效影響

Abstract

本研究以台灣上市櫃公司作為研究對象，加入景氣循環因子進行討論。考量公司截面與時間因素，運用Panel regression analyze檢視資本支出決策對公司經營績效（ROA及ROE）的影響。實證結果發現，資本支出比率與景氣循環的交互作用對公司經營績效皆呈現負向的顯著關係。表示企業資本支出會受到景氣循環因素影響。當景氣越好時，資本支出對經營績效的影響性越小；反之，當景氣壞時，由於成本效益，資本支出對經營績效的影響性越大。另外，本研究將全樣本分產業別及資產規模來看，可以發現由於產業特性不同，科技業的資本支出對經營績效容易受到景氣循環因素的影響。分資產規模來看，規模大的企業資本支出對經營績效受景氣循環因素影響較顯著，而資產規模小的企業則不會受到景氣循環因素影響。其原因為規模大的企業擁有較多的資源，其資本支出項目較多且廣，因此資本支出容易受到景氣波動影響。

This study used listed companies in Taiwan as a research object, and added the business cycle into discussion. Considering the reasons of time series and cross section, we survey the influence between the capital expenditure decision and enterprise performance（ROA and ROE）by panel regression analyze. We found that there is relationship between the timing of capital expenditure investment and business cycle. During boom, the influence of capital expenditure and the enterprise performance becomes lower. However, due to cost of benefit, in recession, the influence of capital expenditure and the enterprise performance becomes higher. The implication of the study is that firm can invest capital expenditure more in recession to cost down. In order to get more information, we separate the sample into industry and size separately. We found that due to different characteristics of industry, the technology industries are affected by business cycle more than by conventional industries. We also found large firms have more resource and capital expenditure items, so they are affected by business cycle more than by small firms. The timing of capital expenditure investment is an important key to companies.