檢視金融危機對企業投資的影響-以台灣上市櫃電子產業為例

Abstract

本篇研究分析金融危機對企業投資產生的影響，以2007年第四季至2009年第三季台灣電子產業上市櫃公司為研究樣本，採用資本支出比率作為研究模型中用來衡量企業投資的之應變數，以多變量複迴歸分析法（Multiple Regression Analysis, MRA），透過現金狀況、負債情形、經營能力等變數，以實證方式探討台灣上市櫃電子產業因外部金融環境的急劇變化，對企業投資所產生的影響。本篇研究的實證結論彙整如下：（1）金融危機後，公司投資資本支出與儲備現金狀況呈負相關。（2）金融危機後，公司投資資本支出與財務限制因素呈負相關。（3）金融危機後，公司投資資本支出與資本結構關係呈負相關。

This paper studies the effect of financial crisis on corporate investment, with research samples gathered from listed companies of Taiwan’s electronic industry from the fourth quarter of 2007, to the third quarter of 2009. In the research model, the capital expenditure ratio serves a variable in estimating the crisis’s impacts on corporate investment. By applying multiple regression analysis (MRA) using variables such as current cash condition, debt condition and operation capabilities, an empirical approach to investigating the impacts of the financial crisis on Taiwan’s corporate investment for the electronic companies is being conducted. The results of this research are summarized as follows: (1) After the financial crisis, there exists a negative correlation between capital expenditure of firm investment and cash reserves. (2) After the financial crisis, there exists a negative correlation between capital expenditure of firm investment and financial limitations. (3) After the financial crisis, there exists a negative correlation between capital expenditure of firm investment and capital structure.