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系統識別號 U0002-1706201918285800
中文論文名稱 臺灣地區生產製造3D列印印表機廠商投資行為研究
英文論文名稱 A Study of the 3D printing printer firm’s investment behavior in Taiwan
校院名稱 淡江大學
系所名稱(中) 國際企業學系碩士在職專班
系所名稱(英) Executive Master's Program Of Business Administration (EMBA) In International Busines
學年度 107
學期 2
出版年 108
研究生中文姓名 吳岳憲
研究生英文姓名 YUEH-HSIEN WU
電子信箱 ing651130@gmail.com
學號 706550141
學位類別 碩士
語文別 中文
口試日期 2019-06-08
論文頁數 51頁
口試委員 指導教授-賈昭南
指導教授-林美榕
委員-林俊宏
委員-謝振寰
中文關鍵字 3D列印  製造業廠商  Tobin’s q  投資行為  現金流量  財務槓桿  有效利益支出 
英文關鍵字 Tobin’s q  business incomes  manufacturer firms  investment behavior  cash flows  fianacial leverage  effective interest payments 
學科別分類
中文摘要 本文引用2011~2017年間臺灣地區42家3D列印用印表機製造廠商的縱橫資料,估計其投資方程式,試圖了解影響投資行為的因素。實證研究結果發現下列二點重要結果:
1. 現金流量、新增債務與利率三項因素對廠商的投資決策具有顯著的影響,前二者的影響為正向,利率為負向,完全符合投資理論之預期。
2. 近三年來,對企業投資活動帶來正面影響者,依次為財務槓桿、現金流量與利息支出,而新增債務下降為影響企業投資的負面因素。
最後,本文發現,股市榮枯對企業投資的影響並不明顯。
英文摘要 Abstract
This thesis empirically studies the investment behaviors of 42 firms that produce printers for 3D printing in Taiwan using penal data covering the period between 2010 and2016. The important findings are as follows:
1. Three factors, the cash flows, the newly created debt and interest payments played significant roles in affecting business investment decisions, while the first two factors have positively significantly affected investment and the interest payments has negative effects. All results match the predictions of investment theory.
2. In recent three years, the favorable movements in cash flow, financial leverage and interest payments have generated favorable results in business investment while adverse movement in newly created debts has dragged down investments significantly.
Finally, Tobin’s q does not significantly affect investment decisions showing that performances in the stock market do not affect investment of firms in this industry
論文目次 第一章 緒論 01
第一節 研究動機 01
第二節 3D列印概況 05
第三節 本文研究架構 09
第二章 文獻回顧 11
第一節 企業投資行為總論 11
第二節資金投資融通問題 15
第三節 實證研究與結果 21
第三章 研究方法 24
第一節 實證投資方程式設定 24
第二節 縱橫資料模型估計 25
第三節 影響近年企業投資之因素衡量 28
第四章 實證估計結果 29
第一節 資料來源與敘述分析 29
第二節 基本模型估計結果 33
第三節 各解釋變數貢獻度分析 35
第五章 結論 40
參考資料…………………………………………………………………………….42
附錄:樣本公司基本資料

表目錄
表 一 企業投資行為文獻彙整……………………………………………………..11
表 二 資本結構文獻彙整…………………………………………………………..17
表 三 資料名稱與來源……………………………………………………………..29
表 四 敘述統計……………………………………………………………………..31
表 五 基本模型估計結果…………………………………………………………..34
表 六 OLS模型下延伸基本模型的估計結果……………………………………..37
表 七 近三年五種解釋變數對投資比貢獻度分析………………………………..38

圖目錄
圖 一 中華民國經濟成長率………………………………………………………..01
圖 二 國內投資毛額………………………………………………………………..02
圖 三 國內生產毛額GDP...………………………………………………………..03
圖 四 中華民國製造業固定資本形成毛額………………………………………..04
圖 五 中華民國製造業固定資本形成年成長率…………………………………..05
圖 六 3D列印市場規模…………………………………………………………….06
圖 七 42家大型製造業廠商目前資本額………………………………………….07
圖 八 42家大型製造業廠商近年度營業收入…………………………………….08
圖 九 42家大型製造業廠商資產總額…………………………………………….08
圖 十 2010~2016製造業廠商固定資產增購額…………………………………...09
圖 十一 2008~2017年間42家公司之投資比…………………………………….32
參考文獻 參考資料
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