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。

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

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

參考資料
沈中華(2016)，貨幣銀行學原理（五版）。臺北市:華秦文化出版社。
陽春學(2000)，《凱恩斯》。香港九龍：中華書局。
姜堯民(2014)，財務管理原理。臺北市:新陸書局股份有限公司。
徐俊明(2014)，投資學理論與實務。臺北市:新陸書局股份有限公司。
賴景昌(2018) ，總體經濟學。臺北市:雙葉書廊
曾恕貞(2009)，跨國企業投資行為規範機制-企業社會責任之法制與實踐，東吳大學法律學系碩士論文。
黃暐珈(2017)，現金流量波動及經理人薪酬結構對公司資本結構影響，國立中山大學財務管理學系研究所碩士論文。
郭仕杰(2016)，企業創投投資行為之研究，國立中山大學高階經營碩士班碩士論文。
陳宗鉉(2010)，中小企業主轉投資行為之研究，國立中正大學企業管理研究所碩士論文。
鄭筑尹(2017)，盈餘持續性對公司資本結構決定因素之影響，東海大學財務金融學系碩士論文。
廖珍婷(2017)，投資偏見對公司資本結構之影響，國立臺中科技大學財務金融研究所碩士論文。
謝旻芬(2009)，企業投資行為與公司治理關聯性之研究，國防大學管理學院財務管理學系碩士論文。
蔡沅劭(2016)，股票流動性與公司資本結構的關係，國立中正大學財務金融系研究所碩士論文。


Abel, Andrew B. and Janice C. Eberly (2011). “How Q and Cash Flow Affect Investment Without Frictions: An Analytical Explanation,” Review of Economic Studies Vol. 78, pp. 1179-1200.
Baum, C., M. Caglayan, and O. Talavera (2008). “Uncertainty Determinants of Firm Investment”, Economic Letters Vol. 98, pp. 282-287.
Blanchard, Oliver Jean, C. Rhee, and L. Summers (1993). “The Stock Market, Profit and Investment,” Quarterly Journal of Economics Vol. 108, No. 1, pp. 115-136.
Blanchard, Oliver Lean and Charles Wyplosz (1981). “An Empirical Structural Models of Aggregate Demand,” Journal of Monetary Economics Vol. 7, No. 7, pp.1-28.
Brauman, R. and R. Kopcke (2001), “The Performance of Traditional Macroeconomic Models of Businesses’ Investment Spending,” New England Economic Review November No. 2, pp. 3-39.
Brown, J. and B. Petersen (2009). “Why has the Investment-Cash Flow Sensitivity Declined so Sharply? Rising R&D and Equity Market Developments,” Journal of Banking and Finance Vol. 33, pp. 971-984.
Carpenter, R. and A. Guariglia (2008). “Cash Flow, Investment, and Investment Opportunities: New Tests using UK Panel Data,” Journal of Banking and Finance Vol. 32, pp. 1894-1906.
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2), 344–401.
Fazzari, Steven M., R. Glenn Hubbard, and Bruce Petersen (1998). “Financing Constraints and Corporate Investment,” Brooking Papers on Economic Activity Vol. 1, pp. 141-195.
--------, (2000). “Investment-Cash Flow Sensitivities are Useful: A Comment on Kaplan and Zingales,” The Quarterly Journal of Economics Vol. 115, No. 2, 695-705.
Gelos, G. and A. Werner (2002). “Financial Liberalization, Credit Constraints, and Collateral: Investment in the Mexican Manufacturing Sector,” Journal of Development Economics Vol. 67, pp. 1-62.
Gilchrist, Simon and Charles Himmelberg (1995). “Evidence on the Role of Cash Flow for Investment,” Journal of Monetary Economics, Vol. 36, pp. 541-572.
Gomes, J. (2001). “Financing Investment,” American Economic Review 1263–1285.
Gruss, B. (2014). “After the Boom–Commodity Prices and Economic Growth in Latin America and the Caribbean,” IMF Working Paper No. 14/154.
Harrison, A., I. Love and M. McMillan (2004). “Global Capital Flows and Financing Constraints,” Journal of Development Economics Vol. 75, pp. 269–301.
Hayashi, Fumio (1982), “Tobin's Marginal Q and Average Q: A Neoclassical Interpretation,” Econometrica Vol.50, No. 1, 213-224.
Hoshi, Takeo, Anil Kashyap and David Scharfstein (1991). “Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups,” Quarterly Journal of Economics Vol. 106, No.1, pp.33-60.
Kalemli-Ozcan. S., B. Sorensen, and S. Yesiltas (2013). “Leverage across Firms, Banks, and Countries,” Journal of International Economics Vol. 88, No. 2, pp. 495–510.
Kaplan, Steven N. and Luigi Zingales (1997). "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?” Quarterly Journal of Economics Vol. 112, pp. 169-216.
Leahy, John and Toni M. Whited (1996). “The Effects of Uncertainty on Investment: Some Stylized Facts,” Journal of Money, Credit, and Banking Vol. 28, Issue 1, pp. 64–83.
Li, Delong, Nicolas E. Magud and Fabian Valencia, (2015). “Corporate Investment in Emerging Markets: Financing vs. Real Options Channel,” IMF Working Paper No.15/285.
Lipson, Marc L and Mortal, Sandra (2009), “Liquidity and cap-ital structure”, Journal of Financial Markets, 12(4), 611–644.
Myers, Stewart C. and Nicholas S. Majluf (1984). "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics Vol. 13, No. 2, pp. 187–221
Magud, Nicolas and Sebastian Soda, (2015). “Investment in Emerging Markets: We Are not in Kansas Anymore…Or Are We?” IMF Working Paper No. 15/77.
Schaller, Huntley (1993). “Asymmetric Information, Liquidity Constraints and Canadian Investment,” Canadian Journal of Economics Vol. 26, No. 3, pp552-74.
Skinner, D. J., & Soltes, E. (2011). What do dividends tell us about earnings quality? Review of Accounting Studies, 16(1), 1–28.
Tobin, James (1969). “A General Equilibrium Approach To Monetary Theory,” Journal of Money, Credit, and Banking Vol. 1, No. 1, pp. 15-29.
Von Furstanberg, George M. (1977). “Corporate Investment: Does Market Valuation Matter in Aggregate?” Brookings Papers on Economic Activity Vol. 2, pp. 347-397.
Whited, Toni M. (1992). “Debt, Liquidity Constraints and Corporate Investment: Evidence From panel Data,” Journal of Finance Vol. 47, No. 4, pp. 1425-60.