淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-1706201919312000
中文論文名稱 臺灣地區鋼鐵業投資行為研究
英文論文名稱 A Study of the Investment Behaviors of Steel Industry 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 張王嘉
研究生英文姓名 Wang-Jia Chang
學號 706550174
學位類別 碩士
語文別 中文
口試日期 2019-06-08
論文頁數 43頁
口試委員 指導教授-賈昭南
指導教授-林美榕
委員-謝振寰
委員-林俊宏
中文關鍵字 鋼鐵業廠商  投資行為  Tobin’s q  現金流量  財務槓桿  有效利息 
英文關鍵字 steel industry  investment behavior  Tobin’s q  cash flows  financial leverage  effective interest payments 
學科別分類
中文摘要 論文提要內容:
本文引用臺灣地區鋼鐵業43家廠商於2008~2017年間的縱橫資料,估計計量經濟學家普遍採用的投資方程式,試圖了解影響其投資行為的因素。實證研究結果發現下列二點重要結果:
1. 現金流量與新增債務兩項因素對廠商的投資決策具有顯著的影響,二者的影響皆為正向,且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,依序為現金流量、財務槓桿,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 behavior of 43 firms in Taiwan’s Steel Industry.Using penal data collected from firms’ s financial statements covering the period between 2008 and 2017 to estimate the econometric model popularly adopted by economists in relevant studies attempting to find the factors that have affected their investment decision makings. Important findings are as follows:
1.The two factors, cash flows and newly created debt played significant roles in affecting business investment decisions while thepositive influences are matching the predictions of the theories.
2.In the most recent three years the favorable movements in cash flow and financial leverage has generated favorable results in business investment while adverse movement in newly created debts has dragged down investment significantly.
Finally, Tobin’s q does not affect investment decisions significantly showing that performances in the stock market have no effects on firms’ investments.
論文目次 目錄
摘要................................................................i
Abstract...........................................................ii
目錄..............................................................iii
表目錄.............................................................iv
圖目錄...... .......................................................v
第一章緒論..........................................................1
第一節 研究動機.................................................1
第二節 鋼鐵業概況...............................................4
第三節 本文研究架構............................................10
第二章文獻回顧 11
第一節企業廠商投資行為總論.....................................11
第二節投資資金融通問題.........................................13
第三節 實證研究與結果..........................................17
第三章研究方法 20
第一節實證投資方程式設定 20
第二節縱橫資料模型估計 21
第三節影響近年企業投資之因素衡量 23
第四章 實證估計結果................................................25
第一節 資料來源與敘述分析......................................25
第二節 基本模型估計結果........................................28
第三節 各解釋變數貢獻度分析....................................30
第五章結論 34
參考資料...........................................................35
附錄:樣本公司基本資料

表目錄
表一2017及2018全球前10大鋼鐵生產國家年產量.......................7
表二我國鋼鐵基本工業主要廠商營運概況................................8
表三資料名稱與來源.................................................25
表四敘述統計.......................................................26
表五基本模型估計結果...............................................29
表六OLS模型下延伸基本模型的估計結果..............................31
表七近三年五種解釋變數對投資比貢獻度分析...........................32


圖目錄
圖一2007~2017年中華民國國內生產與投資毛額成長率....................1
圖二2007~2017年中華民國基本金屬製造業年增率佔經濟成長率比..........2
圖三台灣鋼鐵產業演進史..............................................4
圖四鋼鐵產業鏈......................................................6
圖五2008~2017年間43家公司之投資比................................27
參考文獻 參考資料
1.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.
2.Baum, C., M. Caglayan, and O. Talavera (2008). “Uncertainty Determinants of Firm Investment”, Economic Letters Vol. 98, pp. 282-287.
3.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.
4.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.
5.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.
6.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.
7.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.
8.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.
9.--------, (2000). “Investment-Cash Flow Sensitivities are Useful: A Comment on Kaplan and Zingales,” The Quarterly Journal of Economics Vol. 115, No. 2, 695-705.
10.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.
11.Gilchrist, Simon and Charles Himmelberg (1995). “Evidence on the Role of Cash Flow for Investment,” Journal of Monetary Economics, Vol. 36, pp. 541-572.
12.Gomes, J. (2001). “Financing Investment,” American Economic Review 1263–1285.
13.Gruss, B. (2014). “After the Boom–Commodity Prices and Economic Growth in Latin America and the Caribbean,” IMF Working Paper No. 14/154.
14.Harrison, A., I. Love and M. McMillan (2004). “Global Capital Flows and Financing Constraints,” Journal of Development Economics Vol. 75, pp. 269–301.
15.Hayashi, Fumio (1982), “Tobin's Marginal Q and Average Q: A Neoclassical Interpretation,” Econometrica Vol.50, No. 1, 213-224.
16.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.
17.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.
18.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.
19.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.
20.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.
21.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
22.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.
23.Schaller, Huntley (1993). “Asymmetric Information, Liquidity Constraints and Canadian Investment,” Canadian Journal of Economics Vol. 26, No. 3, pp552-74.
24.Tobin, James (1969). “A General Equilibrium Approach To Monetary Theory,” Journal of Money, Credit, and Banking Vol. 1, No. 1, pp. 15-29.
25.Von Furstanberg, George M. (1977). “Corporate Investment: Does Market Valuation Matter in Aggregate?” Brookings Papers on Economic Activity Vol. 2, pp. 347-397.
26.Whited, Toni M. (1992). “Debt, Liquidity Constraints and Corporate Investment: Evidence From panel Data,” Journal of Finance Vol. 47, No. 4, pp. 1425-60.
27.鋼鐵產業鏈簡介、產業價值鏈資訊平台
28.鋼鐵產業發展的歷史脈絡、台灣工業文化資產網站
29.世界鋼鐵數據統計2018、世界鋼鐵協會
30.台灣經濟研究院產經資料庫
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2019-06-26公開。
  • 同意授權瀏覽/列印電子全文服務,於2019-06-26起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2486 或 來信