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。

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.

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

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27.鋼鐵產業鏈簡介、產業價值鏈資訊平台
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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