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 U0002-1806201920154600
中文論文名稱 臺灣地區電動車相關產業投資行為研究
英文論文名稱 Research on Investment Behavior of Electric Vehicle and related 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 林南舟
研究生英文姓名 Nan-Chou Lin
學號 706550075
學位類別 碩士
語文別 中文
口試日期 2019-06-08
論文頁數 58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 電動車  電動車產業  投資行為  Tobin's q  現金流量  財務槓桿  有效利息支出 
英文關鍵字 Electric car  Electric vehicle industry  investment behavior  Tobin's q  cash flows  financial leverage  effective interest patments 
學科別分類
中文摘要 論文提要內容:
本文引用臺灣電動車及相關產73家業廠商於2007~2017年間的縱橫資料,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三點重要結果:
1. 整體而言,五個變數的對投資的影大致與理論相符,其中現金流量、財務槓桿二個變數的影響具有統計上的顯著性。負值而不顯著的新增債務比係數與顯著的負值財務槓桿顯示,樣本公司的債務負擔已經偏高,以致新增債務反而帶動負面的投資影響。
2. 近三年來,四個融通變數的影響呈現出不顯著的負面變化,此可能影響爾後融資的可行性。
英文摘要 Abstract
This thesis empirically estimates the investment equation that is popularly adopted by economists in study the investment behavior in the firm level. Panel data from 73 Electric Vehicle and related manufacturers in Taiwan covering the period 2007 and 2017 are used. Important findings are as follows:
1. All five parameters of the relevant variables estimated are generally match the predictions of relevant theories. Among those factors, the effects of cash flows and financial leverages are significant in statistic sense. The insignificant negative effect of new debts accompanied by significant negative effect of financial leverage has shown that the debts level is too high to affect the functioning of raising debt for investment purpose.
2. In the most recent three years all four financial accommodating factors are turning against favor to investments, meaning that companies might facing difficulties in raising debt for investment in the near future.
論文目次 目錄
目錄.............................................................. IV
表目錄............................................................. V
圖目錄............................................................ VI
謝辭............................................................... I
摘要.............................................................. II
Abstract ........................................................ III
第一章 緒論 1
第一節 研究動機 1
第二節 電動車業概況 3
第三節 本文研究架構 21
第二章 文獻回顧 23
第一節 企業廠商投資行為總論 23
第二節 投資資金融通問題 25
第三節 實證研究與結果 31
第三章 研究方法 34
第一節 實證投資方程式設定 34
第二節 縱橫資料模型估計 35
第三節 影響近年企業投資之因素衡量 37
第四章 實證估計結果 39
第一節 資料來源與敘述分析 39
第二節 基本模型估計結果 42
第三節 各解釋變數貢獻度分析 44
第五章 結論 48
參考資料 49
附錄:樣本公司基本資料


表目錄
表 一 車輛上的動力能源之一........................................3
表 二 車輛上的動力能源之二........................................4
表 三 燃料電池和離電池優缺點......................................4
表 四 2011年中華人民共和國、日本、法國、英國、美國對電動車的相關
政策及目標.................................................9
表 六 2016 年電動車銷量與車市總銷量佔比前十位.....................14
表 七 資料名稱與來源..............................................39
表 八 敘述統計....................................................40
表 九 基本模型估計結果............................................43
表 十 固定效果模型下延伸基本模型的估計結果........................45
表 十一 近三年五種解釋變數對投資比貢獻度分析......................46













圖目錄
圖 一 全球 2007~2017 年電動車銷量..............................7
圖 二 全球 2007~2017 年電動車銷量..............................8
圖 三 我國電動車產業供應體系....................................8
圖 四 臺灣車輛產業聯盟(TARC)多樣化產品..........................9
圖 五 我國智慧電動車輛產業願景與推動策略.......................10
圖 六 我國智慧電動車產業分年推動目標...........................12
圖 七 國際鋰離子電池組價格走勢.................................13
圖 八 鋰離子電池成本結構分析...................................13
圖 九 挪威電動車消費者購買原因調查.............................15
圖 十 2008~2017 年間73家公司之投資比..........................41
參考文獻 參考資料
註一、周碩彥、莊士峰、林樹達(2013)。動力機械概論Ι 。台北市:台科大 周碩彥、莊士峰、林樹達(2013)。動力機械概論Ⅱ。台北市新莊區:台科大 公共電視:下課花路米–德國環保之旅第 8 天。擷取日期:2015 年 3 月 27 日。 取自:https://www.youtube.com/watch?v=eOq2g8MOrnA
註二、同註一
註三、CARSTAR–編輯群(2016)。能源界的明日之星–氫燃料電池。修車人, 105 期,第 24 頁 CARSTAR–編輯群(2016)。電動車能源再進化–鋰電池的革新。修車人,105 電動車 10 期,第 25 頁 擷取日期:2016 年 2 月 27 日。取自: http://www.gogoro.com/tw/about/
註四、Tech News:別只知道特斯拉,2014 年還有這些知名電動汽車。擷取日期: 2016 年 2 月 28 日。取自:http://technews.tw/2014/12/31/famous-electric-car-in-2014/ 自由時報:打破汽車定義!賓士無人概念車 F015 Luxury in Motion。2015/02/28 。擷取日期:2016 年 2 月 28 日。取自:http://auto.ltn.com.tw/news/1523/3
註五、曾祐強、鄭凱文〈2011–2012〉。全球主要國家電動車示範運行推動現況。 車輛研測知資訊,085 期, 02-09。擷取日期:2016 年 2 月 29 日
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.
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.
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.
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.
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