本文引用生產穿戴裝置產業33家公司於2008~2017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：
1.五個解釋變數中，除了有效利率的估計結果不符理論預期外，其餘四個變數皆與理論預期相符，而現金流量、財務槓桿、新增債務具有統計上的顯著性。Tobin’s q單獨對投資有顯著的正向影響外，當與其他變數合併後，其顯著性即告消失。
2.財務槓桿的負面影響已經進入臨界狀況，顯示公司債負已經偏高，可能影響爾後繼續舉債投資的能力。
3.近三年來，四個融通變數的影響並未出現明顯的改變。

This thesis empirically estimates the investment equation that is popularly adopted by economists using panel data, covering period from 2002 to 2017 of 33 Taiwanese companies that produce wearable device to study their investment behavior in an attempt to uncover the factors affecting companies’ investment behavior. Important findings are listed as follow:
1.All explanatory variables, except effective interest rates have correct signs in their influence on investment as predicted by economic theories. The influences of cash flows, financial leverages, and new debts are statistically significant. Tobin’s can have significant positive effect as long as the other variables are not included.
2.The negative effects of financial leverages have shown that companies might have difficulties in raising money for investment purpose in the near future.
3. In the most recent three years, the investment behavior have improved a little but have not changed significantly.

目錄
第一章 緒論	1
第一節 研究動機與目的	1
第二節 產業概況	3
第三節 本文研究架構	21
第二章 文獻回顧	22
第一節 企業廠商投資行為總論	22
第二節 投資資金融通問題	24
第三節 實證研究與結果	28
第三章 研究方法	32
第一節 實證投資方程式設定	32
第二節 縱橫資料模型估計	33
第三節 影響近年企業投資之因素衡量	35
第四章 實證估計結果	37
第一節 資料來源與敘述分析	37
第二節 基本模型估計結果	40
第三節 各解釋變數貢獻度分析	42
第五章 結論	47
參考資料	48
附錄:樣本公司基本資料	50
表目錄
表一 穿戴式裝置的主要功能與應用一覽表	5
表二 Apple Watch供應鏈	12
表三 Android Wear計畫	12
表四 穿戴式裝置相關供應鏈廠商(智慧手錶、智慧眼鏡等)	13
表五 2015年～2017年主要穿戴式裝置市場概況	19
表六 資料名稱與來源	37
表七 敘述統計	38
表八 基本模型估計結果	41
表九 OLS模型下延伸基本模型的估計結果	44
表十 近三年四種解釋變數對投資比貢獻度分析	45
圖目錄
圖一 穿戴式裝置應用產品圖	10
圖二 Apple Watch產品結構	10
圖三 Samsung Glaxy Gear產品圖	11
圖四 Sony smartwatch 2 產品圖	11
圖五 Google Glass產品結構圖(一)	14
圖六 Google Glass產品結構圖(二)	14
圖七 Google Glass產品結構圖(三)	15
圖八 Google Glass智慧隱形眼鏡構造圖	15
圖九 電子皮膚應用產品圖	16
圖十 Intel智慧手環MICA產品圖	16
圖十一 Nike+ FuelBand產品圖	17
圖十二 穿戴裝置市場持續增溫，功能不斷提升為市場注入活水 18	
圖十三 全球智慧穿戴裝置(不含頭戴顯示裝置)之市場規模	20
圖十四 2008~2017年間33家公司之投資比	39

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