論文提要內容：
企業廠商的投資活動，對一個經濟成長扮演非常重要的角色，其投資行為吸引經濟學家投入心力加以探討。本文採用將濟學家普遍使用的投資方程式，以臺灣地區27家生產與製造穿戴式裝置相關公司於2008~2017年間的縱橫資料，估計影響企業投資五個主要變數的參數值，試圖了解影響其投資行為的因素。
實證研究結果發現，包含Tobin’s q、現金流量、財務槓桿、新增債務與有效利率這五個變數的估計結果，其方向皆符合理論預期，惟皆不具統計上的顯著性，其中Tobin’s q單一變數的影響較明顯。此外，除了新增債務的影響略為下降外，近三年來前三個變數的影響略呈上升，惟其變化同樣不具統計上的顯著性。

Abstract
Investments by business firms has always played crucial role in promoting country’s economic growth. Economists have dedicated tremendous efforts to uncover the factors that affect firm’s investment behavior. This thesis adopted econometric investment equation that is popularly used by economists in studying firm’s investment behavior. Using panel data from financial statements of 27 Taiwanese firms covering the period between 2008 and 2017 to estimate the five parameters in attempting to unveil the factors that has affected their investment behavior.
Our empirical estimations have shown that all five variables, namely, the Tobin’s q, the cash flows, the financial leverages, new debt and effectives interest rates, are insignificantly affecting the investment ratio in the directions as predicted by theories, among the role of Tobin’s q alone can explain most the force in influencing firm’s investment decision. Furthermore, the influences of the former three variables, except the new debts, have improved a little bit but still not significantly.

目錄
第一章  緒論 1
第一節	研究動機	1
第二節	穿戴裝置概況 2
第三節  本文研究架構 15
第二章 文獻回顧	16
第一節 企業廠商投資行為總論 16
第二節 投資資金融通問題	18
第三節 實證研究與結果 22
第三章 研究方法	25
第一節 實證投資方程式設定	25
第二節 縱橫資料模型估計	26
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 30
第一節 資料來源與敘述分析	30
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 39
參考資料 40
附錄：樣本公司基本資料 44
表目錄
表 一 穿戴式裝置產品 4
表 二 資料名稱與來源 30
表 三 敘述統計 31
表 四 基本模型估計結果 34
表 五 隨機模型下延伸基本模型的估計結果 36
表 六 近三年五種解釋變數對投資比貢獻度分析 37
圖目錄
圖 一 中華民國國內生產與投資毛額成長率 1
圖 二 穿戴裝置的發展歷程及產品 2
圖 三 穿戴裝置5大市場應用領域 3
圖 四 宏碁智慧佛珠 7
圖 五 2008~2017年間27家公司之投資比 32

參考資料
中文部份:
徐旺(2018)，穿戴式裝置：智能化如何改變人類的生活方式，台北：輕刻。
侯鈞元（2014)，穿今戴贏？未來10年智慧穿戴裝置發展藍圖，新竹：經濟部技術處。
陳根（2014)，穿戴式裝置時代：奇「機」上身‧第四波工業革命來襲，台北：上奇時代。
電子與系統研究組（2015)，2015十大ICT産業關鍵議題，工研院產業經濟與趨勢研究中心IEK2015年2月11日。

網站資料：
Money DJ財經知識庫 ，搜尋日期：2019/05/18
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=8610ea86-6588-4369-9852-7bc97baeb4d4台積電
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=1e5327a8-db1d-4f31-9bab-aec837c45c53鴻海
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=9b0327aa-6fff-473f-9fa7-1c7a52462fc3錸德
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=9566a2f4-07d2-49ef-af04-3cba99b4487f宏碁
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=8585c03b-e686-4381-97b4-6913df324c54英業達
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=78d50a2b-6e33-4137-b10e-355436d96e96技嘉
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=a3a81968-3a9d-4838-9964-03e709562d3a微星
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=3330aeac-0166-46c5-b097-3527313d09f8瑞昱
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=89280494-a193-49c6-962d-8b3c17c53c7e廣達
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=5c87d5ab-8d69-4fbd-a8db-e3e728f002d3威盛
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=f00861b2-3e44-4e4a-aeeb-f92046899f50正崴
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=b20a2506-5669-45b8-a9b8-27f9c2e02e6a義隆
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=69a4755a-56a2-4177-a863-97911a7df409可成
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=e4495db5-5c82-4efa-bc08-4f14c61f7e89智原
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=62f7c747-cb81-4aae-bad1-9c219174eaf6聯傑
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=f896524e-1143-45ad-b4ab-434245a6b474景碩
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=21cca8a2-bb14-4864-86c0-ec2d5a63a803全科
https://www.moneydj.com/KMDJ/wiki/WikiViewer.aspx?KEYID=10b687cf-dbc7-48d0-b459-c4b668a0a783矽瑪
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=0d88d308-2c59-4140-a066-b925a02130ad安可
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=2e6eaf58-f1be-44a7-9558-2b985a81552e鈺創
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=b751e981-4aea-4b24-bbf3-724dfcd34756中探針
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=a8889a50-1cd8-40c8-8cbf-ac3f0a2c9b1d矽創
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=1ea96950-d7cf-451a-b9d0-5e465d74b10b元太
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=2e2bf9e8-f62d-4540-96bc-230a0f37025b華冠
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=5ee7fb89-c2a1-4993-aec0-c4326efdd1fa商之器
https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=6077db6d-349d-457b-a85d-80fd587e9391中興保全
智慧佛珠，搜尋日期：2019/05/18
https://www.bnext.com.tw/px/article/49029/acer-wisdom-beads-will-be-upgraded-to-rosewood-luxury-version-of-the-future-broadcast-will-not-be-a-problem! 
https://www.viatech.com/tw/2017/07/olami_hack_ntu/威盛，搜尋日期：2019/05/18


英文部份：
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.