本文引用臺灣地區營收前28大製造業廠商於2010~2016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二點重要結果：
1.現金流量、新增債務與利率三項因素隨廠商的投資決策具有顯著的影
響，前二者的影響為正向，後者為負向，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，依次為財務槓桿、現金
流量與利息支出，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。

This thesis empirically studies the investment behaviors of the 28 largest sales manufactures in Taiwan using penal data covering the period between 2010 and 2016. Important findings are as follows:
1. The three factors, cash flows, newly created debt and interest payments played significant roles in affecting business investment decisions while the first two have affected investment positively and the interest payments affected investment negatively. All results match predictions of investment theory.
2. In 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.

目錄
第一章	緒論1
第一節	研究動機1
第二節	製造業概況4
第三節    本文研究架構8
第二章 文獻回顧10
第一節 企業廠商投資行為總論10
第二節 投資資金融通問題12
第三節 實證研究與結果15
第三章 研究方法19
第一節 實證投資方程式設定19
第二節 縱橫資料模型估計20
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24
第一節 資料來源與敘述分析24
第二節 基本模型估計結果27
第三節 各解釋變數貢獻度分析29
第五章 結論34
參考文獻35
附錄：樣本公司基本資料37

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