產業結構對資本支出的影響：台灣實證

The Impact of Industrial Structure on Capital Expenditure: Evidence from Taiwan

公司在考慮資本決策時，會反映出經理人經營公司的態度。本文目的是檢驗台灣上市公司的相關資料，結合競爭優勢理論和寧靜生活假說，在不同的套利風險與產業結構的交互作用下，反映經理人對公司資本支出的決策心態。本文的研究發現，第一，公司所處的市場越競爭，未來的資本支出越高；第二，高套利風險的公司，管理當局傾向進行冒險投資；但低套利風險的公司，管理當局傾向不喜冒險而不進行投資。整體而言，本文認為公司所處的市場結構和承擔的套利風險，會影響管理當局對資本資出決策所持有的態度。

Product competition in the market structure of the company when making investment decisions has been inconclusive, the influence of past researches investigated by using industrial structure which has positive effect or negative effect on investment expenditure. This paper includes the interactional term, arbitrage risk and industrial structure to examine how the firms making capital expenditure decision .Our results can be summarized as follows: first, the more market competitive, the higher capital expenditure the company makes ; second, when firm with high arbitrage risk and in high product market competition, companies tend to take risk and increase the capital expenditures. After all, we find that the market competition and the arbitrage risk might affect the attitude that firm management holds.