| Summary: | 碩士 === 逢甲大學 === 會計所 === 96 === Many literatures have discussed the phenomenon and process of bubble economy, but they did not detail how to measure it. This research is based on the formula for measuring the bubble proposed by Lin Kuohsiung (2003). We compare each of both the industries during the Asian financial crisis period and in the recent period by observing debit of the balance sheet viewed as investment portfolio of capital application and credit viewed as capital resource to see if the industry represents the phenomenon of bubble. Through analysis on elements of investment portfolio we traced the possible reasons the bubble formed and found out the asset items in which bubble exist. The research discovered that each of the industries has more obvious existence of the bubble during the Asian financial crisis period than those during the recent period. By exploring the reason we found most of the enterprises were invested in the speculative assets, for example, real estate, long- term and short-term investment. The prices of these assets were easily controlled by artificial external market, and this situation caused the value which exceptionally was constantly risen to deviate the original intrinsic value so they resulted in bubble. When the factor of supported price has vanished, the bubble was disillusioned in a short time. It caused the asset price suddenly to fall and seriously affected the management ability of the enterprises in the future. In addition, although enterprises have presented more mitigating the phenomenon of bubble during the Asian financial crisis period than those were during the recent period, it is still worth our noting of their changes. Therefore, the enterprises should concentrate on the investment in the specialized manufacture and essence of production. They also should avoid excessively investing in the financial tools and corrode originally the perfect system.
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