The Research of Endogenousity of Capital Expenditure and Enterprise Performance

• Main Authors: Sz-Jie Chiou, 邱思潔
• Other Authors: 葉寶文
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/08143864441887655159

碩士 === 健行科技大學 === 財務金融所 === 101 === Enterprises in the face of an increasingly competitive environment, we must continue to grow to meet its sustainable management purpose, the overwhelming majority of business growth through continued expansion and innovation, if not continued expansion and innovation of enterprises, the fate will eventually be phased out while the enterprise expansion and innovation process such that is an investment, the conduct of investment activities will not only affect the allocation of resources to the enterprise, will also affect the competitive position of the enterprise, can be seen the importance of investment decision. In this study, to explore the capital expenditure and the correlation between corporate performance. In this study, 2000-2011 Taiwan Economic Journal database (Taiwan Economic Journal, referred TEJ) financial modules and module aspect of corporate governance section data (panel data) for the study sample, the use of two-stage least squares method (two-stage least squares, 2SLS) sample selection model and Tobit model (tobit sample selection model) to estimate the model, the first businesses to invest in capital estimates for endogenous and environmental factors discussed, and then proceed with the assessment of corporate performance. The study found that managers shareholders, directors ''shareholding ratio, board size, the scale of shareholders'' equity in the capital has a positive impact on operating expenses.