| Summary: | 碩士 === 國立雲林科技大學 === 會計系 === 103 === This study explores the association between capital expenditures and future performance. The sample period was 2007-2011, and I used Taiwan public companies as my samples.
Dependent variables were adjusted Return on Assets (ROA), adjusted Return on Equity (ROE) and adjusted Cash Flows from Operations (CFO). Independent variables were capital expenditures, company size, market value to book value ratio, Debt ratio, quick ratio and abnormal returns.
The results show that capital expenditures are positively associated with adjusted Return on Assets, adjusted Return on Equity and adjusted Cash Flows from Operations. In other words, capital expenditures and the company's future performance have significant positive relationship.
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