現金流量敏感性會隨著公司所處區域、企業文化、經濟背景而異 (Bond, Elston, Mairesse, and Mulkay , 2003) 。高盛公司首席經濟學家吉姆･奧尼爾預測2050年“金磚四國”將超越英國、法國、意大利、德國等西方國家，與美國、日本一起躋身為全球新的六大經濟體。本研究引用Brown and Petersen(2009)的方法，將現金流量區分為正現金流量及負現金流量，探討2000年到2007年金磚四國製造業內部現金流量對資本投資的敏感性。並分析四個國家之差異，提供予投資大眾作參考。
研究結果顯示：金磚四國製造業公司之正現金流量與資本投資皆呈顯著正相關，且在比較了金磚四國製造業公司的正現金流量對資本投資之影響後，可看出俄羅斯製造業公司正現金流量投資於資本支出最多，其次為印度、巴西，中國最少。另外，就控制變數方面可以看出，俄羅斯、印度及巴西製造業於內部資金充裕時，亦會將發行新股之外部資金投資於資本支出，且俄羅斯製造業投資金額最多，印度製造業次之，巴西最少。而印度與中國製造業於內部資金充裕時，亦會將舉借新債之外部資金投資於資本支出，且印度製造業投資金額高於中國製造業。然而，金磚四國中只有印度製造業於內部資金充裕時，同時會將舉借新債及發行新股之外部資金投資於資本支出。
而在負現金流量對資本投資的影響方面，巴西及中國製造業公司，其負現金流量與資本投資皆呈顯著正相關，印度製造業公司則為不相關。另外，就控制變數可以看出，當印度、中國及巴西製造業公司處於負現金流量時，舉借新債與資本支出皆呈顯著正相關，表示當公司處於資金不足的情況下，印度、中國及巴西製造業公司會透過外部融資舉借新債取得資金投資於資本投資。且在金磚四國中，只有印度製造業於內部資金不充裕時，同時會將舉借新債及發行新股之外部資金投資於資本支出。

With the company''s cash flow sensitivity will be located area, enterprise culture, economic background differences (Bond, Elston, Mairesse, and Mulkay, 2003). Goldman Sachs chief economist Jim O''Neill ・ 2050 "BRIC" will surpass the United Kingdom, France, Italy, Germany and other Western countries, and the United States, Japan with six among the world''s new economy. In this study, Brown and Petersen (2009) method, will be divided into cash flow positive cash flow and negative cash flow of 2000 to 2007, the BRICs manufacturing internal cash flow sensitivity of capital investment. And analyze the differences between the four countries, available to the investing public for reference.
The results showed: BRIC manufacturing company cash flow and capital investment are factors exhibited a significant positive correlation, and compared the BRIC countries in manufacturing companies are cash flow implications on capital investment, we can see Russia Manufacturing companies are cash flow to invest in capital expenditure, followed by India, Brazil, China at least. In addition, the control variables can be seen, Russia, India and Brazil within the manufacturing sector funded, we will also issue new shares of external resources will be invested in capital expenditures, and the largest amount of investment in the Russian manufacturing sector, followed by the Indian manufacturing industry, Brazil at least. India and China within the manufacturing sector funded, the new debt will also be the external borrowing of funds to invest in capital expenditure and investment in India higher than China''s manufacturing industry. However, BRIC countries, only India''s manufacturing sector in the internal capital adequacy at the same time will borrow new debt and issue new shares of external resources to invest in capital expenditure. In the negative cash flow on capital investment, the Brazilian and Chinese manufacturing companies, the negative cash flow and capital investment factors exhibited a significant positive correlation was not related to manufacturing companies in India. In addition, the control variables can be seen, when India, China and Brazil manufacturing company in a negative cash flow, borrowing new debt and capital expenditure factors exhibited significant positive correlation, that when the company is in the case of insufficient funds, India, China and manufacturing companies in Brazil through new debt to obtain external financing borrowing money to invest in capital investment. And in the BRIC countries, only India, manufacturing in-house funds is not sufficient at the same time will borrow new debt and issue new shares of external resources to invest in capital expenditure.

摘要 I
Abstract III
誌謝 V
圖目錄 VIII
壹、 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構與流程 5
貳、 文獻探討與研究假說 7
第一節、 現金流量與資本投資之文獻探討 7
第二節、 外部融資與資本投資之文獻探討 12
參、 研究設計 18
第一節 樣本篩選與資料來源 18
第二節 變數定義與模型建立 20
3.2.1因變數 20
3.2.2自變數 20
3.2.3控制變數 22
(一) 正現金流量與資本投資模型 24
(二) 負現金流量與資本投資模型 25
肆、 實證結果與分析 27
第一節 敘述性統計 27
第二節 迴歸分析 31
伍、 研究結論與建議 37
第一節 研究結論 37
第二節 研究建議 38
參考文獻 39
圖目錄
圖1-1 研究流程圖 6


表目錄
表2-1 現金流量與投資相關文獻表格整理 11
表2-2 外部融資與投資相關文獻表格整理 17
表3-1 研究樣本篩選過程 19
表3-2 變數定義與衡量表 26
表4-1 各項變數之基本統計量 30
表4-2 正現金流量與資本投資之GMM迴歸結果 35
表4-3 負現金流量與資本投資之GMM迴歸結果 36

參考文獻

國內文獻
金成隆、林修葳與邱煒恒，2005，「研究發展支出與資本支出的價值攸關性：以企業生命週期論析」，中山管理評論，13卷3期，617~643。
詹家昌、王冠婷，2005，「股價報酬變異對公司投資決策的影響-考慮公司融資受限的情況」，管理與系統，12卷4期，55~78。
謝劍平，1995，「以公司托賓Q比率預測股票對公司投資變動的反應」，管理評論，14卷，33~46。

國外文獻
Agca, S., and Mozumdar, A. (2008). The impact of capital market imperfections on investment-cash flow sensitivity. Journal of Banking and Finance, 32, 207–216.
Athey, M. J., and Laumas, P. S. (1994). Internal funds and corporate investment in India. Journal of Development Economics ,45(2),287–303.
Bernanke, B., and Gertler, M. (1989). Agency Costs, Net Worth, and Business Fluctuations . American Economic Review, 79, 14–31.
Blundell, R., Bond, S., Devereux, M., and Schiantarelli, F. (1992). Investment and Tobin’s Q. Journal of Econometrics, 51, 233–257.
Bond, S., Elston, J.A., Mairesse, J., and Mulkay, B. (2003). Financial factors and investment in Belgium, France, Germany, and the United Kingdom: A comparison using company panel data. Review of Economics and Statistics, 85, 153–165.
Boyd, J. H. and Smith B. D. (1997). Capital market imperfections, international credit markets, and nonconvergence. Journal of Economic Theory, 73(2),335-364
Brown, J.R., and Petersen, B.C. (2009). Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments. Journal of Banking and Finance, 33(5), 971–984.
Calstrom, C. T., and Fuerst, T. S. (1997). Agency Costs, Net worth, and Business Fluctuations: A Computable General Equilibrium Analysis. American Economic Review, 87, 893–910.
Carpenter, R.E., and Guariglia, A. (2008). Cash flow, investment and investment opportunities: New tests using UK panel data. Journal of Banking and Finance, 32, 1894–1906.
Chow, C. and M. Fung, (2000). Small businesses and liquidity constraints in financing business investment Evidence from shanghai''s manufacturing sector. Journal of Business Venturing ,15(4) ,363–383.
Chung, R., Firth, M., and J. B. Kim. (2002). Institutional monitoring and opportunistic earnings management. Journal and Corporate Finance, 8, 29–48.
Cleary, S. (1999). The relationship between firm investment and financial status. Journal of Finance, 54, 673–692.
Devereux, M., and Schiantarelli, F. (1989). Investment, financial factors, and cash flow: Evidence from U.K. panel data. Working paper.
Fazzari, S. M., Hubbard, R. G., and Petersen, B. C. (1988). Financing contraints and corporate investment. Brookings papers on Economic activity, 3(1), 141–195.
Fazzari, S. M., Hubbard, R. G., and Petersen, B. C. (1993). Working capital and fixed investment: New evidence on financing constrsints. The Rand Journal of Economics, 24(3), 328–342.
Fazzari, S. M., Hubbard, R. G., and Petersen, B. C. (1996). Financing constraints and corporate investment: Response to Kaplan and Zingales. Working paper.
Fazzari, S. M., Hubbard, R. G., and Petersen, B. C. (2000). Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales. The Quarterly Journal of Economics, 115(2), 695–705.
Gilchrist, S., and Himmelberg, C.P., (1995). Evidence on the role of cash flow for investment. Journal of Monetary Economics, 36(3), 541–572.
Himmelberg, C.P., and Petersen, B.C. (1994). R&D and internal finance. A panel study of small firms in high-tech industries. Review of Economics and Statistics, 76, 38–51.
Hoshi T., Kashyap, A., and Scharfstein, D. (1991). Corporate structure, liquidity and investment: Evidence from the Japanese industrial groups. The Quarterly Journal of Ecoindustrial groups. The Quarterly Journal of Economics, 106(1), 33–60.
Hovakimian A., College B. and Hovakimian G. (2005). Cash Flow Sensitivity of Investment: Firm-Level Analysis. Working paper.
Hovakimian, G., and Titman, S. (2003). Corporate investment with financial constraints: sensitivity of investment of funds from voluntary asset sales. Working paper.
Hubbard, G. (1998). Capital-market imperfections and investment. Journal of Economic Literature, 36(1), 193–225.
Hubbard, G., Kashyap, A., and Whited, T. (1995). Internal finance and firm investment. Journal of Money, Credit and Banking,27(3), 683–701.
Jensen, M. (1986). Agency cost of free cash flow, corporate finance, and investment. The American Economics Review, 76(2), 323–329.
Jensen, M. C., and W. H. Meckling. (1976). Theory of Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics, 3(7), 305–360.
Kaplan, S.N., and Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics, 112, 169–215.
Kuh, E. (1963). Capital Stock Growth: A Micro-Econometric Approach. North-Holland, Amsterdam.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R.Vishny. (2002). Investor Protection and Corporate Valuation. Journal of Finance, 57(3), 1147–1170.
Lamont, O. (1997). Cash flow and investment: Evidence from internal capital markets. The Journal of Finance, 52(1), 83–109.

Mayer, C., and Sussman, O. (2003). New Issues in Corporate Finance. Working Paper.
Meryer, John R., and Edwin Kuh. (1957). The Investment Decision, Cambridge, Mass. Harvard University Press.
Meryer, John R., and Edwin Kuh. (1957). The Investment Decision, Cambridge, Mass. Harvard University Press.
Minton, B. A., and Schrand, C. (1999). The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics, 54, 423–460.
Modigliani, F., and Miller, M. H. (1958). The Cost of Capital, Corporate Finance, and the Theory of Investment. American Economic Review, 48, 655–669.
Morck, R. Shleifer A., and Vishny, R. W. (1988). Management Ownership and Market Valuation an Empirical Analysis, Journal of Financial Economics, 20, 293–315
Moyen, N. (2004). Investment - Cash Flow Sensitivties: Constrained versus Unconstrained Firms, The Journal of Finance, 59, 2061–2092.
Myers, S.C., and S.M. Turnbull. (1977). The Capital Budgeting and The Capital Asset Pricing Model-Good News and Bad News, Journal of Finance, 321–333.
Myers, Stewart C., and Nicholas S. Majluf., (1984).Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not. Journal of Financial Economics, 13, 187–221.
Nabi, I. (1989). Investment in segmented capital markets. Quarterly Journal of Economics ,104(3),453–462.
Oliner, S., and Rudebusch, G., (1992).Sources of the financing hierarchy for business investment. The Review of Economics and Statistics, 74(4), 643–654.
Ramirez, C. D. (1995). Did J.P. Morgan''s men add liquidity? Corporate investment, cash flow and financial structure at the turn of the Twentieth Century. The Journal of Finance, 50(2), 661-678.

Schaller, H. (1993). Asymmetric information, liquidity constraints and Canadian investment. The Canadian Journal of Economics, 26(3), 552-574.
Smith, C.W., and J.B. Warner., (1979).On Financial Contracting: An Analysis of Bond Covenants, Journal of Financial Economics.
Stein, J. C., (1996).Rational Capital Budgeting in an Irrational World. Journal of Business, 69, 429–455.
Stevens, G.,(2000). Politics, economics and investment: Explaining plant and equipment spending by US direct investors in Argentina, Brazil and Mexico. Journal of International Money and Finance ,19(2),153-183.
Stiglitz, J. and Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review ,71(3),393–410.
Tybout, J.R. (1983). Credit rationing and investment behavior in a developing country. Review of Economics and Statistics ,65(4),598–607.
Whited, T., (1992).Debt, liquidity constraints, and corporate investment: Evidence from panel data. The Journal of Finance, 47(4), 1425–1460.