本研究是以台灣50成分股中的19家跨國企業為實證對象，實證期間自2016年第1季至2020年第4季。本研究採用相關分析、單變量檢定與迴歸分析以檢視跨國企業的資本支出對於其企業市場價值是否具有顯著正向影響。相關分析、單變量檢定與迴歸分析的實證結果都指出具有較大資本支出的跨國企應有顯著較大的企業價值。換言之，具有較大資本支出之跨國企業應有助於提升跨國企業之市場價值。

關鍵字：跨國企業、資本支出、企業市場價值、Tobin Q、迴歸分析。

ABSTRACT

This thesis is based on 19 multinational corporations in the constituent stocks of the Taiwan 50 Index. The empirical period is from the first quarter of 2016 to the fourth quarter of 2020. This thesis uses correlation analysis, univariate examination and regression analysis to examine whether the capital expenditure of multinational corporations has a significant positive impact on their corporate market value. The empirical results of correlation analysis, univariate examination and regression analysis all point out that multinational corporations with larger capital expenditures should have significantly larger corporate value. In other words, multinational corporations with larger capital expenditures should help increase the market value of firms.

Key words: Multinational Corporation, Capital Expenditure, Market Value of Firms, Tobin Q, Regression Analysis.

目 錄
　　　　　　　　　　　　　　　　　　　　　　
中文摘要　 ------------------------------------------------------------------------------ i
英文摘要 ------------------------------------------------------------------------------ ii
誌謝 ------------------------------------------------------------------------------ iii
目錄 ------------------------------------------------------------------------------ iv　
表目錄 ------------------------------------------------------------------------------ v　
圖目錄 ------------------------------------------------------------------------------ vi　
一、緒論 ------------------------------------------------------------------------------ 1
（一）研究背景與動機----------------------------------------------------------- 1
　　（二）研究目的-------------------------------------------------------------------- 7
（三）研究流程----------------------------------------------------------------------- 8
二、文獻探討 ------------------------------------------------------------------------------- 9
　　（一）國際跨國企業投資案例------------------------------------------------------9
　　（二）國內跨國公司案例------------------------------------------------------------ 12
（三）相關實證文獻回顧------------------------------------------------------------ 16
三、研究方法 ------------------------------------------------------------------------------- 17　
　　（一）實證方法----------------------------------------------------------------------- 17
　　（二）實證資料與實證對象-------------------------------------------------------- 19
四、實證結果與分析 -----------------------------------------------------------------------20
　　（一）變數敘述統計量---------------------------------------------------------------20
　　（二）各變數之間的相關性分析---------------------------------------------------20
五、結論與建議 ---------------------------------------------------------------------------- 24
　　（一）研究結論------------------------------------------------------------------------ 24
　　（二）研究建議------------------------------------------------------------------------ 24
參考文獻 ------------------------------------------------------------------------------------- 26
　　

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