金融危機與事件中發現，公司財務是否健全發展佔整體經濟相當重要的一環。而在探討財務不健全公司中發現這些公司容易存在資訊不對稱與代理的問題，研究有財務受限問題的相關文獻眾多但這些文獻多將財務困難公司排除，致財務困難公司投資行為的相關文獻並不多見。 本文以S.Bhagat et al. (2005)研究方式來探討在台灣財務困難公司是否與美國財務困難公司也存在著相同模式。實證結果發現台灣財務困難公司的財務特性與美國相似，但投資行為與美國財務困難公司不同，大部分台灣財務困難公司在遭遇虧損後，次年大多仍會增加投資，而他們的投資-現金流量敏感度多為不顯著而不像美國財務困難公司的敏感度顯著為負。 Observed from the series of events belonging to the Financial Crisis, the entirety of a company’s financial development is an essential part of the overall economy. Discussion of companies with incomplete financial development found these companies falling victim to information asymmetry and other related issues. Research papers can be found investigating problems regarding a company’s financial constraints, but most of these inquiries exclude companies with financial difficulties, resulting in few studies of said company’s investment behavior. This paper uses the research methods of S.Bhagat et al. (2005) to investigate the qualities of financially crippled companies in Taiwan and the US. Results show similar financial characteristics between the two countries; however, investment behavior deviates from this trend in that Taiwanese companies tend to increase investment following the years of loss, showing low sensitivity to cash flow availability in contrast to negative values of US companies given the same scenario.
