本文以2002~2015年間，臺灣地區光電產業16家公司的縱橫資料為樣本，實證估計該產業整體的投資行為。估計結果如下：Tobin’s q 對投資比的影響並不顯著，而現金流量比則一致的對投資比顯著的正面影響。然而，近五年來此正面影響的力道則顯著的下降。最後，就各變數對投資比的貢獻度而言，近五年來財務槓桿比的變動為唯一引發正向影響的變數。 This thesis takes the penal data from 16 companies in Taiwan’s electro-optical industry as sample to estimate their investment behavior. The estimated results have shown that Tobin’s q does not significantly affect the investment ratio, while cash flow ratio brings about consistently significant positive effects to the investment ratio during the period between 2002 and 2015. However, the positive force toward investment is weakening during the recent five years. Finally, is so far as the contribution to investment ratio is concerned, leverage rate is the only factor that has contributed positively to investment recently.
