| Summary: | 碩士 === 東吳大學 === 會計學系 === 98 === This research tries to explore the effect of capital expenditure on the performance of Taiwan semiconductor enterprises that are listed on the Taiwan stock exchange. A sample of enterprises that meet the criteria of high capital expenditure from the year 1998 to 2008 are selected for this research. The effect of high capital expenditure on enterprise performance on the year of capital expenditure and the subsequent three years is examined. The effect of high capital expenditure on the sampled enterprises’ performance in subsequent years is also examined.
Enterprise performance on “return on total asset”, “return on equity”, and “operating profit ratio” are used to benchmark sampled enterprises. In addition, “profit margin”, “debt ratio”, “research expenditure”, and “stock prices” are used to examine the effect of high capital expenditure on enterprise performance.
The result of this research shows that after high capital expenditure, the performance of enterprises a year after were usually poorer. This could be because after high capital expenditure, total assets, equity, and depreciation increased while net income have not yet benefited from the capital investment. Furthermore, the performance of semiconductor enterprises in subsequent years after high capital expenditure were not significantly better. Finally, there were no significant effect on profit margin, debt ratio, research expenditure, and stock prices in the subsequent years high capital expenditure.
|
|---|
