本研究以臺灣食品加工產業為例，探討疫情前及後疫情時代資本支出與企業經營績效的關係，研究期間涵蓋2016年第一季至2024年第二季，樣本包含15家上市(櫃)公司。研究方法採用自我迴歸遞延分配模型(ARDL)，分析資本支出與企業經營績效(以資產報酬率、企業成長率、資產周轉率、營運資金率、研發費用率及自由現金流量等指標衡量)來做自變數及應變數的關係。
研究結果顯示，資本支出與企業經營績效關係，短期內影響有限，且具有遞延性效果及週期性影響。其中企業資本支出需經歷一定的時間才能轉化為實質經營效益。此外，控制變數如公司規模、資產周轉率等在不同時期對經營績效亦存在顯著影響。而疫情期間資本支出對企業經營績效的影響不顯著，顯現出企業已經調解疫情期間的經營模式變化。

This study examines the relationship between capital expenditure and business performance in Taiwan's food processing industry. The research covers the period from Q1 2016 to Q2 2024, with a sample of 15 listed companies. Using an Autoregressive Distributed Lag (ARDL) model, the study analyzes the relationship between capital expenditure and various performance indicators, including return on assets (ROA), growth rate (GW), asset turnover ratio (TAR), working capital ratio (WCR), R&D expense ratio (RDR), and free cash flow (CFC).
The results indicate that capital expenditure has limited short-term effects on business performance, demonstrating delayed and cyclical impacts. This suggests that capital investments require time to translate into tangible operational benefits. Additionally, control variables such as company size and asset turnover ratio significantly influence performance at different periods. Notably, during the pandemic, the impact of capital expenditure on business performance was not significant, indicating that companies had adapted their operational models to the changing circumstances.

中文文獻
市場先生(2021),https://rich01.com/what-is-capital-expenditure/
林煜恩、池祥萱、鄭家興、魏麗榕(2015),產業結構對資本支出的影響：台灣實證。兩岸金融季刊，3(1)，47-66。
林禎禧(2017),營運資金及資本支出對企業經營績效之影響-以臺灣冷凍食品產業為例。東海大學
姚怡君(2024),電動車產業研發支出及資本支出對企業財務績效之影響論文。國立彰化師範大學
徐怡; 邱世熒(2010),資本支出,企業規模與研發投資對企業績效之影響.Journal of Data Analysis, 5.3: 1-21.
陳亮旬(2013),資本支出對企業經營績效之影響-以臺灣面板產業為例。國立成功大學
程銀宗(2000),資本支出宣告之市場反應影響因素探討論文。國立中正大學
華南投顧週報(2022) ,https://events.entrust.com.tw/news/1371
二、英文文獻
Benston, G.J.(1985). The market for public accounting services: Demand, supply and regulation. Journal of Accounting and Public Policy. 4(1):33-79.
Eng, L. L.& Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of accounting and public policy, 22(4), 325-345.
Eleba, A. N. & Tubotamuno-Ojas, J.O.(2024).Capital expenditure decisions and market value of quoted food and beverages firms in Nigeria. Finance & Accounting Research Journal, 6(4), 556-566.
Griner, E. H. & Gordon, L. A. (1995). Internal cash flow, insider ownership, and capital expenditures: a test of the pecking order and managerial hypothesis. Journal of Business Finance & Accounting, 22(2), 306-686.
Kim, S. (2001). The near‐term financial performance of capital expenditures: a managerial perspective. Managerial Finance, 27(8), 48-62.
Kim, S. &Byunghwan, B.L. (2018). The value relevance of capital expenditures and the business cycle. Studies in Economics and Finance, 35(3) 386-406.
Kadioglu, E. & Yilmaz, E. A. (2017). Is the free cash flow hypothesis valid in Turkey?Borsa Istanbul Review, 17(2), 111-116.
McConnell, J. J. & Muscarella, C. J.(1985). Corporate capital expenditure decisions and the market value of the fir. Journal of Financial Economics, 14(3), 399-422.
McWilliams, A. & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification?Strategic management journal, 21(5), 603-609.
Nazir, M. S. &Afza, T. (2018). Does managerial behavior of managing earnings mitigate the relationship between corporate governance and firm value? Evidence from an emerging market. Future Business Journal, 4(1), 139-156.
Pesaran, M.H. & Shin, Y. (1995), “Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis”, Cambridge Working Papers in Economics 9514, Faculty of Economics, University of Cambridge.
Padachi, K. (2006). Trends in Working Capital Management and Its Impact on Firms’ Performance: An Analysis of Mauritian Small Manufacturing Firms. International Review of Business Research Papers, 2, 45-58.
Sunjoko, Mary Ivana, and Erika Jimena Arilyn. (2016). Effects of inventory turnover, total asset turnover, fixed asset turnover, current ratio and average collection period on profitability." Jurnal Bisnis dan Akuntansi 18.1 : 79-83.
Titman, S., Hirshleifer, D., and Levy, M. (1993). Investment opportunities and corporate capital expenditures. Journal of Financial Economics, 31(1), 293-322.