首先，本研究探討台灣上市公司的投資支出和現金流量之間是否存在正向關係，再來，進一步探討經理人過度自信的特質是否會導致投資支出和現金流量的正向關係更顯著。本研究採用754家台灣上市公司2014年到2018年的資料為樣本，共計3,770筆觀察值。相較於過去的研究，本研究分別採用兩種現金流量：營運現金流量和自由現金流量來進行研究。研究結果顯示，投資支出和兩種現金流量之間均存在正向關係，然而，經理人過度自信的特質並沒有強化現金流量對於投資支出的正向影響，未符合假說和過去的研究結果。綜上所述，不同地方未必存在相同狀況，故推測可能存在其他因素對於台灣上市公司的投資支出和現金流量的敏感度產生影響。

This paper explores whether there is a positive relation between investment expenditure and cash flow in Taiwan and further explores whether the characteristic of managerial overconfidence can strengthen the positive relation. We analyze a sample of 754 publicly traded firms from 2014 to 2018 with 3,770 observations. Compared to prior literature, this paper defines two kinds of cash flows, operating cash flow and free cash flow, respectively to conduct empirical research. According to the empirical results, there are positive relation between investment expenditure and both cash flows in Taiwan. However, not as predicted by our hypothesis and prior literature, the characteristic of managerial overconfidence does not strengthen the positive impacts of both cash flows on investment expenditure. In summary, the same phenomenon may not exist in every area, and thus there may be other factors that have impacts on the investment-cash flow sensitivity in Taiwan.

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