資本支出被視為可增加企業競爭優勢的方法之一。從過去的文獻可知，資本支出與股價報酬的關係一直受到學術界的重視，但研究結果並未獲得一致的定論，甚至有些研究指出資本支出與股價報酬間沒有顯著關係。本研究認為此一現象是因為沒有考慮到企業所屬生命週期階段所造成。因此，本文主要在探討企業在不同的生命週期階段，其資本支出的比重是否會有所差異，以及企業處在不同生命週期階段，資本支出對於股價報酬之影響是否也會有所不同。
本研究以Anthony and Rammeh (1992)方法採用股利支付率、銷貨成長率、資本支出率、公司成立年數作為綜合指標以區分企業所處生命週期階段，並將樣本資料區分為成長期、成熟期與衰退期三個階段。因上述因子包含市場銷售狀況(銷貨成長率)與公司特性，因此我們可以使用此一理論來判斷企業是否在適當的階段進行資本支出以獲得正向的股票報酬。結果發現，企業處於成長期時，資本支出增加比率高於成熟期與衰退期企業，且股價報酬表現亦高於其他兩生命週期階段；在成長期進行資本支出，其股價報酬表現與衰退期相較下，股價報酬表現較為顯著，而比較成熟期與衰退期間進行資本支出，其股價報酬表現並無顯著差異。

Capital expenditure is the key importance for companies to increase their sustainable advantage. In recent decades, studies on the market stock return of capital investment have received more attention. However, the related literatures indicate that the capital expenditure does not have consistent results in this field. The objective of the thesis is to testify whether the market return response to the abnormal capital expenditure varies across corporate life cycle. Due to the inconsistence relation of abnormal capital expenditure and stock return in prior literatures, we adopt corporate life cycle theory to be the moderate in the relationship between abnormal capital expenditure and stock return.
We divide our data into three corporate life cycle stages on the approach by Anthony and Rammeh (1992). In corporate life cycle theory, we use dividend payout, sales growth, capital expenditure as a percentage of total value of the firm, and firm’s age as the indicators to group the firm’s stage they belong to. Those indicators contain the concept of market trend and firm’s present fiscal characteristics, so that we can judge whether companies with abnormal capital expenditure have the positive stock return in the situation. We hypothesize that there are significant differences in stock return cross firms’ life cycle stages. Consisten with our hypothsis, we state that the stock return reaction to the abnormal capital expenditure positive significantly in growth stage, and in mature and stagnant stages, stock return market reaction to firm’s capital investment is not significant. For the differences between two varies stages, we find that during the growth compared to stagnant stages, the response coefficiences of abnormal capital expenditure are greater significantly. However, capital expenditure difference of mature and stagnant stages is not significant reflection on stock return in those two pairs stages.

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