這項研究探討台灣電機機械產業中資本支出（CapEx）與公司價值之間的關係，並以托賓Q（Tobin’s Q）作為公司評價的衡量指標。研究採用2013年至2023年間上市公司的數據，分析資本支出與公司特定變數（如獲利能力、公司規模及股利政策）如何交互影響市場評價。結果顯示，資本支出與托賓Q之間存在顯著的正向關係，強調策略性投資在推動公司長期價值中的作用。值得注意的是，獲利能力增強了資本支出的效益，而股利收益率對公司評價的影響則較為有限。該研究凸顯了產業特定動態的重要性，並為企業在平衡成長策略與股東回報方面提供實務見解。通過探討一個未被充分研究的領域，本研究為更廣泛的企業財務文獻貢獻了在地化的證據。

This study explores the relationship between capital expenditures (CapEx) and firm value within Taiwan's electrical machinery industry, utilizing Tobin’s Q as a measure of firm valuation. Employing data from publicly listed companies between 2013 and 2023, the research examines how CapEx and firm-specific variables such as profitability, firm size, and dividend policies interact to influence market valuation. The findings reveal a significant positive relationship between CapEx and Tobin’s Q, underscoring the role of strategic investments in driving long-term firm value. Notably, profitability amplifies the benefits of CapEx, while dividend yield exhibits limited impact on valuation. The study highlights the importance of industry-specific dynamics and provides practical insights for firms in balancing growth strategies and shareholder returns. By addressing an underexplored sector, the research offers localized evidence contributing to the broader corporate finance literature.

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