本研究旨在探討企業的財務決策行為，並以自由現金流量為概念進行拆解研究企業財務決策行為，並將企業財務決策行為區分為營業、投資、融資並加上營收成長率，一共包含七個變數，以平均數序數和標準差序數做相關係數分析，並繪製成因果圖，以探討企業財務決策行為。研究發現營運資本的投資為公司營收成長的主要來源；高營業現金流時偏好投資固定與無形資產淨投資；長期股權投資和固定與無形資產投資有高度正相關；固定資產投資由於銀行偏好不動產抵押貸款，所以企業偏好使用負債融資；融資和投資間有以長支長、以短支短的配置原則；營業現金流高的公司不以現金增資作為融資方式，且符合融資順位理論。

The purpose of this study is to explore the financial decision behavior of companies. This study uses the concept of free cash flow to dismantle and studies the financial decision behavior of companies, and divides the financial decision behavior of companies into operating, investment, financing and income growth rate. There are seven variables in total the mean sequence and standard deviation sequence are used to analyze the correlation coefficient and draw a causal map to explore the financial decision behavior of the companies. This study has several findings. Investment in working capital is the main source of revenue growth for the companies. High operating cash flow companies prefer fixed and intangible assets. Long-term equity investment and fixed and intangible asset investment are highly positively correlated. Fixed-asset investment prefers using debt financing because of the preference on real estate mortgage for banks. Relationship of financing and investment follows long-term and short-term allocation-match principle. High operating cash flow companies do not use seasoned equity offering as a means of financing, and follows pecking order theory.

目錄
論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖目錄 vi
表目錄 xiv
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 3
第三節 研究架構與流程 4
第二章 文獻回顧 5
第一節 融資決策 5
第二節 融資決策與投資決策 10
第三節 企業財務規劃與預測 13
第三章 研究方法 17
第一節 樣本選擇 17
第二節 樣本期間與變數衡量 23
第三節 研究流程 25
第四章 研究結果 27
第一節 敘述性統計 27
第二節 相關係數分析 31
第三節 財務決策行為分析 35
第五章 結論與建議 40
參考文獻 42
英文部份 42
中文部份 43
參考書目 44
參考報告與簡報 44
附錄 45
各變數曲線圖 45

參考文獻
英文部份
Baskin, J. (1989). An Empirical Investigation of the Pecking Order Hypothesis. Financial Management, 18(1), 26-35.
Bulan, L. T., & Yan, Z. (2010). Firm maturity and the pecking order theory. International Journal of Business and Economics. 9(3),179-200.
Chen, L.-J., & Chen, S.-Y. (2011). How the pecking-order theory explain capital structure.Journal of International Management Studies, 6(3), 92-100.
Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248.
Graham, J. R., & Harvey, C. R. (2001). The Theory and Practice of Corporate Finance: Evidence from the Field. Journal of Financial Economics, 60(2), 187-243.
Helwege, J., & Liang, N. (1996). Is There a Pecking Order? Evidence from a Panel of IPO Firms.Journal of Financial Economics, 40(3), 429-458.
Jog, V. M., & Srivastava, A. K. (1994). Corporate Financial Decision Making in Canada. Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administration, 11(1), 156-176.
Miller, M.. & Modigliani, F .(1958). The Cost of Capital, Corporate Finance and the Theory of Investment. The American Economic Review, 48, 261-297.
Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
Pruitt, S. W., & Gitman, L. J. (1991). The Interactions between the Investment, Financing, and Dividend Decisions of Major U.S. Firms. The Funancial Review, 26(3), 409-430.
Sánchez-Vidal, J., & Martín-Ugedo, J. F. (2005). Financing Preferences of Spanish Firms: Evidence on the Pecking Order Theory. Review of Quantitative Finance and Accounting, 25(4), 341-355.
Wang, C.-Y., Cheng, H.-L., Chang, Y.-H. (2012). A Question of Loyalty: Bank-Firm Relationships in Taiwan. Emerging Markets Finance, 48(sup3), 190-201.
Yagil, J., & Cohen, J. (2007). Corporate Financial Policies: A International survey. Journal of Applied Finance,1(17), 12-51.
中文部份
王皓怡. (2009). 投資、融資與股利財務決策之關聯性研究,逢甲大學碩士論文。
王鈺琪. (2014). 企業生命週期與財務策略關聯性之研究,國立臺灣科技大學碩士論文。
楊雅筑. (2011). 台灣家族企業樣態對企業財務決策,大葉大學碩士論文。
詹惠茹. (2009). 台灣地區上市公司投資、融資與避險之研究,銘傳大學碩士論文。
簡文燦. (2006). 臺北內湖科技園區轉型與發展競爭優勢之研究＿以波特鑽石理論探討該園區民生與資通電子產業為例,實踐大學碩士論文。
參考書目
Stephen, R., & Randolph, W. (2010). Corprate Finance (Ninth Edition)
: McGraw-Hill.
徐俊明. (2011). 財務管理：理論與實務(5版): 新陸書局.
張翔. (2016). 財務管理: 台灣知識庫
參考報告與簡報
臺北市政府產業發展局. (2016a). 105年度臺北內湖科技園區、南港軟體工業園區、大彎南段工業區及內湖五期重劃區廠商調查分析報告.
臺北市政府產業發展局. (2016b). 內湖科技園區.