公司投資決策攸關其未來成長與永續發展，錯誤的投資決策除了會讓過去投資金額無法回收，也會讓公司陷入生存危機。然而，探討公司錯誤投資決策（反應於資產減損）對後續投資決策影響的文獻卻很少。本研究嘗試填補此一缺口，探究公司當期資產減損對其後續投資額度的影響。首先，本文探討資產減損總額對公司後續總投資的影響；其次，將資產減損總額依性質分為四類：固定資產減損、無形資產減損、金融資產減損與其他資產減損。實證結果如下：公司總資產發生減損時，會減少下期的總投資額，期後則無影響；若考慮減損細項，固定資產減損會使下期固定資產投資額度減少，而金融資產減損會讓固定資產下期投資額度增加，可知當資產減損減少公司後續投資額度時，公司會尋找替代方案以謹慎調整自身步調再繼續增加投資額度。

Companys’ investment decisions are related to its future growth and sustainable development, wrong investment decisions would not only cause past-invested money can’t be recycled, but also lead the company to danger of surviving. However, there are very few literatures investigating whether the past companys’ wrong investment decisions (recognized at assets impairment) affect the future investment decisions. This study attempts to fill up this missing puzzle and to explore the effects of a companys’ current asset impairment on the follow-up investment decisions. First, it studies how the total asset impairments’ affects a companys’ total follow-up investment decisions, and then it divided asset impairment into four categories: fixed asset impairment, intangible asset impairment, financial asset impairment and other asset impairment. The result shows that a companys’ total assets occurs impairment, it would reduce the follow-up total investment, and it would cause no effects afterwards; when considering the details of asset impairment, fixed asset impairment would reduce the following investment decisions, and the financial asset impairment would increase the following investment decisions. As it shows that asset occurs an impairment, it would reduce the follow-up investment decisions to make plans more carefully, and they would try to discover substitutes. As such when a company occurs asset impairment, it would reduce the companys’ follow-up investment decisions, hence being more cautious, and they would slowing adjusting their steps to increase investment decisions.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 3
第二章 文獻探討與假說建立 4
第一節 資產減損的定義與發展 4
第二節 影響公司投資決策的因素 5
第三節 假說建立 7
第三章 研究方法 8
第一節 資料來源及樣本選取 8
第二節 資產減損之衡量 8
第三節 公司投資決策之衡量 10
第四節 控制變數之衡量 11
第五節 實證模型 14
第四章 實證結果與分析 16
第一節 敘述性統計分析 16
第二節 相關係數分析 19
第三節 實證結果分析 22
第四節 穩健性分析 32
第五章 結論 59

王建安與沈中華，2000，融資限制對公司投資的影響，經濟論文，第28卷第1期，P67-95。
古青翔與杜玉振，2000，台灣上市公司融資限制與投資決策關係之研究-拔靴複製法之應用，證券金融季刊，第67期，P51-79。
吳品鋒與曾怡潔，2016，企業資產減損認列模式與總體經濟因素之關聯性，輔仁管理評論，第23卷第2期，P1-33。
黃振豐與陳敏齡，2006，公司提前適用第三五號公報資產減損動因之探討，淡江人文社會學刊，第25期，P51-70。
曾小青、李貴富、王全三與黃秋冬，2005，盈餘管理動機與資產減損會計:中國證據，臺大管理論叢，第22卷第1期，P1-30。
謝宛庭與吳清在，2005，認列資產減損時點與金額之決定因素及其市場反應， 中華會計學刊，第6卷第1期，P59-95。
Agrawal. A. Nagarajan, N.J., 1990, Corporate capital structure, agency costs and ownership control: The case of all-equity firms. Journal of Finance, 45(4), 1325-1331.
Aivazian, V.A., Ge Y, and J. Qiu, 2005, The Impact of Leverage on Firm Investment: Canadian Evidence, Journal of Corporate Finance, 11, 191-277.
Biddle, G., G. Hilary, and R. S. Verdi., 2009, How does financial reporting quality relate to investments efficiency? Journal of Accounting and Economics, 48(2-3), 112-131.
Chambers, D.J., 2007, Has goodwill accounting under SFAS 142 improved financial reporting?, SSRN Electronic Journal Working Paper.
Claessens, S., Djankov, S., Lang, H.P., 2000, The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58, 81-112.
David B. Audretsch, Julie Ann Elston, 2000, Does Firm Size Matter? Evidence on the Impact of Liquidity Constraints of Firm Investment Behavior in Germany, International Journal of Industrial Organization, 1-17.
Duh, R. R., Lee, W. C., & Lin, C. C., 2009, Reversing an Impairment Loss and Earnings Management: The Role of Corporate Governance, The International Journal of Accounting, 44(2), 113-137.
El Ghoul, S., Guedhami, O., Kwok, C.C.Y. & Mishra, D.R., 2011, Does corporate social responsibility affect the cost of capital?, Journal of Banking and Finance, 35(9), 2388-2406.
 
Erhemjamts, O., Li, Q. and Venkateswaran, A., 2013, Corporate Social Responsibility and its Impact on Firms’ Investment Policy, Organizational Structure, and Performance, Journal of Business Ethics, 118, 395-412.
Fazzari, S. M., R. G. Hubbard, and B. C. Petersen, 1988, Financial Constraints and Corporate Investment, Brooking Paper on Economic Activity, 19, 141-195.
Gugler, K., 2003, Corporate governance and investment, International Journal of the Economics of Business, 10(3), 261-289.
Harford, J., 1999, Corporate cash reserves and acquisitions, Journal of Finance, 54, 1969-1997.
Hayn, C., and P.Hughes, 2006, Leading indicators of goodwill impairment, Working paper, University of California.
Heitor Almeida, Murillo Campello, 2007, Financial Constraints, Asset Tangibility, and Corporate Investment, Review of Financial Studies, 1429-1460.
Jennifer Francis, J. Douglas Hanna and Linda Vincent, 1996, Causes and Effects of Discretionary Asset Write-Offs, Journal of Accounting Research, 34, 117-134.
Jensen, M. C., 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, 76(2), 323-329.
Lin, C., Ma, Y., and Xuan, Y., 2011, Ownership structure and financial constraints: Evidence from a structural estimation, Journal of Financial Economics, 102(2), 416-431.
Lynn L. Rees, Susan E. Richard A. Gore, 1996, An investigation of asset write-downs and concurrent abnormal accruals, Journal of Accounting Research, 157-169.
Massoud, Marc F; Raiborn, Cecily A., 2003, Accounting for goodwill: Are we better off?, Review of Business, 24, 26-32.
Rennekamp Kristina, Rupar, Kathy K. and Seybert Nicholas, 2015, Impaired judgment: effects of asset impairment reversibility and cognitive dissonance on future investment, The accounting review:a publication of the American Accounting Association, 739-759.
Richardson, S., 2006, Over-investment of Free Cash Flow, Review of Accounting Studies, 11(2-3), 159-189.
Riedl, E. J., 2004, An Examination of Long-Lived Asset Impairments, The Accounting Review, 79(3), 823-852.
Schulze, W. S., Lubatkin, M. H., & Dino, R. N., 2003, Toward a theory of agency and altruism in family firms, Journal of Business Venturing, 18(4), 473-490.
Shin, H. H. and Y. H. Kim, 2002, Agency Costs and Efficiency of Business Capital Investment: Evident from Quarterly Capital Expenditures, Journal of Corporate Finance, 8, 139-158.
Tversky, A. and Kahneman, D., 1992, Advances in prospect theory: cumulative representation od uncertainty, Journal of Risk and Uncertainty, 5, 297-323.
Whited, T. M., 1992, Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data, The Journal of Finance, 47(4), 1425-1460. 
Yeh Y. H., T. S. Lee and T. Woidtke, 2001, Family control and corporate governance: Evidence from Taiwan, International Review of Finance, 2(1), 21-48.
Zucca, L., & Campbell, D., 1992, A closer look at discretionary write downs of impaired assets, Accounting Horizons, 30-41.