企業與財務策略的關係密不可分，因此處在不同的生命週期階段，企業對於其財務策略也有不同的考量。本研究參考過去文獻的劃分變數，使用銷貨成長率、資本支出率、研發費用率以及企業年齡劃分企業生命週期，資料年份選取1998年至2012年上市企業作為樣本。相關文獻指出企業在生命週期不同階段皆會有不同的財務特性，因此深入探討企業在各階段的投資、融資、股利與獲利策略的影響程度。本研究旨在檢驗台灣上市企業財務特性對市場價值的影響，並以實證結果給投資人和企業參考。實證結果如下：考量生命週期下，在投資方面，固定資產規模在成熟期對市場價值有正面影響、長期投資比率在衰退期有對市場價值有正向影響，成長期時兩變數皆對市場價值有負向影響。在融資方面與股利面在生命週期三階段皆對市場價值有負面影響，在獲利面則對市場價值有正向影響。

The relationship between corporate and financial strategy are highly related. Firms in different corporate life-cycle have different concerns. This study refers to past literatures, grouped into various life-cycle using sales growth, firm age, capital expenditure and R&D ratio. The firm of selected data from 1998 to 2012 listed companies in Taiwan as samples. Related literatures documented that companies are at different stages of the life-cycle have different financial characteristic and discussed the degree of influence in the investment, finance, dividend and profit strategy. This study aims to examine the impact of the market value and financial strategy of the listed companies in Taiwan. Moreover, firms and investors can take this empirical result as reference. The empirical results document that under the life-cycle considerations, in the aspect of investment, at growth stage, two variables are both negative impacts. At maturity stage, fixed asset is positively related to market value. At the recession stage, long-term investment ratio is positively related to market value. In the aspect of finance and dividend, yield of cash dividend, yield of stock dividend, short-term finance and long-term finance are all negatively related to market value. there are all negative impacts in three stages. In the aspect of profit, cash flow and ROA is positively related to market value.

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