本研究旨在探討台灣隱形眼鏡製造業中，資本支出與存貨對企業經營績效的影響。在全球需求持續增長與產品多樣化背景下，企業面臨產能擴張與庫存控管的雙重挑戰，尤其以高自動化趨勢推升資本支出規模，同時也引發存貨管理壓力。為深入檢視此兩項資源配置策略對財務績效的實質影響，本研究選取公開發行十年以上之精華光學、
優你康光學及晶碩光學三家企業為樣本，資料期間涵蓋 2014 年第二季至 2024 年第二季。研究以多期多元線性迴歸模型進行實證，設定資本支出與存貨佔總資產比為自變數，並以營業毛利率、營業利益率、營收成長率、每股盈餘、資產報酬率與股東權益報酬率為應變數，納入公司規模與負債比作為控制變數，進行當期、遞延一年及二年之影響分析。結果顯示，資本支出對大多數績效指標具顯著正向且遞延性效果，反映其對營運效率與資產報酬之貢獻；而存貨比則在遞延期對毛利與資產效率產生負向衝擊，顯示其對盈餘與獲利能力之侵蝕風險。本研究建構適用於製造業的多期資源配置績效模型，填補隱形眼鏡產業在財務績效實證上的研究空缺。對實務而言，可作為企業優化資本投入與庫存決策，以及投資人評估經營策略成效之參考依據。

This study explores the impact of capital expenditure and inventory on corporate performance in Taiwan’s contact lens manufacturing industry. In response to rising global demand and product diversification, companies face increasing capital investment in automation and mounting inventory management challenges. Using data from St. Shine Optical, Unicon
Optical, and Pegavision from Q2 2014 to Q2 2024, this study employs a
multi-period multiple linear regression model. Capital expenditure and
inventory ratios to total assets are used as independent variables, with six
financial indicators as dependent variables: gross margin, operating margin,
revenue growth, earnings per share, return on assets, and return on equity.
Firm size and debt ratio serve as control variables, and analyses are
conducted for current, one-year-lagged, and two-year-lagged effects.
Results indicate that capital expenditure has a significantly positive and
lagged effect on most performance indicators, contributing to operational
and asset efficiency. In contrast, a higher inventory ratio shows negative
and delayed impacts, particularly on gross margin and return on assets,
suggesting potential risks to profitability. This study fills a gap in empirical
financial research within the contact lens sector by constructing a multi-
period performance evaluation model for resource allocation. The findings
offer practical insights for manufacturers optimizing capital investment
and inventory decisions, and for investors evaluating corporate strategies.