the relationship between the capital expenditure and

199
أ The relationship between The Capital Expenditure and Financial, Operational Performance in Jordanian Pharmaceutical Manufacturing Corporations 2011

Upload: others

Post on 11-Apr-2022

5 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: The relationship between The Capital Expenditure and

أ

������ � �� ��� ��������� ������ ������ �������� �� �����

� ��! ����� ������

The relationship between The Capital Expenditure and

Financial, Operational Performance in Jordanian

Pharmaceutical Manufacturing Corporations

��� " #��$��

��%� &�� %��� �� $

'���( )����� �������

��%� �$�

���� *)+ ������� ,-������ ���$��� .�!%�� /� �0�� ���0����

�� ���%���

1�� ���%���

��� .�� ��

����0 ����� $����

����� 2���3 2011

Page 2: The relationship between The Capital Expenditure and

ب

Page 3: The relationship between The Capital Expenditure and

د

Page 4: The relationship between The Capital Expenditure and

��� ��7��

���� �� � �� ������ ��� ����� ���������� ������ � ����! �� ����"

� #� �$ %��� &���� �� ����' # ��� �(���!��� #�)�� ��!�� �� ��*+

�� ,� ���� �) �� �* �!� �� ��- ����)�� ��.�� /*���*��� /*"������� ���

/�!��� ��� ��* /*���.

�"�� :��2�� 3*4�� ����� �*5� /�� ��6� 7����!, �������� ����� ��8�

� �� ���� /� ��� �$���� �*���� 39�+ ����$ ���� �(���!��� 3��� ������

#����!, #� �!�' (��!����� : ����!:� ��*�"�� �������� ��� ��)� �� ����

�������� ��� ��� �&�*8�� ��������� ��� �� �;����� ��������� ����5

�#�2�� <�������� ��" $ �&*�4 /*��� =� /�� ����� ������� 3��)�� ����

#����!� ;*�>� ?����� (� �� (��'� ��� #����� /����! �����5�9� �����

#������ �� , 7�@�! (��!��� ����+�� A�@� B>:.

3C!� �� /� B �* �*���� ��� �� �� 3��

��� B��+�� �*�2�� B+��

��� #�� B* ����

D�����: ���� ��E*8

Page 5: The relationship between The Capital Expenditure and

و

���+��

��$ 7���� 4*4"�� 7���� ��� /$ =���E� 7�� * :$ F��� ����= B��"��

G����� � � *�� A�!� ���� 3������� (���6 ��� /�� �� ��* /�� 3��

<�!:� 3�*"��� 9 �*4� :$ /� 3�'� �" A,� #��.

��$ #����� <4*4"�� #���� H��= ����E8� ?����� =�*��� 7���� =����

��*��� = �� �" �,� (*������.

I�!� �� ���* (* �"�� ���"��� �� ��� (�)�� ���2�*� ���5 (� #���� C�*E�

����� 5&�� <��"!�� �"��! � &� ) ?� ���.

��$ #���+� =��*���� #������ /���! �� �* ��� ?����� (�!����� #��

����� I� 7��� : 3)* ��$ &��"� /���� #� B* ����� J�� ���.

��$ 3� /� F�!� #� � ��"� �� ��' #� (��� . ��*��� ��"*�� 7���� ����

����� ��������.

Page 6: The relationship between The Capital Expenditure and

ز

��8�� ����%���

9�:���� �% !�� K*�E��� A

���' ( �� (�'� ��� G

��� �*�2�� �

?���6� �

(�>�' =�*������ �

(�>�' 3������ J

(�>�' 3���,� 7

(�>�' =�2���� L

M+��� (.��� (*��"�� 3

M+��� (.��� (*4*� :� /

.! �� .��� :��$�� ����1 �������

1O1 (��2��� 1

1O2 (��� (!����� ���>!�� 2

1O3 =�*�� (!����� 3

1O4 &���� (!����� 5

1O5 (*��� (!����� 5

1O6 =��8)��� (*>���6� 6

1O7 ���� (!����� 8

1O8 =����� (!����� 9

1O9 =��*.�� (!����� 10

.! �� ���3�� :��$�� A�B��� ��������� ����7�

2O1 (��2��� 13

Page 7: The relationship between The Capital Expenditure and

ح

2O2 ���E� B�E 6� #���!���� 15

2O3 &���� /� =����@�!:� (*���!���� 16

2O4 X�� � =����' B�E 6� #���!���� 16

2O5 =���2�) 4>��� (���' B�E 6� #���!���� 18

2O6 =���"��� (��8��� �**2�� =����2��� (*���@�!6� 19

2O7 =��8+ �**2� 2���=���� (*���@�!6� 19

2O8 B�8 �**2� �*���� B�E 6� #���!���� 22

2O9 (� )�� (*>����� 33

2O10=�!����� (2��!�� 42

2O11�� 4*�* ��� (!����� 61

.! �� D��3�� :�7�$�� �����0���

3O1 \� � D���� ��+�!��� 62

3O2 ����� ( *� (!����� 62

3O3 ���)� =���"�� �(!���� 64

3O4 =�?���$ (!����� 65

3O5 3*���� #>�)�6� ��+�!��� # (!����� 65

.! �� E���� :.�%��� �8�!%�� ���F�� ��:� ��

4O1 ��2���( 67

4O2 ����+� =�*��E�� 67

.! �� H��F�� :������ I8����� ��!�����

5O1 ��2���( 100

5O2 \>�� �� 100

5O3 )����=�* 105

E0����� ����� 107

E0����� ��0�� 112

E0����� ��������� 115

��7%���� 116

Page 8: The relationship between The Capital Expenditure and

ط

��8�� .���0�� 1�� .! ��J1��

.��0�� K��%� .��0�� �% !��

1J1 =���]� ?��,� #����� 11

1J2 =���]� ?��,� #*.���� 12

2J1 =���"� =���� (� ) (*��,� 36

3J1 "�=��� (�� / =������ (������� # ( *"�� 64

4J1 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� =����� (������� (!������ (�! ��� ( *"� ��"*�� <����

<����

68

4J2 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� =����� (������� (!������ (�! ��� ( *"� ��"*��

<���� <����

71

4J3 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� ��� ?�����

73

4J4 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� ��� ?�����

76

4J5 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� 4����� #��"��

78

4J6 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� 81

Page 9: The relationship between The Capital Expenditure and

ي

(���� 4����� #��"�� 4J7 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #�����

(���� B���� 8!�,� 84

4J8 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� B���� 8!�,�

86

4J9 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� (* ��,�

89

4J10 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� (* ��,�

92

4J11 ('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� <�*���

94

4J12 ('9"�� /*� B�E ,� !����#��� =���]�� ?��,� #*.���� (���� <�*���

97

5J1 ( ��2� /*� �@� B�E 6� #���!���� # =������ (������� (!������ � ?��,� #����� L�� =������

103

5J2 ( ��2� /*� �@� B�E 6� #���!���� # =������ (������� (!������ � ?��,� #*.���� L�� =������

104

Page 10: The relationship between The Capital Expenditure and

ك

��8�� .�����

1�� .! ��J1�� .���� K��%��� �% !��

2J1 3���� �**2� =������� 21

2J2 =������ (��*��,� #�� /��,� A!��� ;�� 3����//�*� �� *� # ���

38

2J3 =������ (��*��,� #�� /��,� A!��� ���� /*E5����

40

Page 11: The relationship between The Capital Expenditure and

ل

��8�� ��7%����

1���� K��%��� �% !��

1 ("*�8 �=��� (� ) (*��,� (*���� 117

2 =������"� A!��� �� (���*����� <������+��� (��+�!��� /�� �>���2�� (�*����� =������

( * (!�����

124

3 3*���� #>�)�6� 125

Page 12: The relationship between The Capital Expenditure and

م

������ � �� ��� ��������� ������ ������ ��������

������ � ��! ����� ������

��� "

��%� &�� ��%� �� $

'���" )����� ������� ��%� �$�

LF�� �������

&��� ��� (!����� ��$ /�*� �*@C� B��E 6� #����!���� �� ?��,� #������ #*.������

=����� (� ) (*��,� �(* ��,� 8���� (��� (!����� #� /��� /� A���!,� #���� 7�]��

��$ J�� �� �@"� =������ ��"� ��$ ����' B��E 6� �� �#����!�� 7����� K���E* /� ���2*

� (!��� (* C�� F���� (*��)��':� 7, X����� ��� ��� �=������� ���� ��2 A����!�

3�)��� ��$ 3�� (���� (!����� <�� (>�!� /���� ��������$ #� /��*� =����2� ����'

B�E 6� �#���!���� F��� ��*@C� � ?��,� #������ #*.������ �=������ #� /*�� =���'

(!����� � /*�*�� /*�*!*>� ���� ��� ���� 3�� F��� �*@C�� ����' B��E 6� #����!����

� ?��,� #����� #*.����� � =���� (� ) (*��,� (* ��,� ( *"� <���+�.

Page 13: The relationship between The Capital Expenditure and

ن

B*2���� &���� (�!����� _:��)� ���$ 3�)���� 3���� �������� B�2����� /��

�����*�� �� X����� ��$ �*���=� (�*����� =������ (� �) (�*��,� (������� #� B��!

/�� #����� ��� �� =� �� (� *"�� <����+��� ���*2��� (�*�"� 3�*�� #���� ����� =�� �*���

M9+�!: A! �� #��� ="��� (�!���� =���*.���� ���+��!�� ���� A!� �� #� 3�*����

#>�)�6� M9+�!: �\>�� �� D*� =��+��!� (�!����� A��!� �� :���� #�8+�� 8*!����

# ����+� \>�� ��.

�'� =)�� (!����� ��$ <� =���� ��!� ������ ��� ����� (�'9 /*�� B��E 6�

#���!���� ?��,�� #����� #*.����� =����� (� ) (*��,� 3��� /���� ��� ����� (�'9

(*� "� =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� ��*` (��������� 3��� ��/ ��>�"��

� B�2� (*���� ROE �>��� ��!��� 7���"��EPS ()���� ��!��� /�� # ��) B �����

7�2 �� #*.����. ��� =)�� (!����� � F��!� =������ 3� �� <��� /C�� ����� �*@C��

B�E f� #���!���� � ?��,� #����� /�� (����� 4������ #���"�� D�*� =���5� =�� �*���

���� ('9 (*� "� �=� (��:� (*>�)��$ /*�� B��E ,� #����!���� ?��,�� #������ (�����

4����� �#��"�� ( ��6�� ��$ ���� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� 3��"� ��� ��

# =�������� (*�8 3�,� 3��� /�� ��>�"�� �� B��2� (�*���� ROE ��>�"��� ��

���@�!:�ROI �>�� ��!�� 7��"�� EPS� ��� /��� � ���� �*@C�� B��E f� #����!���� ��

?��,� #*.���� (���� B���� 8!�,� D*� /*�� ����� (�'9 (�*� "� =�� (��:� (*>�)��$

/*� 3�"� �� �� # =�������� (*�8 3�,� 3�� /� h���� i��� =��"*���� ()��� ��!���

/� # �) B ���� 7�2 �� #*.����.

Page 14: The relationship between The Capital Expenditure and

س

�'� =����!� =���� �!:� (2��!�� <�� =�*�)�� ������ <����� X����$ 3>��!���

(@*���� �**2�� B�E 6� #���!���� /� 3�' =������� A*������ =������ (��>!���� /� ���+��

=����' B�E 6� #���!���� # =���� (*��,� (�* ��,� �� <����� <���$ 3��),� (�*�8

3�,� .

Page 15: The relationship between The Capital Expenditure and

ع

The relationship between The Capital Expenditure and

Financial and Operational Performance in Jordanian

Pharmaceutical Manufacturing Corporations

Prepared by

Mohammad Tayfour

Supervision

Prof. Mohammad Matar

ABSTRACT

The present study aimed at studying the relationship between

capital expenditure and the financial and operational performance in

the Jordanian pharmaceutical Corporations. The idea behind the study

came from the assumption that prosperity or failure of a business is

dictated by the decisions on capital expenditure. These investment

decisions are supposed to be based on detailed economical feasibility

studies for any proposed project. Therefore, reaching solutions to the

addressed problem implied raising a number of questions, whose

answers should explain the justification of the capital expenditure

decision and the extent of the effect of such a decision on the financial

and operational performance.

The study is based on two assumptions, the aims of which are

related to the extent of the effect of the capital expenditure on the

financial and operational performance of the pharmaceutical industry

as a selected sample.

To achieve the goals of the study in reaching at solutions and

validating the assumptions, the financial statements of the

pharmaceutical companies in Amman stock exchange were consulted.

These statements were financially analyzed in order to extract values

that can be used as a basis for the statistical analysis and results, using

the simple linear regression analyses method to test the hypothesis.

Page 16: The relationship between The Capital Expenditure and

ف

The study reached a number of conclusions:

There is no relation between capital expenditure and the

financial and operational performance of the pharmaceutical industry

as a whole.

If individual companies are considered, the study found that the

greatest impact of the capital expenditure on the financial performance

was for Arab Center Company as indicated by the significant

statistical correlation between capital expenditure and financial

performance of the company. In addition, to a significant statistical

correlation between the rate of growth in the long-term assets and each

of the return on equity ROE, return on investment ROI, and earning

per share EPS. Whereas, the biggest impact of the capital expenditure

on the operational performance was found at Middle East Company,

with a significant statistical correlation between the growth rate in

long-term assets on one side and the sales profit margin and the

operational cash flow per share on the other sided.

The above conclusions imply many recommendations:

The need to follow the modern methods to evaluate the capital

expenditure.

To train key persons, whom are responsible for capital expenditure

decisions in the Jordanian pharmaceutical companies on the long-term

assets management skills.

Page 17: The relationship between The Capital Expenditure and

1

.! �� .���

�$��� 1���� �������

1J1���7���:

: &�+* /� @$ � /� =����' B��E 6� #����!���� ���� /�� (�*��,� � /���� ��

7�+�� =����2�� # =������ &�+�� ���� � � ���� �� �����!� #����� ��� � &��+��� /��

# �� (�! ������� #����� ( ��2� B�E 6�� � &�� ��$ L��� /� 3�@� ���� =�����2�� ����!��

� �����$ X� ) ���2�� # (����� � �� 9�+$ /� /*�*��� /*��@�!��� #'���� =������

=�� ('9"�� L�� (�����.

�2� =���$ =������ # � =��� ������ (��!� �) ���� (*� �! �� &)� (*� �! ��

(*� ! (/9$ �>��' (*��� ���"� # �� ����� (��@�� <��)�� <���"��� /� F��� ��2�� (� ����

L� (����� � ��� �� � ���"� # ='��� ����� ���� ���)���� (�*����"��� (�!� ��� A���),

3���:� /*��� /��`�* ������@�!�� =�>E��� (�*���+�� /*�������� �(������� /$ ����� �>���2��

��� ����� (E*5� (��� �� � �*@C��� # L�!�� #'�!��� =����� #���� 7�� � ���@��!6� #�

(����� D*� ���"� 3�� A�� ��� � 3��'6�� � 3���"��� �����!C� � ����� ��*�C���� 7�]�*

Page 18: The relationship between The Capital Expenditure and

2

��$ \>�� (*���*$ X�E���� �"! ��!�� (�*� A8�� �*�4���� �* 7���� �+��* ���� 3�������

��.

/$ �*��2��� (*����� <���)�� / =������ 7����� �� ��� 3�>�� /�� =����"���

=� �*���� #��� ���"� <��� (�)+ /*��@�!�� � /�����"* �� &��'��� �� 3�� <�*.�)

<�*��� /� ����*@*� � �� : /� ���9+ /��)��* #� ��'�� ���,� ���� =����"� ����"�

J��E��� 3��)�� ���� =�����2�� (�*�)��� =�� (�'9"�� ������ C� (*���@��!:� (�*�����

(*�2�!���� (2"����� ��!C� (����� ���� �����6�.

/$ /*��@�!��� ��� (��� ���5 3�*� ��� �>���2�� (�*����� D�*� ����"� =����"���

(2"���� <�2��� (�*���*6� (����� L��� (�2"���� ���2��!�� 3��*� ;�� 3����� /�� ����

=���"��� #��� /� �* ���* =�����2�� #���� �� ���� /�� �����+�$ �� ���@��!� ;�]�

������� . ���� �/� ��,� L��� �" X� ) ����2�� #������ #� (������ /� ����"* �� /�

/��� �������' (*�` # ('��� /� D*� X� B�E 6� =�"'��� =��"*���� #����� A����* ���*

�J���,� ���2�� M�+�� ?���� ���� =��������� A�8�* =��"'�� =�����*f� #�8.� <���

(* �4 (�2� 3�' �*E � ���2�� L��� ?����� (�j�� 9@�) �;�� 2008.(

/�� 39+ �� B��! L��� (�*��� ����' B��E 6� #����!���� (�*���� =����"���

<��� ��� # �>��2�� (*����� � �� ��� �' ��2� (����� ��$ �*4� /�� (�*����� ���� ��� &���*

�*�$ X� ) ���2�� &�+�� �������.

Page 19: The relationship between The Capital Expenditure and

3

1J2����� ������� �M��8���:

�4"* ���/�@�� J�� �� �@"� =������� #� ?4���� ����,� ���� � ���$ ������ ��

��� # ���+�$ ����' B��E 6� #����!���� �*����� �>��2�� �� (�!��� (�* C�� F�����

(*��)�'6� X����� 7��)�'6� 3������ ���� ����2��� #����� ��+C� /*�"� �����6� ��'����

#����� #�2�!���� =��*.��� =�� "��('9 ���� #� L��� ���@j� (������� ����2� �� ?���

(����� /� /*�*��4�� (*����� (**.����� /�� �@ �� ������' �� ������!6� #� B�!���

7��� 3�"� �* .

/� � � i�)* ���2� B�E 6� #���!���� (*��� F���� F��� � =������ � ;�" �� ��

<�*!� �(����� ?� �� � �� ��2� /��* +�M* (��� (!����� # (>!,� (*�����:

3�]!�� 3�,� :3� ���� ('9 /*� B�E 6� #���!���� � ?��,� #����� (���� k

3�]!�� # �@�� : 3� ���� ('9 /*� B�E 6� #���!���� � ?��,� #*.���� (���� k

1J3��:�� �������:

��:� �� ��8���

="�� ��E��=�* (���f� � (>!,� (2��!��� D*� ���2� ���� (�!����� �� =�*���E��

(*�����:

(*��E�� ���,�:

: Ho1: ���� ('9 =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� � ?��,� #������ #�

=���� (� ) (*��,� (* ��,�.

Page 20: The relationship between The Capital Expenditure and

4

��"��*� =�*��E�� (*�E�� (*�����

ho1O1: ���* ('9 =�� (�:� *>�)�$( /*� 3�"� �� �� # =�������� (���@�� � 3�"� �*.���

# �>�"�� � =�������� (*�8 3�,�.

ho1O2 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (���@�� � 3�"� �*.���

# �>�"�� � B�2� (*����.

ho1O3 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� � ��� # =�������� (���@�� � 3�"� �*.���

# �>�"�� � ���@�!6�.

ho1O4 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (���@�� � 3�"� �*.���

# �>� ��!�� 7��"��.

ho1O5 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (���@�� � 3�"� ����*.

# 3�"� �� �� J�����.

(*��E�� (* �@��:

: Ho2: ���� ('9 =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �?��,� #*.����� #�

=���� (� ) (*��,� (* ��,�.

��"��*� =�*��E�� (*�E�� (*�����:

ho2O1 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� @��(��� � 3�"� �*.���

# 3�"� /���� =��������.

Page 21: The relationship between The Capital Expenditure and

5

ho2O2 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #� =��������� (����@�� � 3��"�

�*.��� # 3�"� /���� =�������� (*�8 3�,�.

ho2O3 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #� =��������� (����@�� � 3��"�

�*.��� # h��� i�� =�"*����.

ho2O4 : ���* ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #� =��������� (����@�� � 3��"�

�*.��� # ()� ��!�� /� B ���� 7�2 �� #*.����.

1J4'��+� �������:

�"!� (!����� ��$ B*2�� &���,� (*!*>��� (*�����:

1- i*��� ���E� B�E 6� #���!���� �*����� �)>�)+�.

2- &�'��� � (*�- ��+�$ ���' B�E 6� #���!���� # =���� (� ) (*��,�.

3- &�"��� � ('9"�� /*� B��E 6� #����!���� � ?��,� #������ =������ (�*��:� (� *

(!�����.

4- &�"��� � ('9"�� /*� B�E 6� #���!���� � ?��,� #*.����� =������ (�*��:� (� *

(!�����.

1J5��+� �������:

�� � (*��� (!����� /� (*��� ���' B�E 6� �!E � �� ��� 7�]�* #� (�*�� &��8���

��$ �*5"� (�*' <C� ��� �;� L�� 7�]* ��$ # ��� L�� (��*2�� ����)� /*��@�!���� /�

3��"��� ��"� � /�� �� � ���5 � (�*��H� (*�*�����!6� ����� ����2�� M���* /��*�����

Page 22: The relationship between The Capital Expenditure and

6

/�)�+��� # =������ _�*� = �� ("*�8 ��8�� � X���+$ ���� ����2�� (�!���� F����

(*��)�'$ ���� (�*2�� (��)+��� =�2 ���� (�*�2 �� (�+���� (�"'����� �� � � (��*'� =��2E ��

(��)+��� ) (���+�� ( _��*� #��� �'��* ��" � 3�)�� ��* . ���*� L��� _<��� ���+��!��

A*��!� (E�+� o?��! # +�) L� =�2 ����� (�*�2 �� �� (���E��� /*�� 3>������ �� M��E��

(E�+��� ���@�!6 3���,� #��� ��" ��! (����� .

�*� ��+�! ��� (!����� \>�� ��� #���� &����! ��� ��*�� =��>E�� =�� (�'9"��

��+��� =����' B�E 6� #���!���� o?��! # =���� (� �) (�*��,� �� ����*` � � ��� 3>��!

#��� ���!�! # �*��� �������' # ��� 3�����.

6J1��%�$!��� �� ������ �8��0��:

1 – ���@�!:� : (*����� ("E �� (*��� /��* ���2*2�� /�� X����$ L9���!� #���� � L����

�)2� 3�)��� � ("E � (*�2�!� ���� /��* ��2*2�� /�� X����$ L9���!� #�2�!��

)�8� � 2006 ( � � /��* ��E*�"� ���*� ��� C� B��E $ ������ (�*�2 ,�/ B�*2���

�>� �� A�`�� # 3�2�!��� (Garrison & Others 2006).

3 – B�E 6� 7����� : ��� B�E 6� ����� D������ � 7���� M��+* <���E� (�* �4 <�����

)#�*" �� /��+�� � 2008. (

3 – ( 4����� (*���!���� : #� 8*8+��� 3�*�8 ,� 3�� 6 ���+� 3�*���� =����@��!:� #����

\� � �@,� #����� � F��� ��@�� /�� ���. (Horngren & Others, 2002) ����

/��* ��E*�"� �� C� (8+�� (*����� #��� /����� =9*)�E� =�2 ����� (�+���� (����+���

Page 23: The relationship between The Capital Expenditure and

7

("'����� /� �� =�������� (*�8 3��,� #�8.�� _<��� <�� =���� (�*��� #�

!���3�2�) ;�� � 2008.(

6 – =� 4����� (*8*8+��� : #� (8+ (*��� (�*�� #�8.� ����� 8��� �� (�E�+��� <�����

(*��)�':� <��E� (*��� (*�2�!�) .��� ���) 2005 (� �*F� ��� C� ��*�"� #��'� /�

88+ \����� <���6� #��� /���� 3� =��*�"�� \>��� ��� (�"'����� #� <��� (� *"�

(*�2�!� ) .��� h*�� � 2005 ( � ��� /��* ��E*�"� ��� C� (�8+ 3��"� #� <���

(*�2�!� &��� ��$ �*5 � B*!� �� 8��� �� 7��)��':� <����� (*��)��'� (� *"� #�

���� ������� (*����� (������ ) #+���� � 2007. (

7 – =���]� ?��,� : #�� <��� / ;�*2� *&) ��� /��*� �� (�>*� �� ?����$) ��!o?�

#*.�� �� #��� �� �*` L�� (o?� � � ;��*' =���*.���� #���� &��"� L��� ���]���

.D*� /��* 4*����� � ;�*2�� �$ /� ���2�� # �� �� B>��2� /���� B�2���� ��� �

:� ��+� =�"'��� (*�� .

8 O =���]� ?��,� #����� : #�� =���]��� A! ��� (�*����� #���� M��+� �*�*2�� <C�� ���

�/ A ���� #����� �>�"��� �� =��������� ��>�"��� �� ���@��!6�... (Gibson,

2004)

9 O =���]� ?��,� #*.���� : #�� =���]��� A! ��� #��� /�� ������ �*�*2� F��� <���'

<C� ��� � ���+�!$ 3��),� (�E�+��� (�*�E� 3��"�� /���� =��������� (����@��

(�! � (E�� =�"*���� ��$ �=�"*���... (Gibson, 2004)

Page 24: The relationship between The Capital Expenditure and

8

10 O 3*���� #����� : �� (�*� ���* /�� ����9+ &�����!$ �� B�2���� (����� /��

=���]��� (*���� (*� ��� 3�� 8�� X������ 7��)��':� ���!�� #� ��*��� (�*���

M��+� (8� ,� (**.���� (*������ X������ L���� /�� 39�+ =����"� G�+�!��

/� �>��2�� ����(*� � ���)� F�+� L��� #�� ��* ���+��!� ���� =����]��� ��"� L���

# �**2� ?��� <C�� ��� �)�2� ���+�$ =�����2�� ) ��8� � 2010 ( � ���*�� /���*

�E*�"� � C� � �� ���' �**�"�� ;!�� ���* ��*���� =�� �*��� =����"���� (�)�+��

�>��2��� (*����� (���� ?���$� &* )��� �49�� ��� �@ �����+$ ���$ (�!��� (**)�E�

(2*'� ���*$� 8���� ('9"��� ��* ���� *� ) ��)�"�� � 2001 ( � ���� #� ��* ��E*�"�

/� 39+ �� B�! � C� (*� 3�4�+� =����"��� (�*����� #��� i�)�� ��@�� (�*� �

(�?9� 7�+��� ���2��.

1J7 ���% �������:

3��� ���� ��� (!����� ���'� ������ ������� #�2*�8��� } L���� /�� =�'� ?����$

��� (!����� /��*! o?����$ /� 3)E�� #�!����� #E*)��� /�� ���"�� #"������ 2009/2010

��� 3)�E�� #�!����� 3�,� /�� ���"�� #"������ 2010/2011 � ��� ���� �)��2* ��

=���� (� ) (*��,� ( * (!����� #� (������ (�* ��,� (*������� – /���� ��*�������

=���� (� ) (*��,� (������ # B�! /��� #������ 39�+ <���E�� /��2005O2009�

3���� ��� (!����� #2*�8��� /��*! # �**2� �@� B�E 6� #����!���� �� ?��� (������ ����

Page 25: The relationship between The Capital Expenditure and

9

��!* =������ #��� ��E� �!����� # ��8�� �� D*����� ��* �� &��"��� �� ������

��� ��E��< ���� =������ ( * (!�����.

� �� ��"��!� 3� /� =���� (� ) (*��:� (������ # B�! /�� #����� (*�����:

� (*��"�� (� )� (*��:� : L��� ��"� � �� =� �*� (*��� �"� ( ! 2006.

� �* �9* (� )� (*��:� : L��� ��"� � �� =� �*� (*��� 3�' ( ! 2007.

� 7� ��� =�� )� (�*>����� : L���� ������� #� 8��� �� #*.����� 39�+ <���

(!����� ;*�� ���' �� # ����*��� #������� D��� �� B�!��� #� \>��� �� #� 3���

����+��.

1J8 ����%� �������:

: �+� ��� (!����� ���*.� /� =�!����� (2��!��� /�� =�������� #���� ��' ������

D����� # �* �� ��"���=� (�!� ��� ("*�8� D���� ��� ��* /� �*�"� \>�� (!����� 3@�:

1 –K"� =���")�� # 3�)��� � =����"��� ( !�� 2009 /�� =������ =�� (�'9"��

(!������ �(*2*�8������ A�8� X������ (�5E��� (*���@��!:� ���"� (�����!� K�"�

�=������ /�� (!����� /� X� �� 7��� A8�* =� �*� " �(�* L���� ���"� ���� ��� #�

()��� /��.

2 O (' =�!�����) A!� � D����� (#��� =���' �*�*2�� (�'9"�� /*�� B��E 6� #����!����

�?��� =������ 3�� (!������ M�)+���� =�!����� (*8����6�.

Page 26: The relationship between The Capital Expenditure and

10

1J9������ �������:

1. ������ .7����� :�� ��� ���������:

ا����� ا����

)������ا�داء ا���� وا�(

ا����ق ا��أ����

���� ا����� ا�

ا�داء ا����

ا�داء ا�������

Page 27: The relationship between The Capital Expenditure and

11

��� � /� 39+ 3�"� �� �� #� B��E 6� �#����!���� ��'� ��� &�*�"�

3�"� �� �� # B�E 6� #���!���� 39+ (!����� �� C� ��*.��� #� ���� =���������

(*���!���� �� (���@�� F�� �(����� ?� � � L�� �� ���!��� #������:

3�"� �� �� # =�������� �*` (��������=(�*2�� (�*�� ��� � =������� ��*` (���������

# ( !�� (*�����O (�*2�� (*�� ��� =������� �*` (��������� #� ( !��� (2��!���) ( �!

;�!,�*(100 %i�)*� 3�"� .

2. �������� ������:

��� �'� ���� 3����) 2002 (��� ��� 3������ ��!�*2� �*.����� #� B��E :�

#���!���� 3����� # 3�� ��E��� �� ��*4<� ?��:� ��2 ��� #� ���� (�!�����

���+�!�� A! 3*���� #������ ��+� A!� ���"� /� 3�� /�� ,��� /�*? #������

#*.����� #�� #������:

� . أ*.���� ������: ?��,� #����� ���� ��*�"��� �� A!�� =�*���E�� (�*�E�� #�

(!����� #������:

.��0 1��)1(����P� ����� ������ (Gibson, 2004):

(�! �� (���"���

���>�"�� ��� =���������� (��*�8

3�,� ROFA

i�� 3*.���� ÷ (�� =�������� (*�8 3�,�

Page 28: The relationship between The Capital Expenditure and

12

�>�"�� � B�2� (*���� ROE # �) i����� ��"� (�*����� ÷ (��� B��2�

(*����

�>�"�� � ���@�!6� ROI # �) i���� �"� (�*���� ÷ (�� =��������

�>� ��!�� 7��"�� EPS # �) i���� �"� (�*�����O =��"*4�� ���!,�

<4������ ÷ �� ��!,� (*��"��

3�"� �� �� J����� SGR �>�"�� � B�2� (*����× (�! 4�� J���,�

� . ب*.���� ������ :?��,� #*.���� ��� �*�"��� � A!� =�*���E�� (�*�E�� #� (�!�����

#������:

.��0 1��)2( ����P� ����� ������� (Gibson, 2004):

(�! �� (���"���

3�"� /���� =�������� # �) =�"*����÷ (�� =��������

3���"� /���� =���������� (��*�8

3�,�

# �) =��"*���� ÷ (��� =��������� (�*�8

3�,�

h��� i�� =�"*���� #����� i���� /� =�*�"�� ÷ =�"*����

()� ��!�� /� B ���� 7�2 �� *.����# B ���� 7�2 �� /� =�*� 3*.����÷�� ��!:�

Page 29: The relationship between The Capital Expenditure and

13

.! �� ���3��

��$�� A�B��� ��������� �7����

2J1���7���:

A8�* ��,� 3�' K��"��� =���H�� A*���!,�� (��+�!���� #� �*�*2� =������'$

B�E 6� #���!���� # &��5 ���C��� ���� ���C��� � ��*��� ����E� B��E 6� ���!�����#� �$

/��* �E*�"� � C� ���@�!$ 3��,� (������ 3�)C� (*�8 3��,� 3���� 3�@�� B�*2��� ��>��"��

(*�2�!��� ��"�� /� /* !�� (���2�� � ��2*� �� ��� ���*� ���@��!6� #� (8�� ,� (�*�8

3�,� #��� 3+�� /�� ��8$ =�*�"�� �(**.��� #���� �*4* ��� ���@��!6� ���* /� ��@��

/� !( ) 3- �A*��2007(� /��*� ��E*�"� �� "�� ��+� �� C� ���@��!6� 7���� ��'��* /�

X4�* �>�"�� � � � �� /� =�� !�� �*4� / �� ����� 3��@�� L��� : =����@��!6� #�

Page 30: The relationship between The Capital Expenditure and

14

3�),� (���@�� &�+�� ���� � � #���� ���"� (���@�� 3��),� (�*��� 6� (�����) =���"���

� <4��,� � =���,� �3>�!� 32 ��.(...

/��*� ��*�+$ 3�),� (��@�� �*��� 8����$� 3*�8 3��,� (����� X�� � /*�"� /��

8�� �� 8+� /*"� =��� �� (2*�8� ( *"� 3*.���� ... ������� L���� A��* #+��� ������

# ��*�+$ �**2�� 3>��� ���@�!6� # 3�),� (�E�+��� . &��+�� �*���E� �*�*2� =����@��!6�

# 3�),� (�������� � <�*+,� 3�!* ���*��� ���� ��2 ��$ =��`� (!�!]��� #� �L���

#E�*� �**2� (*����� ("'����� /� ��� 3�),� # 3�,� �*)2�� 82 )�#E �2007.(

&���+�� (*�*������!$ ���@���!6� L������ A*����!� 3��*���� (��"����� /C���� �����2��

7���@�!6� �*)' 3�,� � / L� ������ (�" /C��� ����2�� 7���@��!6� 3�*�8 3��,� . �$

A.* � =����2�� (*���@��!6� <�*)�' �3��,� ����8 (�������� 3�*���� ��� B�*2��

A!��� (*���!�� ��22�* ��@�!��� /�� A�2� ��"�!� =���� ����@��!6� ��� *� A�.* ��

=����2�� (*���@�!6� (*�8 3�,� ���8 ����� 3�*���� ��� B�*2�� �+�3 ���!�� ( ���$

��$ B*2�� ��� �� #�2*2��� #� ;�� 3����� ��@�!����) ���8�2006.( #�C�*� &����� /��

���@�!6� B*2��� �� #2*2� # �G�� 6� 7�]�*� ���� B�+ M�� 3�� <��*�� <���*4�

G�� 6� #��2�� 3+���� � �� F��!� (�*"��� B*2��� �� �� #� 3��*� G��� 6� 3��"��� ��

A*��� �*�8�� "��/*�� ( ��$ ��$ <���*4 J����,� ��>�"��� �� ���@��!6� �� �� �"�!

��!�� # B�!�� #�����.

#�C�� ��� <��*4�� /� 39+ =�2E �� #��� BE � � �*����� (�*�8 ���,� ���� ���

��!* B�E 6� #���!����.�$ �"� ��*� /� 3������ (*�2�!���� (�'����� � ����" 3���,� D�*�

Page 31: The relationship between The Capital Expenditure and

15

��5� =���]� � <� ������� (*���!���� �*� /� 39+ =:��"� �+����� (�*��"�� #���� 7�]��

��$ 3��� J���,� #������� G���� �*������ ���$ =��*�� <��*�� /�� ;�� 3����� 39��6 ��

�*!�� =�� ��� (�>�2��.

2J2 1�M � �� ��� ���������:

/� 39+ �� B�! � ��* &*�"� B�E 6� #�������!���� C� �� ����2� (*������ #����

�����* ��@�!��� ("E �� (*��� /��* 3�*�C� ���2*2�� ���$ 3�2�!���� �)�2� 3�)���� ��

("E � (*�2�!� ���� /� L� #��� /��* �����$ /,�)3- �A*��2007. (

L���� �!�* B�E 6� #���!���� M��+��� (*�����:

1- /���* B�E ,� #���!���� \>�� (�*�8 3��,� ]���@ 3���� i���� �� ���]�

<�8�+��� # <C� ��� �$ _��*@� �� ���� (��! ������� ��� <C�� ��� � #�������� �� /

=����2�� (*���@�!:� (>8�+�� �' A�� D������� #���� �@]�� �� ����� <C�� ���

��!E .

2- G���� =����@�!:� (*���!���� ��$ I���� <�*�� ���� �����* �� <C�� ��� /� 8�8+�

�*�_� L�� =����@�!:� #"!��� �*���� �� �4* �� �.

Page 32: The relationship between The Capital Expenditure and

16

3- : /��* X����� /� =����2�� (*���@�!:� �� ��!�� (��)�+ ��"� ��*E � ?4��

�� � � ��"*� A�!�� ��$ (��") M+��� /� <4���,� =���"���� #���� ���* ��]����

� ��$� �� ="*� ��"!C� (*' � /� L�� 3��* <C� ��� �>�!+ <�*��.

4- �!�A�� =����2�� (*���@�!:� (*� �**2� <���!� D����, 3�2�!���� � #��� (�*�

�*` (2*'� ������: � ]� ��� D���C� 3�2�!��� A�!�� ��*.� &���5�� (*��)��':�

(*!�*!��� (*����:��.

2J3'�M�� �� �����3��-� ���������:

/� &���� #>�� �� /� ��*2�� =����@��!�� (*����!�� ��� /*!��� �� (�5 ����� ��

(*����� (*����:� X����� � F����� 3�*�8�� , ���� L��� /�� A���!,� <������� �����

=������� (*���@�!:� /��* /� /��� #������) ����:2010:(

• <��*4 ��� =�"*���� /� 39+ <��*4 ('�8�� (�*��� :� ��*+�� �� ��*���+ /�� 39�+

?� �'� =���� F�+�.

• 2��:�?� <���� \� ��� / B*�8 ( ���� =��� � ����� ������� ��� 3��� <����

(���.

• (*��� �� X� ��� / F��!��� #����� =�"*��� J���,�� /� B�*�8 ( ���� =��� �

<�*�� �� 39�� =�� ��� (�*����� ?�� �� =���8����� (�*������ �� (�5 ����� ��

����� #! � ���.

Page 33: The relationship between The Capital Expenditure and

17

2J4 9���� ������ �� �-� ���������:

�G�� � ��� =����2�� =�� /*� /**!*>� ����(Hilton:2002):

1- �����7�� �7������ .�7 �� X�� 9������

B"�*� ��� X� �� /� =����2�� F��� � ��� ���)�� 3�*����� (��49�� (�*8.�� ���@��!6�

X����� �� ��� �?9�* �� =�*�*�����!� <C�� ��� � #�������� 3���' <C�� ��� � X����� ��

�� �.

2- �����7�� �7������ L!F��� ����� H��� .����

G���� �� =������2�� (��2"���� M*)��+���� �*������ ;����� 3������ =���� �����

#�����)7�����:2000: (

1- �����3��� .�%��) �������(

�)2*� ��� 3����!� 3�),� (�*����� 3��)C� F��+� =�� <?��E� 3�� � &���� �* ���

&*������ �� *4<�� ��� G�� 6� ��*� L�� �"�� ����2�� &��+�� ���� � �$ i�)�* ���+��!�

3�),� <�������) (�*�2�� (�*` 7��� �*��)�'�.

2- �����3��� E�����:

#�� =����@�!:� #��� )��* /� ����9+ ( <���*4 (�'�8�� (�*��� 6� (�*"*���� <C�� ��

/� 39+ ( ��$ =��� � <�*�� �� <��*4 G��� 6� � ������ � <���*4 <��*�� =��"*���� ,�$

Page 34: The relationship between The Capital Expenditure and

18

��+�!� =�!����� (* E�� =�����!:�� ��*E �� ���� X�� �� /�� =����@��!:� /�� 39�+

( ��2��� /*� #*�� �!���� �� ���.

3- �����3��� ��%��� YY�����:

&��*� ��� X� �� /� =����@�!:� ��$ K*E+� &*������� (��*� ?�� �'� =���"��� =:j��

=�� �(* 2�� <?�E���� (*��"�� /*!���� X�� �!��� (���� �� , � &��+* /� =����@��!�

39�6� � C� A���� ��8�� 3)���� #� (� )��� . ��!�*� ���� X�� �� /�� ��!����

�!����� #!���� �E ��*� K��.�� <�8�+����.

4- ���3��-� �0�����-�:

#�� =����@�!:� #��� �&�� ��� ?�2� <C�� ��� �8,3� <��� (� ��� ��'� 3���* ����

���@�!:� �*�� ��!'� X������.

5- ���3��-� A�������:

��� ���@�!:� 7��� ��* /� 39+ ��2"�� (������ �� =������ <�*E�!���� ?��� �� �!�� ��

(*� �.

2J5 ����7�) Y8��� (���� ���� � ���������:

��2* B�E 6� #���!���� � 4>����� (*�����)�8�:2010(:

1 . (!��� (*'�! (��� (������.

2 . (!��� (*���� F���� (*��)�'6� X�����.

Page 35: The relationship between The Capital Expenditure and

19

3 . (*� <?��E�� A*���!,� B��8��� (��+�!���� #� �*��3 �)�+� =�2 ����� (�*�2 ��

X�����.

4 . ('��� # =*'�� =�2 ���� (*�2 �� (+���� (���+��� X�����.

5 . =9�]��� (*�"�� ��<��+� (*����� <���f� (*����� # 3��� 3*���� #����� #>�)�6�� .

6 . ('��� # 3*�� �8�+��� (8*���� X�������.

7 .('��� # �*��� ��"�� #��� 6� X�����.

8 . � �� ���)� 3*����� (�!� ��� X�����.

9 . ('��� # �*��� (E���� (������ 3���H� <��@�!��� # ����X��.

10 . ('��� # ]� ��� =:�"�� �+���� ��"!�� �)+�� �8�+�� A2� ��"!� &�)��.

2J6 ��������� ���$��� 17�� ��%��7��� ����3��-�:

: �+* ���' B�E 6� #���!���� ��*.� /� =����2�� /�� (������ (�!���� ���$ ��*@�

/� =�*8"��� #��� ��2� (* ���$ ���@��!:� /��� �� &���5 (������� 3���� i��� 3��" �

� �*�� =�*��!��� �� ���"* J�� 7� ���' �� (�'� � (* �E�� ����*8"� #���� �������

# �**2� �*������ (*���!���� /� 39+ B��8�� #���� #*�! ������ #���) �����:2010( :

1 .(E���� ����(*� ("'����� X����� �7���@�!:� =*'����� �49��� � ��� �@�3 ���� &*�������

2.������"�� #������� 6� X��������� � ������ �����*��� �����>�"�� 7� !������

3 .(��'9"�� /*��� (��E���� ) B ������ 7���2 �� G����+�� (���>�"��� ) B ������ 7���2 �� 3+������.(

Page 36: The relationship between The Capital Expenditure and

20

4 .�*��� F�� (*8.� �>�"�� �'����� /� X������ �8��+�� (*���@��!:� #���� K��"�� ����

<C� ��� .

2J 7 ���$F 17� 7�����%�� ����3��-�:

� (!��� =�*8"��� B2����� �� � 3��� B*'� ���: /�� ����**2� /�� 39�+ =���8+��

(*�����)��� ��) :2005:(

1- �*��� M�E�� (*���@�!:� (������ �<C� �� 7� �*������� (*����!���� #���� /���* <C�� ��

�!:�@��� * �� #���� �2� /�� ������ 3���� 3� <C�� ���. ���� 3+��* =��� ���� �� ���

�*��� 3>����� (������ ���� <C� ��� �*E �� X���� /*"�.

2- �*�2� I���� ���@�!:� #��� ������* X������ #���!����)=�2 ���� (���+��.(

3- �*�2� =����*6� #��� ��*8"*! X������ 39+ ��� #��� :�)=�2 ���� (+����.(

4- �*��� (2*�8�� (�!� ��� �**2�� �����X� �7���@��!:� /�� 39�+ B��8 �*�*2� �*�������

(*���@�!:� #��� B�8� ! ��� �2�:.

5- ��+�� ���2�� M�+�� ���@�!:�� X�������� �� ��� � ��� �� ����� ��@�� /�� 3*���

/��* ���2�� ��+��� 3� � 3>�����.

6- �**2� ���2�� �+���� /� 39+ =� �*��� (*"E�� #��� \� � / X������.

i��*� 3���� #����� <�� <�)�+� / ����� 3������ #��� ���* ���� B��E 6� #����!����

3�' /� 3���* � 3��� ���.

Page 37: The relationship between The Capital Expenditure and

21

3����)1(3���� �**2� =�������

درا!� ا ��وى ا�����د��

ه- ا �را!� ا �,+*+*� () ص� & ا %$#وع

اج#اءات ا �را!� ا �,+*+*�

ا �,+*- ا %� )

و�8 ا %$#وع وا 6,7 45 م$#وع ا!�2%�ري -�� ب

#وع؟ه- ا �را!� ا�و *� () ص� & ا %$

درا!� ا %$#وع م4 وج;� ا �و �/<=# ا %��%>

و�8 ه@ا ا %$#وع وا 6,7 -�� 45 م$#وع ا!�2%�ري ب

-Aا� ا5�اد درا!� او *� 45 ا(B- ا 7

C*ر واج#اءات ت#ت�E)ا� F+� �* ا�و �*G�� ا +%$�ر�>

م�%�5H م4 ا�(�Eر وا�راء ت%2- ب�اA- ا!�2%�ر�� �G+�Iم

JK> �

� JK>

Page 38: The relationship between The Capital Expenditure and

22

# ��"�� B9����)2010(

2J8��$ 17� E���� �� �-� ���������

/$ �*���� B�E 6� #���!���� #� �*����� (�*�8 ���,� =��� (�*��� (*�!� (�*��

<��� L��� #� G���� ��$ =�!����� #��� =��� #� (�*��� X������� 6 <��� �*�*2� 3����

7��� L��� ( �"�� F����� (*��)�':� X������ ��*�4�� <���6� =����"�� ����!�� #�

(��E��� /*� 3>����� +����*� 3� ,� ��� B ��* &���� <C� ��� ���� ���$� (������.

��*� �**2� B�E 6� #���!���� /*� /� �**2��� ���:

1- 17� ����

2- 17� �Z ����

-�H%� درا!� خ*�رات ا

ه- ا �را!� ا HMم*� () ص� & ا %$#وع

�>�Nم #*O (%!8 ر�Hم +%$#وع

ا �J**M ا A�;Q) وات�Iذ ا M#ار

C!�Q% ء ا�RK اخ��7ر ا

�#ار ا ���م*J وا��Sر

�#ار تGQ*@ ا %$#وع

C*ءات وا �#آ�$>Uا

-*V$� م واW�!ا�

� JK>

Page 39: The relationship between The Capital Expenditure and

23

� �`��� /� /� /*�*@��� /�4���* �� �*�*2� B��E 6� #����!���� /�� ���5 �

#���, /�� : /��* ��� $ (*��� �*�*2��� #����!���� /�� ���5 ��� ��*.�� �#���� �$ �/ L�� �

3��� <�*� �*` (*��� �@]� # ���*�+� 3>������ ����'�� �*������� (*���@��!:� ���������

(*����� �B�!�� 8*���� �*`� L�� )#��� 74����,2001(.

�J��$ 17��� ������ �� ��� ���������

�!2 �� B�8 �**2��� #����� �*����� B�E :� #���!���� ���:

1O ): �+C� (�*2�� (* �4�� =�2 ��� (*�2 �� ("'����� /� X������(.

2O��$�� ���� � ��� ����� �� ��� �7��� )B�8 B ���� 7�2 �� ��)+���( .

:��: ��$�� ���� - � ��� ����� �� ��� �7���:

#�� B�8�� #��� : A!��� =�2 ���� (*�2 �� (��)�+��� �� �*�*2� ������3> (*���@��!:�

������:

1- [��� ������-� :

#�� <��E�� (��49�� ������!: B��E :� #����!���� #>������ /� B�*�8 # ��)

A!����� (*�2 �� <������� /� ���� B��E 6� �� K��"� ��+� #�� <���E�� (��49�� #���

F��!�� A!����� (* �)�� /� ���@�!:� #� X������� ��� B��E 6� #����!���� #�),�

Page 40: The relationship between The Capital Expenditure and

24

(�" �� ) 2004�76 (� ��� /��* &*�"� ��� < ������!:� ���*� ��� C� <���E�� (�* �4��

#��� �*8�!* ��@�!��� ���9+ �����!� (E���� (*),� ���@�!9�.

A!���� <�� �����!:� F���� /*�2*�8�� (Anderson et al:2004):

1O A�!� i�� X������) 3�' J��8 =��9���!:�( #� 3�� /�� �!=�� ����*� ��@

G��+�!� 8!��� i���� 7� !�� ��*'� #�����$ =����@��!:� �� 8�!����� ����*�

A�!�� # G��+�!� 8!����� &9�+� i���� /� ��� ��$ F�+�.

2O A�!� i�� X������ 7� !��) 3�' J�8 =��9���!:�( K*�E+�� ���@��!:� i������

7��� B2�� 7� � "��) L9��!� ���@�!:� ��*2���� (�*�"��� ������ #� ( !��� (�*�����

��$ /� ��* �����!� 3��� (�*' ���@�!:� /���� #�� <��� ������!:� #��� ��2*�8

�@�� (*"'�� �����+�!: i���� #2*2��� ( !� .

�"�� (2*�8 <�� �����!:� �3�! B�8�� ����@��� ��*�� ����+��!�� F��� =��� ���

(�*������ (Atkinson and Others :2004) L���� ���"* ���� ��� 4����� ��� ����

(2*�8��.

4����� ��� (2*�8��) 3� ��� 74���� �2000( �)�7��!*"��2005(��� #*:

1O (���! ����!��� #� : #��!� ��*2�� =�*�"� �*��!� ��2"�.

2O 4��� � A!����� (*�2 �� # 3�,� �*)2�� L���� ��*4* /�� /���,� #� &���5

�� ��C��� =��*.����� 39+ /�4��.

3O �+C� (��*!�� /*"� ����:� D*�� 3��� /�� ���*2�� �� =����@��! ���* ��*��� 3����,�

��* <��E� (*�8 /��� �+]� ��* <� �+�� �����:

Page 41: The relationship between The Capital Expenditure and

25

1- ������$ (�*2� (* �4�� ��2 � D*�� ���"� /� <��� (�"�� (�22���� /�� ��*�� =�2 �����

(*�2 �� (+���� � �&�+ =���E�� =�� (�*' (*��!�� .

2- 3����� =9)��� =�� ! �� �"� <�� �����!:� (E���� (*),� ���@�!9�.

3- : /��* �:���� ��* ;�*2� (�*��� X������� (� ��2���� /*�� �*������� D�*� :

���* <�� �����!� (*���� ��* � ��!�!� 3���' �� K� � =��������) (��" ��

:2004.(

2- �7�$ #��7� [��� ������-�:

#�� (2*�8 �*��2�� 3��"� ��>�"�� #+����� X������ /�� X����$ A��!� �)�+

=�2 ���� (*�2 �� (*�2�!��� 3�@���� /�� 39�+ ����!� �:��"���� ���� ������) �X�����

/�*E!�:2002�321 (#��� ���� ��!�2� �� <��� ������!:� #��� 3�@�� �� �*��2�

A!� ��� 3�"�� �>�"�� #+���� ��� = �� =��� =�2 ���� (*�2 �� (*�8 _�*�! .

��� ���"� /� 3�!� B�8�� (��+�!��� # �*�2� ��>�"�� #+����� :$ �� � * A��" ���*

�� C� : ��+�!� :$ � ��5� � =�2 ���� (�*�2 �� (*� !��� �)�'� <��� ������!:� 3����

#�! 3�8� ��"�� #��� 6�) ;�����: 2004( #� � =:����� #���� /���* ���* ���"��

#��� 6� /� X������ �� ���� 3'� /�� &"�� <��� ������!:�� /���* �*��2��� �����

(2*�8�� E*"�_� :� �+]* ��) �� #�: 2003 (.

3- �7�$ .��� �8���� ���%��� :

&�"�� ���*� (�2*�8� ��>�"�� 8�!����� 3����H� <��@�!���� �� ��>�"�� #��!�����

�7�� �� ��� ���� ��$ L��) 7�����:2000. (

Page 42: The relationship between The Capital Expenditure and

26

�� ���2 ����� (��2*�8�� ��� ;��!� �*��!��� =�� (��'9"�� ;���*2� 3+����� �*��*2��

=����@�!:� A!��*� �>�"�� # ���@��!:� /�� 39�+ A�!���� ��)# 3+���� L����

X������ ���!'� � ;�� 3���� ��@�!���� ��� /���* A�!�� 3��"� ��>�"�� #��!�����

(�!2� 8!��� 3+��� 7� !�� � 8�!��� ���@��!:�) 8�!��� *2�� (�� (�*�� ��� 3�)H�

�"� L9��!:�)(7�����:2000 (.

/�� =�4*�� ��� (2*�8��) 3- ��� 74����:2005(:

1O 4*��� ��� (2*�8�� (8�!���� (���!� ��E�� (��!� 3�)���� �� =�� �*��� (��49��

���!�� /� =� �*��� (*�!����� 2���(*�* <� �����.

2O ��+�!� 3��� �*�� /� 3�' A��)� �*������� L���� /��*�� F��� (�*��� X�������

�2*�8� ("*�! .

��� A�* ��� �(2*�8� 3@��� # ) 7��!*"��:2005:(

1O 3���� (�*2�� (* �4�� ��2 � �$ /� ��� (2*�8�� 3�@� (�2*�8 <��� ������!6� : 4�*��

/*� =�2 ���� (*�2 �� ��!? = ��� �' =22�� # ( !��� ����,� �� (�* �@�� �� (�@��@�� 7�

� �� �#8" � �4�� (*��!�� �<��� �2 �� ()���� /� L� =�2 ����� K�.� ��5 �� /�

<�� ��2 ��.

2O 3����� <�� <�*� X������ ��� B2��* ��* /� �>�� (* ���$ � ��2 � ����� ���*"���

�' B2�* X������ 3*�8 ��,� �"�_: 8!���_� �>�"� _�*��!�� X������ �*)�' ���,�

.

Page 43: The relationship between The Capital Expenditure and

27

4- ��2� ��� (2*�8�� � ;��!,� 7�� ���� A�!���: =�2 ����� (�*�2 �� ;*��� ��

;�!� =�2 ���� (*�2 �� (*>����� ���� 7�]�* #��$ 3�*��� X������� K"��� ��)�

&*������ �*` 3�>!��� ��� &��* ��$ L��� /� ������� #��!����� &���"���� ��*

�� A�!� �>�"�� �� ����� B�2���!:� ;*��� ������� �7��2 �� 7� /� B�*�8� �����

B�2��!:� � &*������ =����*6�� (*�2�!��� �@]*! � (�*� �**2���.

���3 :��$�� ���� � ��� ����� �� ��� �7��� �� 17� �� ��� ���������

#�� <���"� F�+� B�8�� #��� �]�+ ���� � (��*2� (�* �4�� ���2 � � /*�" �����:� D�*�

��+�!� ��� B�8�� � ( ��2��� /*� /*���� �� ��@�� ���*�+: 3�� ,� J���*$� A���!�

3��' X������ �� ��� � ��2�� ��� B�8�� �� ;��!� /� (��*' <���� ��2 �� #���� ���*

3�)��� ��* # ( !�� (*����� ���� /� (�*' ���� ��2 �� #���� 3)�� ! ���* #� ( !���

(���2�� �� 3�2�!��� )(�" ���2004.(

1- �7�$ ���! ��7�� ���%��:

��)2���� (�*2��� (*����� �� ���� 7��!* I�� ��� /,� 3)��* #� 3�2�!���� 39�+

( ! �� =�� ! (�2�:) 7��!�*"��: 2005 �142(� ����"�� ���� (�2*�8�� �� ����*$

B�E�� /*� (�*2�� (*����� ���=�2 (*�2 �� #��� �����* X�������) =�2 ����� (�*�2 �� (�+���� (

39+ ��� #��� 6� (�*2��� (*����� I����� (�*�2 �� <��@�!���� #� X�������) =�2 �����

(*�2 �� (���+�� ((Hilton:2002) �� "���� ��+- /���* A�!�� (�2*�8 # ��) (��*2��

(*����� X����� 7���@�!6� / 8B*� ����*$ 2�� (��* (�*����� =�2 ���� (�*�2 �� (�+����

("'����� � � �@ A�!��� (�*2�� (*����� =��2E � (�"'����� (���� �� �� � L���� ���+��!��

Page 44: The relationship between The Capital Expenditure and

28

3�"� �)+ /*"� K��E* �* � � 3@�* 8!����� i����� (�E��� 3����,� <��@�!���� ���*

J�8*� (�*2�� (*����� &*����� ���@��!:� /�� (��*2�� (�*����� )��# � A�!����� (�*�2 ��

("'����� � #������� ��$ = �� (�*2�� (*����� X����� (���� 3��2* X������� ���� �$ =� ��

(���! K �*)(�" ��:2004.(

��� � ���+�!� (2*�8 # �) (�*2�� (*����� (��E�� /*� <�� �*����� ���* ���*�+�

3� � 3>����� /� 39+ ���*$ # �) (�*2�� (*����� � 3�� 3*��� /��� ��@ A�*��� 3>������

�� �!:�� ��$ # �) (�*2�� (*����� 3�� 3*�� /�� �@ ��*�+� 3*���� 7���� ��� ��� # ��)

(�*' (*���)��� ��) :2005.(

4*���� ��� (2*�8�� ��� ���� # �*8��)2010:(

1- (*������� �� �� #��� ��@- (�*2�� (* �4�� <���� �2 ��.

2- ���"� � �)+ ���=�2 � (*�2 �� X����� _:�)� ��$ �*2�� (*����� .

3- ���"� ��� �**�"��� (*����� #��� ��+�!� #� �*�*2� =�������� ����� �� F��!��

=�!!]� 3*����� (*�����.

4- ��! � �� ���� ���(E <C� ��� ���*���)7�����:2000.(

/���� A�* ��� (2*�8�� # �� ��:

1- K��E� /� (*�2 �� (��!��� /� X������ ���"* �����@��!� ;E �� ��>�"�� 7���� ��*8"*

X������ 7���@�!:� � 7� ;E � 3�"� �)+�� ��+�!��� /��� ���� 3��"��� ��' /���*

Page 45: The relationship between The Capital Expenditure and

29

���� �� 3'� /� 3�"� �)+�� � ��� K���E� /� 3��"� �)�+�� =���@ : ���8* ��*

7� �**.� # 3�2�!���)(�" ��:2004� 88(.

2- K��E� 3�"� �)+ ��' ")�*A ����*��� #��� F��� /� 3��"� �)�+�� A�!� ���

&��"� �2�!� ��� 7��!* 8!����� i����� �(E�� ;�� 3����) 7�����:2000(.

2- �7�$ .�� �%���:

��!�� ��*� ���]�� (�*����� �� ���*"� (�E����) ��>�"��) ( # ��*8��:2010 ( ����

&���"* 3���"�� (��*����� �� 3���"� (���*2�� (��*����� �� (�!�� E ���(��" ����$

(E����)����:2010.(

���"*� 3*�� (*����� ��� =���]� 3��' 3*����� 7���@��!:� �� ���� � ���"*� ��

3)��� (�!' (�*2�� (*����� =�2 ��� (*�2 �� (+���� �� (��*2�� (�*�2 �� =�2 ���� (�*�2 ��

(���+�� � ��� = �� (�*� �� �3' /� ���� L�� # "* /C�� =�2 ����� �2 �� (�* (�+���� 3�'�

/� �(���+�� #������� /� ���@�!:� �*` 7��� ��$� /�� ���]��� ����� /�� ����� 3��2*

X������ ������� ����_�)7�����:2000.(

/��*� &9�+:� �� *� /*�� (2*�8 (��*2�� �(�*����� ��� /� (�2*�8 (��*2�� (�*�����

���� �>�"�� # �)�� <���� (�*�2 �� <��@�!���� #� *��/ ����* 3�*�� (�*����� ��>�"��

#������6� <������ (��*�2 �� <��@�!����� #�� 3���� (�!�� (��*�>�)# ���*8��:2010.(

4����� ��� (2*�8�� / # �) (�*2�� (�*����� �� �*�*2� <�� �*����� (*���@��!�

�(E�+� ��5� # �) (�*2�� (*����� �'�� B8� 3�� X����� ��� *� /���* 3�*�� (�*�����

Page 46: The relationship between The Capital Expenditure and

30

(�! � �>�(* ��� #8"* (��:� 3�� � ��@, ���� ���@��!:� #� (�*� �*�*2���) ����

��) :2005.(

3- \7�$ .��� �8���� ��F����:

�)2*� 3�"�� �>�"�� �#+���� L��� 3��"��� 7���� ��$ �)�+ ��� # ��) =�2 �����

(*�2 �� ("'����� /� X������ /� �*'��� (�*����� /���� (*��!�� (��*2� (�*����� =��2E �

:�(*���@�! X�����.

��2�� ��� (2*�8�� � <�� (��*2�� (�*����� D�*� ��+�!�� ���� (�2*�8�� ����*6

(�*2�� (*����� =����*f� �"!� �)�+ D�*�� 3�"�* (��*2�� (�*����� =�����*f� (*��!��

f�B�E 7���@�!:� 7� �"!� �)+ 3"�* # �) (��*2�� (�*����� _�*��!�� �E)�� L�����

/��� �' � 9�= A��* (�2*�8 # ��) (��*2�� (�*����� #���� K�"� �! ����)3- ���

74����:2005.(

&�"*� 3�"� �>�"�� #+���� � C� �)�'� 3��"� <��>�E� /���* ��" � /� 3����,�

39+ <�� �����@�!� /�� B�*2�� (�*� �>�!�+ �X������ ��*� 3�@�* 3��"� ��>�"��

#+���� �"! <�>�E�� #"'���� �� #"E�� � �3���, <��@�!���� /�� <����� ��@�!���� ���*

(Williamson:1996,p591) .��� /��* /� &�"* �� C� 3��"� �)�+�� 7���� F��!���

�� (�*' =�2E �� (*�2 �� (+���� �� (�*' =�2E �� (�*�2 �� (����+�� _���*�� /���* ��E*�"�

� C� �<�� / �"! <�>�E��) �)+��(7��� 3"�* (�*2�� (�*����� ��� A�!� (�*�2 �� (�22�����

/� ���@�!� 3�� /*"� F��!�* �� (�*2�� (*����� L��� ���@�!:�) 7��!*"��:2005.(

Page 47: The relationship between The Capital Expenditure and

31

A�!��:� 3�"� �>�"�� �>9��� ��+�!� (2*�8) (������ C�8+��� ( ����� #� "* �����+�

<� =:��"� �>�"� ��� 3)� � 3�"��� �A��8��� 7� 7���� 3�"�* # ��) (��*2��

(*����� _�*��!� �E)�) #��� 74�����:2001( ��"��� A�!���� 3��"� ��>�"�� #+�����

��� �� ��2� (E��� ;�� 3���� �<��� (�*�2 ��) ��� *�(� o?�� �� �� L��� ���* 3���' ��

K�� � X�������� 7���@���!:� (Besley and Brigham: 2000) � ����� ���*���

3���"�� F�+,� ���� ��4 3��"� ��>�"�� #+����� ����X�� 7���@��!:� ���� /���

X������ �@�� 9*�E� (*����� <C� ��) ��� ��) :2005.(

4����� ��� (2*�8�� �� C� )7����� :2000(:

1- �+C� /*"� ����:� (�*2�� (* �4�� ��2 � � � (*��� X������ ���� �>��� �.

2- ��"� / 3�"� �>�"�� � ;�� 3���� �@�C�� (*����� ��� , K��"� �� ���3

(�! (*�>�.

3- (���! ��� ��2� �"!� <�>�E�� � K��2�� 3�"�� (E�� ;�� 3���� ��@�!���

/��� *A�" ��* �� #*) 3� ��� 74����:2005:(

1- A8�� ?���$ =�*� (*��!� <� ���+�!�� ������:� #)�+��� 3��, 3��)��� ����

\>�� �� (�!�.

2- 3��� ��� (2*�8�� M�� ���@��!:� (������� <C�� �� ��"� ?���� � ���"�� #���� 6�

�X����� #E 3�� (���E��� /*�� /**��� �� ��@�� A��* �� &��"� �� M��E��

(*���@�!:� (������ ��"� ?���� � X�������� ��2 i�)�* X������� ��*` 7���� ��

������*$ 3'� /� ��E*���� G���* ��� ���' 7���@�!$ �*��.

Page 48: The relationship between The Capital Expenditure and

32

3- # �"� /� &��5 �� ���C��� (�*2�� �B��8�� K"����� 3����* 3�� ���� (������

K*E+�� 3�"� �>�"�� #+���� (*!�� 8�*��9� ��� �8��+� ��� ���C��� :$ /� ����

(������� <�2� � <���.

4- : �!�� (*������� ��2� B�8�� F�+,� L��� �� , �@C��� =�� 9�+:�� (>��� �� /�

B�8 =��9��!:� �� K"� =����"��� (*�!����� ,�F�+.

#J��$ 17��� �Z ������ ]��� � ���������

: /��* ���� $ (�*��� �*�*2��� #������ (�*�"� ���*�+:� �� (���E��� /*�� 3>������

@�!:�(*��� /��� # ;E =�'��� : /���* 3����$ �*�*2��� ��*` #������ L���� /, ����'

B�E 6� #���!���� ;*� ���� (*� A*��� 3>������ ���*�+�� 3�� ,� � D�*� L�� � ��*�"��

/��� 3�����"�� (�����+�� F���+,� #����� A���* �����+� /*��"� ������:� ���� ��)#�����

74����:2001:(

1- 9�:�� ����� [^�����:

L��� ��+,� /*"� ����:� 3���"�� (*�����:

� �**2� X������ ?� � � =��*.��� (*�2�!��� #� B�!��� 3������� ��@���� (�*8

<�� �� �����X�.

� ��C��� /� /� <��*4�� # ���@�!:� �����2* <���*4 #� =��"*���� /�� ���8��:�

��� K*E+� ��"!,�.

2- 9�:�� ������� ����� [������� �� [^�����:

Page 49: The relationship between The Capital Expenditure and

33

L��� �+C� 3���"�� (*�����:

� F�� � �� =9�]��� F�2� (��"�� #��� ������ �*E �� X������.

� F�� ���"�!� /*��"�� 3�2�� =��*.���.

� F�� � �� =� ���$ A*���� ���6 /*��"�� X�����.

� F�� (����� ?���6 =9*�"� � &>�5��� # <C� ��� 9��?(� X������.

3- [�$�F���:

7� <���� A2��� #� =�2 ����� (�*�2 �� � �$ �� � ���� ��4 A�2��� =��4 �8��+���

(������ L��� � ( ��2��� /*� �*������ ��!���" �*������� =�� <�8��+��� (�*��"�� ��

�`��� /� �� � �' /��� =�� (*��� ��.

4- 9�:��� ���!��-� ������:

A�* �+� =:�� G����� ��!���� 7��)��':� /*�"� �����:� � � X������ ����2�

���@�!:� � /, ��!��� ���* /�� F���� ���@��!:� _�)�)�+ #� =:��� =���� ���

(*������ � # �@�� _��@C� � �� ;��"�� 3.�!�� <C�� ��� =���� G������ 3�*�� <���6�

�!��� L��� 39.�!: X�E��� A8�� � =��� ���.

5- [��7�� /� E�����:

Page 50: The relationship between The Capital Expenditure and

34

� �`��� ��� �' J��* <C�� �� /�� �*����� (*����!�� (����� ��� ��� : ��� ��*

�!���� # �*�� ��� ��*������ #������� ����+� ���6�< ����� ��� /�� �*������� #����

�*8�!� ������$ <?�E�� (*� �.

6- .������ �������:

��)2���� � � =���+�� A������� (2��!��� <���f�� � �$ /� ���� ������ ����,� #�

��+�� ���2�� K.� �5 �� / \>�� B�8 �**2��� (*�� ��� B��!�� K�"��� ���.

2J9� ��!�� �8����� �� �����:

��?��� ("! (��� <���� (*!�!� : � ` �� 7, ������ ���� M���+ (�E�+� /�

7� ("! �F�+� �9��!� � �*` 8����� <���2� K��"�� A�8��� #'���� ��!��� ���� :

8���* ��� L9��!:� =� ���� (*�"! �� (*+� .9 � ��* �*��� A�8�� ��* �� F��!��

��"!� �/*"� 3� � ;��"�� /�� L��� /� A�8�� �� ?������ ��*` 3���' ?����f� ��

�D*���� K*���� (���� ?����� B � =��� <���� (�*� � �(����@ ����� =�E�+� �������

(* :�*)�� �� �=� � ����� &��+� ��)�� <������ (���"E�� �� ��)�� G��� 6�) #� 9*���

,1999( .

/�� (*��� ?����� (�! ��� ������� ��� (*��� ���=�� ) (�*>����� #�� ���!�� #�

5�E��� � /�*� (����� /� 39+ (�5 ����� �� /��,� #>������ 7���� ����"* /�� ����

=���2��� #��� �"!� (����� ��$ ���2*2�� ( ��6�� ���$ /� ���8� (� )��� (�*>����� ����"*

���]� �*�' � ��2��� 7������ 7��)�':�� (����.

Page 51: The relationship between The Capital Expenditure and

35

/$ (� )�� # �,�/� A"� 3���� ��� _���� _����� #� (�*� � ��)��':� #�����

���*�8�� ��� /� (� )�� (*>����� (* ��,� 3��� M��+ �!��� ����'��"� _��!�*' =�� )����

�F�+,� L��� /� <��+�� (������� #��� ����!��� =����� (�*��,� (�* ��,� ���*8"� _��)�

���� �� � ���8���� 7���� ;�" �� ����@- � (*��)��': �� ��)��':� #� ��,� �����

)�/�!���� 2000.(

� �� =���� (� ) (*��:� �� �@� (* &:- ()� 3�� &��� ���$ L��� ��� C�

��� /��,� (�"��� (�")�� �$ ��)�� ������� � ���$ ��@�� /�� 60 ����� � B��E� ��!�

�������) ��$ ����� $ 80 %D*� =�.� ��������) 490 /��*� #� ��� 2008 &���

��$ �� � � F��!��� ����� 3��� 50 %/� ()��� (*'�!�� (*��H� 3��.

�'� I� ��� =����@�!:� # X��8' �� �) (�*��,� #� ��,� 400 /��*� �:��

3+�� (����� �250 /�*� �:�� ������+ /�� 39�+ 13 ����� X��� � #� 17 (����

).���4� (� )�� <������� , =� �*� �*` ����� � ( , ) (�*"���� (�* ��,� #��� �� (�*��,�

:�'���� # �����:� com.japm.www (.

39+ (* ��@�� /*"���� ��� (*����� =�� (� �) (�*��,� <��2� 3����� 5����

� F��!��� 8*���� /� 39+ ������� ( ����� /�� 13 (���� ��"� ������ :�= =��*��

<��$ (�*��� #��� =@�� 39+ /*��"�� �/**����� #�� ��"� /j� /�� ����� =���82�� #�

3��� (� )�� �"� =�� )�� �(*���+�!6� �$ =!�!C� 3�� (���� #� ��� 1962 #���

(����� (*��"�� (� )� (*��,� #���� =���� � ���"� #� ��� 2004 (���� =�� )���

<��8���� 5�= <�*�� � (��!�� (* ��,� ��$ =� *"�!��� /�� /��2�� �#������ �$ =����

Page 52: The relationship between The Capital Expenditure and

36

?�� $ (@9@ � �)� #�� ��� ?����� #��� =>�� � #� ��� 1975 ����"�� #� ��� 1978

(��� (*��� (����� /�� �@ (����� (* ��,� G�� 6 �(�*��,� #� � <��� =�� * ��@�� =!�!C�

_��*� /����� /�*�+� ���� 4����� #���"�� =�� )�� (�*>����� �(�*���*���� #���� =!�!C�

# �� 1983 ���� (��� <�*��� # �� 1988 �@ <������� #� ��� 1989� #� � 39�+

=� *"!��� ��� � X�8' (*��,� <��*4 ��*�� # ��� =������� ����*� L��� ���$ <���

;�]� 3���,� /� \*+�� ��$ �/��,� #��� =C� /� A��� \*�+�� /���� ������ (����

�*E��9* B����� 8!�,� /���� ��!!C� # (*�� 1993 �@ (������ (�*����� � ����� <��*���

# �� 1994 # � �� 1996 =!!C� (����� (�* ��,� (*�*�!��� (� )�� (�*��,� �����

���� ���7� # �� 1997 #� � ��� 1999 ��@ _���*+� ;*�!C� (���� ��� /��,� .

com.japm.www .

M+ � =���� (*��,� 3������ #�����:*

3��� �'�)1:(������� ����� � ��! �����

(����� 3������ # � �2�� (����

�*������ ;*!C���

;�� 3���� //����*�

������ *� # ���

������ /*E5����

�� ��3�� <����!�����

=�� )� (���*>�����

(* ��:�

"��(*�� (� )� (*��,� �.X 1962 20 856 19

Page 53: The relationship between The Capital Expenditure and

37

��� ?����� (*� �� ���@�!:�� �.X 1975 20 786 31

(����� �.X 1977 29.8 1004 20

(* ��,� G�� : (*��,� �.X 1978 20 478 20

4����� #��"�� =�� )� (*>�����

�.X 1983 5 260 5

<������ (� )� (*��:� �.X 1989 3 382 20

B���� 8!�,� =�� )� (*>�����

�.X 1993 9.87 312 10

�*E��9* =�� )� (*>����� �.X 1993 1.6 64 15

<�*��� =�� )� (*>����� �.� 1994 9.5 182 10

(*����� ?���� �.�.� 1994 25.3 460 20

(* ��:� (!�*�!�� �.� 1996 7 175 12

7� ��� =�� )� (*>����� �.� 1999 15 75 ___

�� /��:� =�� )� (*>����� �.�.� 1999 7.5 80 7

*3����� /� ���$ D�����

��)���)����:� # ��:� #�� �� (*��,�,=� �*� �*` <��� �(

�*4��� X����� ��$ B�� �'�) 1(

M+�! /� 39+ (!����� /�� =���� (*��,� (�* ��,� ������ ���� /�� 3������� A��*

���"���� ��� �� �:

� (! � ��� <�*���� /*� =���� (*��,� (* ��,� A�!�� �������� ���� M)�+��� #�

�G�� 6� 3� (��� �*�� /� \� � ��*�� =������ (�*��,� #���� ����� � =�������

F�+,� #���� ��� ;E �@,� �#�9"�� ( ���� /� ;E ������� �(���"E�� ���� ����2E*

Page 54: The relationship between The Capital Expenditure and

38

<��2�� � 4*����� � K��� �� �����!�� #�>��� ����� . L����� (!� � ��� /*��

=���� (*��,� (* ��,� (*� �,�� /�� (��� �F��+� D�*� ����"� <��*+,� ��

���"�! �(*����� ��� #� L��!��� # ��,� (2*2�� � � ;*�� 3�� (�*��,� (�*� �,�

#��� ��* �����*�!� #� (�� � /� 3��' =������� �(���+��� ��� $� ���� �� (����

(*��� �(!* � ��� ��� ��"!C� 3'� /� ��"!� (������ �(���+��� ���� �@]�* �*��!

� (*� �*"!� ?����� #����.

� ����� K"� =������ (*>����� #��� =���� ��� # ��2 =� *"!���� (���� �*"!��

_�*�� _�*���+� D*� ���� A�!� �*"!���� ����*2 :�� 7� ���� (�*� �*"!�� ,� (�*��

� ;�!� ��"!� (*��,� (�@����� <���������� #� B���!,� (�*���� �(�*���+���

;*�� � ;�!� (E�� G�� 6�.

� �4�� B��!,� # =���� (*2*�!�� �2*�� : /���* ���� /� ���� (� �) (�*>���

�<����8�� B�!���� #������ �*.��) : A��!��* ���� ����� � =�������� �(��* ��,�

B��!,�� (*��"�� ( ���� =��'9"��� (*!�*!��� /*�� �=�������� B���!�� �*�)����

F�+,� �<�@� �� &�� ��$ L�� &9�+� /* ��' 8����� 3*�!�� (�*��,� /�� (����

��$ F�+� ��,� 7��� ��* /� A�*! � ?����� # ��,� # L� B��!,�.

��� /*�* /9���� /�*����� ��!� #��8' =������ (� �) (�*��,� A!�� ;�� 3�����

��� /*E5���� 3@��� =��82�� <4����� =������ X���� (!�����.

����� ����� �� ���-� #�% H�� .����/���� ���� �����

Page 55: The relationship between The Capital Expenditure and

39

3�� �'�) 2O2(

/� ���$ D����� ��)���) ����6� # ��,� #�� �� �(*��,� =� �*� �*` <��� �(

��"*� 3���� �9� / ;�� 3�� =���� (*��,� (�!� ���$ X��82�� 3��� �$ 3����

=��82�� <4����� =������ <��+C��� #� �(�!����� A����� =������� ���� F�� �9�� �$

#�C� _:�� (��� (����� =�� )� (*>����� ;��� 3��� 29.8 /��*� ��� *� #� ��� 3�����

�� ���! 17 %/� ;�� 3�� X�8' (� �) (�*��,� #��� (���� (���!�� (��� G����

!����� # B�! (����� <������ B���H�� (�*����� ���*� (�*����� ;���� 3��� I��* 25.3

Page 56: The relationship between The Capital Expenditure and

40

/�*� �� *� # ��� 3���� �� ���! 15 %/� ;�� 3��� X��8' (� �) (�*��,� #��� =��

(*��]!� <����� /� ���"� #�C� 3� /� (*��"�� (�!� � 12 % (�* ��,�� ���� ?������ ;����

3�� ���' 20 /�*� �� *� # ��� (�!� � 11 % ���*� 3�� /�� �7�� ��� B����� �8�!�,�

�<�*��� �� �/��,� (* ��,� �(*�*�!�� 4������ �#���"�� �<������� ��*E*�9 � A!� � 3����

�9%� 6%�5%� 4%� 4%� 3%�2%� 1%� ��� #�������� /��� ;�� 3������ #�����

=�����.

����� ����� �� ����� #�% �� � B����

Page 57: The relationship between The Capital Expenditure and

41

3�� �'�) 2O3(

/� ���$ D����� ��)���) ����6� # ��,� #�� �� �(*��,� =� �*� �*` <��� �(

��"*� 3���� �9� / �� #E5��� =����� (�*��,� (�!� ���$ X��82�� 3��� �$

3��� =��82�� <4����� =������ <��+C��� # �(!����� A����� =������� ���� F�� �9��

�$ #�C� :�� (��� �(���� =�� )� (�*>����� ���"� /*E5��� I��* 1004 &�5�� 3�����

�� ���! 20 %/� /*��"�� # X�8' (� ) (�*��,� ���*� (�*��"�� /*���"� I��* �����

856 &5�� (�! � 17 %��$ X�82�� /� ����"� #�C�� ��� ?������ ���� /*E5����� ���*

Page 58: The relationship between The Capital Expenditure and

42

786 (�! � I�� 15 %��*� 3� /� (�* ��,� ����� (�*� ���"� /*E5��� I�� 478� 460 7�

�� ���! 9 %� L��� &5�� <������ 382 M+�� 3����� (�!� 8 % /�� �X��82�� �����

3� /� B���� �8!�,� 4����� �#���"�� �<��*��� (�* ��,� �(*�*�!��� ��� �/��,� 7�� ���

�*E*�9 � A!� � 3���� �6%� 5%�4%� 3%� 2%� 1%�1%� �� #������� /�� ���

5����/*E #��� =�����.

2O10�������� �7����:

Page 59: The relationship between The Capital Expenditure and

43

�2� =��� � ��� (!����� ("���� �*������� #� �� (��!����� <���6�� (�*����� =��

()�� X����� B�E 6� #����!���� � �$ =��� (�"���� �*�������) A!�� �� D������ (

#��� =��� � A�'� A ����� /� 39+ ��� =�!�����:

1- �������� �����:

1- (��!���) �������� �*������$� � 1997 (/���� "� : K�`̀� .����`̀�" #��`̀�� �`̀��%���

������ ��$� 1�7� �� ��� ��������� �� .� ������� ��+����� ��$7��.

= ��� ��� &�"��� �� F��� ����� B��� =�� (��:� (�*� "� /*�� X��� ,�

(E�+��� =����� /� D*� (�*E*� ����+��!�� A*���!, (��!����� (�*���6� B��8� �*�*2�

B�E 6� #���!���� � �� ��' /�@����� �*4��� =� ���!� ��) 29 ( (���� � A�*�� ��) 24 (

�'� 9)�� ��� /� �@�� ���+�!$ /��� =�� 4���� (**.����� (�!� �) 62.5 (%� =�� 4������

(*���!���� 3*��� (E���� ������ i������ (�!� �) 54.2 (% ����� ���5� B��� =�� (��:�

(*� "� /*� =��82�� /� D*� ����2� �����"��!� *���!H�A (�E�+��� :$ #� (���� 3�*��

(E���� ������ i����� 3*��� �>� (���!��� � ��� ���5� =��'�� =�� (��:� (�*� "� ��

F��!�) 5 (%/*� /*�82�� 3�� F�� ���+�!� A*��!� (�!����� (*���6�.

2- �(!��) #����� � 1997 (/�� "� : ��` ��� ����`����� �`+�3�� /`� ����� : �`����

�����

Page 60: The relationship between The Capital Expenditure and

44

�'� = �� ��� (!����� ��� &��"��� �� =��!������ (�*�"�� �*�*2�� =����@��!6�

(*���!���� #���� �����+��!� =������� (�* ��,� (���!���� (*� )��� =��� �� =����+��

(*����!6� (* ��,� � ��**2 =����� B�E 6� #����!���� � (�!���� ��@� L��� �� ?���

=������ (���!��� � �'� =�� ( * (!����� �� /*������: /����� ����,� /��) 43 (

(��� (���!� (*� ) (* �@���) 22 ( (��� (*�����!� . ��'� =E��� ���� (�!����� /� /�

)5 (%/� (� *"�� ��+�!�� B��8 ��*` <���8�� � #'������ !����+� <�� B��8 �*�*2��

=����� B�E 6� #���!���� (��E���� �� *� � ��� (�!� ��� ��*���� <�8��+��� ��*���� 3��"�

�"! �)+�� /*�� /�) 50 (%���"� # ����*��� �� ;��!� �*��2��� #)�+��� . =��� �

��*� � C� : ���* &9�+� #>�)�� /*� =������ #���� =)�� �� ��� /� ��' �*����

�!6����@ #���� �� 3)�� =���� /�� L� � ('9 (�*�' /*�� (�*� (� 4����� (*����!����

?���� (�����.

3- (!���) 3���� � 2002 (/�� "� : ��` ��� ����`����� � *�`3� /`� ���� �����`�� :

����� �7$� /� ������� � ��!�� �0����� �� �!�� ��� .

�� = �� ��� (!����� ��� &�"��� �� ��@� ��*.��� #� ���� B��E 6� #����!����

� ?��� =������ ( * (!����� �!�2� �"!��� #'�!��� ���!, ���� =������� 3��� �*����

J�) 6� &�"���� � �@� �*.��� # ��� B��E 6� #����!���� �� ���� 3������� ���!C�

=������ (*� )�� 3��� �*���� J�)� 6� � D�*� =�8` D9�@ =�� �! /��) 1999O

2001 (� �' F��� D����� ���!��� ��) 20 ( (���� (*� �) L���� �����6�� ��

=� �*��� (*����� /� �>��2�� (�*����� ����� =������� � � ��� G�� ��!� ����� (�'9 (�*���*�

Page 61: The relationship between The Capital Expenditure and

45

(E*"� /*� �*.��� # B�E 6� #���!���� �*.���� #� �"�! ��!��� =������ (� * (�!����

�*���� J�) 6� � �'� �� ���*� ('9 =�� (�:� (*>�)��$ (�*���*� (�*�' ���*� /*�� ��*.���

# ��� =����@�!:� #���!���� �*.���� # ������ 3������� ���!,�� � =E���� _���*� /�

���� ('9 (*���*$ /*� �*.��� # ��"!� ��!,� ��*.���� #� ������ 3������� 3��� �*����

J�) 6� / B�E 6�.

4- (!���) ����� <��� � 2006 ( /��� "� : ��`$ 1`7� ��` ��� ����`����� ��`������

���Y����� ��������� �� ������� � ��!�� � ���F�� ��+����� ������.

�$ ="! ��$ ( �"� B��8 �*�*2� =������ B��E 6� #����!���� #���� ��+C� #�

/��!��� (�*2�� (* �4�� ��2 � #���� ����+�!� =������ *( ���(!�� �� ���+�$ ����2�� #�

(��E��� �/* 3>������ (*���@��!6� (������� ?��,�� #������ �� (� �"� F��� (�*��� X����$

=�?���$ ���$ ( 4����� (*���!���� �� ?��,� �#������ (� �"�� F��� (�'9"�� /*�� ����

(����� B�8��� (��+�!��� # �*�*2� =������ B��E 6� #����!���� #� =������� 3���

(!����� � ( �"�� F�� ������ ��� =������ ���+�!�� A*��!� (����"� <�8��+��� #� �*�*2���

#����� =������ (*���@�!6� (*���!���� (���2��� � B�8� (*������� #� ��*��� 3��"�

�)+ =�2 ���� (*�2 �� ("'����� /� =�������� (*���@��!6� (*����!���� ��'� =�)�� ����

/� A`� ( * (!����� ��+�!�� B��8�� <���8���� #� (�*� �*�*2� =������ B��E :�

#���!���� � ��� =)��� (!����� ���� ����� (�'9 =�� (��:� (*>�)��$ /*�� ���+��!$

B�8�� <��8���� ?���� (����� #����� �!�2� 8�!���� (�*��� ��!��� � ��'� ��)�� D������

<��*4� ?� �:� ���� X������ 8��� ��A �� 7�5 �� #�"���.

Page 62: The relationship between The Capital Expenditure and

46

2- �������� ��0��:

1- (!���(Jog and srivastave, 1995) /�� "� :

Capital Budgeting Practices in Corporate Canada

������� ��Y����� ��������� �� ����� ����

= �� ��� (!����� ��$ &�"��� � F��� ���+��!� A*���!� =�� 4����� (*����!����

B�8� � ���] =�2 ����� (*�2 �� A*���!�� 3�*�� <�8��+��� B��8��� (��+�!���� #� �*��2�

(E�� ;�� 3���� (E��� B�2� (*���� L��� #� =������� (�*� ��� F������ /, =�� 4�����

�*���!���� �*�2�� (�E�� ;�� 3����� /�� ���� =�����2�� (�*����� #���� ������ /*�*�����

D*��/**����� I� ��� ( *"�� )582 (�(��� �� ��*4�� =� ����!:� �� /*�*����� /**������

/*�*����� /**�*E ��� =.�� (�!� (�����!:�) 22.9 (% /�� ���� (� *"�� � D�*� 3�)��

/�@����� # ���!��� ��$ �/ �*�"�� /� =������ ��+�!� �@�� /�� (�2*�8 2�� �*�* =������

B�E 6� �#���!���� /�� (�! ) 75 (% /�� (� * ���� (�!� ��+�!�� B��8 �)�+ =�2 �����

(*�2 �� �**2�� �*������ (E�+��� �� � (*"!���� (�@*����� 39��6�� ���>��!:�� D�*� ���4�*

���+�!� ��� B�8�� ��� A") ����2�� � ���� /� 3��"� ��>�"�� #��!����� ��+�!�* (�!� �

)20 (%/� ( * (!����� � L� �� ���+�!� ��E��� <���E� ������!:� /�� �� B��8 F��+,�

L��� A�!� ��*' �(��*!�� ��� 3)�� /�@����� ��$ /� B��8 ]�� ��� =�2 ������ (�*�2 �� ��@��

����+�!� A*��!H� (*���� (�! �) 13.6 (%/� ( *"�� L��� =���!��� (*�*�����!$ #� � �)

���2�� #�����.

Page 63: The relationship between The Capital Expenditure and

47

�3)�� /�@����� /� D*� A*���!� (������ <�8��+��� (��+�!���� ���$ /� ��!�A

3*�� (*!�!��� ��@�� ����+��!� /$�) 25 (% /�� (� * (�!����� : ��+�!�� 7� A��!�

(������ <�8�+��� � ��� /� 3�"� �)+�� ��>9��� ;��"� <���8+ X������� ��� 8�!�����

������ (E��� ;�� 3���� �) 25 (%/� ( *"�� ��+�!� (�E�� K����':� ��*���� (�E�� ;��

3���� � ��� /� �*�"�� �/ =������ ���"� # �*�2� (�E�� ;�� 3����� �� ������ #)�+���

�� A*��!� �*` (*��*"� �@�� /� 7� A�!� 7��*"� � ���� 3�)�� /��@����� _���*� ���� /�

B�8 �)+ =�2 ���� (*�2 �� : 3�4* �����+��!� _��"E��� � /�� ���+��!� A*���!:� (*)�+���

�*`� (*������ �*`� (*��*"��� # *��2�� =�2 ����� (�*�2 �� (������� <�8��+��� �*��2��

(E�� ;�� 3���� �� 3�4 �"E��� ���� ;�"* (2*2� =� 4����� (*���!���� .

2- (!��� (Pike,1996) /�� "� :

A Longitudinal Survey On Capital Budgeting Practices

����� �8�!7��� � ������� ��Y����� ���������

���� (pike) # ��� (!����� � =��!��� (2���! ��� ���]���$ /�� 3��' L���

D����� # <��E�� (�"'���� /*�� 1975 (�*�.�� ��� 1992 L���� &��"�� �� ������

=� 4����� (*���!���� <��8���� (8���� ���� (����� (�* 2�� =����"��� � D�*� ���' L���

D����� �*���� ��� (� *"�� ��*��� =��!����� #���� ��� ��]���$� #� ����,� (�*�j� :

)1975� 1980� 1986� 1992 (\>�� � ��� (!����� (�*�8 3��,� #���� ����� ���$) 17 (

��� (5�9�� ����� =� 4����� (*���!���� 39+ ��� <���E�� /�� 39�+ (� ��2��� =�*� L��

=�!����� ��'� L�� D����� ��*�+��) 100 ( ����( #� ��* ��* �8 ������� (� *"� =��!�����

Page 64: The relationship between The Capital Expenditure and

48

(2��!�� ��� (���6� � =� �*��!:� /� 3�' /*�*���� /**������ � D�*� 3�)�� L��� D������

��$ ��*�4� L���$ =������ ������� �**2�� (�*������ 3�� �*������� � (�*���� �*�*2� (�*�

=� 4����� (*���!���� =�?���$� ]�� ��� /�� 39�+ B*'����� B��9�� ���� /�� =�?����$

�����=� 4 !����(*��� 8*8+�� (��'���� � D*� 3�)�� L��� D������ ���$ ���*�4� ���+��!�

B�8�� #��� ��2� � �)+ =�2 ���� (*�2 �� 39+ <��� (�!����� ( ���6�� ���$ �����+��!�

�� B�8�� F�+,�.

��� =)�� (!����� ��� /� ��� (����� : 3�4�* O 3���� ���� – _��8���� (�����

���+�!� B�8�� #��� 2��� � �)+ =�2 ���� (*�2 �� ;*��� <��� ������!:� L���� /� ����

(����� �� ('9 # ���+�!� A!���� #�:� 7��� <����� �@]�* #� ���+��!� B��8 �)�+

=�2 ���� (*�2 �� 3*��� (*!�!��� A*��!�� 3*�� <�8��+��� � 3�)��� L��� D������ _���*�

��� /� <��E�� /*� A ���� #�"�� A ����� 7�5 �� (�*' : ����� � L���� X����: =�������

A*��!� =� 4����� (*���!���� <��8���� L��� #� ��� =������� \����� ���� �!A #��:� (�*'

/�@�� �!����� # � <���:� ��� /� &���5�� (*��)��':� ���� ��@� #� X����� A*���!:�

�8����<�.

3- (!��� (Block,1997) /�� "�:

Page 65: The relationship between The Capital Expenditure and

49

Capital Budgeting Techniques used by Small Business Firms

in the 1990 s.

���7� ��Y����� ��������� ���F����� �� .`� �a�`�� .�`� �� [��`! 1`0%�� �`�

��������.

�$ = �� (!����� ���� (� �"� B��8�� (��+�!���� �*�*2�� =����@��!:� /�� 3��'

=C� ��� <�*.) ������ #� =��*:��� �<������� �*�D =4��� (�!����� �� =�������

F�.)�� L��� ��� �� L�� D����� C�/ =�� 4����� (*����!���� #� =������� F�.)��� =��

(*��� <�*�� (��")� �����+� #� B���!,� (*����!���� 3�)��� �� 3�*����� �49���

���8� , � D*� /� =������ F�.)�� 3���� )80 (% /�� &>��5��� 7��*H� (���"�� #�

:���=�* <������ (*�*��,� � =.�� (� * (�!�����) 850 ( (���� =� ��� (�!� (�����!:�

)27.29 (%/� ( * ����(!����� ����� L��� D������ ���$ /� (�2*�8 <��� ���*��!:� :

3�4� _���!� _9�E� �**2�� =����@�!:� (�! �) 42.7 (% /�� =������� (� *"�� L���� A�!��

=���4��:� (*����� � #���� =������ F�.)��� /�� 3��' =�!�!]��� ����� �*( � ����� /�

����� F�� =������ <�*.) ����� �� E*�(* �*�!� K��2�� =����4��:�� (�*����� #� �)�'�

<�� ( ��� #� : #8"� (*���,� F��� (*��� X������� � 3�)��� D������ ���� /� L�� �

_����+�!� _��*�4�� B�8� �)+ =�2 ���� *�2 ��( (�!� �) 27.6 (% /�� (� * (�!����� #���

(�! ("E��� ( ��2� �� =�!��� =������ F�.)�� # ��2"�� (*�����.

��� 3)�� L�� D����� ��� /� =������� F�.)��� 3��E� =����@��!:� (*����!����

<��E�!:�� /� 4 ����� (*�*���� 3�)�� � =�2 ���� (*�2 �� # �A�' ='� /���.

Page 66: The relationship between The Capital Expenditure and

50

4- (!��� (kester ,et.al,1999)/�� "�:

Capital Budgeting Practices in the Asia-Pacific region:

Australia, Hong Kong, Indonesia, Malaysia, Philippines, and

Singapore.

������� ���Y����� ��������� �� �7$�� �`�c $`%���� d��`M��: 2�����`�� I��`+

2I��� 2������� 2�Y��� ��2�� [�������� .

= �� ��� (!����� ��$ &�"��� � (��� ��5 /*�*����� /**��*E ��� #� =��!����

=� 4����� (*���!���� /�� D�*� B��8 �*�*2� =����@��!:� (*����!���� (����2��� 3�*���

<��8+�� �*�2�� 3�"� �)�+�� (�"����� #� (��! 3�� #��� : �*�����!� � ���\ ���\ �

�*!��* �� � � �����*4*� � <�� �. ��! � ����'� /�@������� ���*4��� �=� �*����!: ��� �*������/*

/**�*E ��� # =������ (������ # B��!,� (*����� I�� ��� ( * (�!����� #� L�� 3�����

� #�������) 281(�)40(�)75(�)560(�)203(�)211 ( (���� � =�.�� (�!� (�����!:�

/�������� (������� * (�������!����� �������� #�������������

)20.3(%�)7.2(%�)21.3(%�)6.2(%�)17.2(%�)25.6 (%� D��*� 3��)�� /�@�������

# ����!��� ��$ /� /*�*���� /**�*E ��� # =���� ( * (�!����� ��' ������� /C�� ��������

#��2� 3*�� �*�� =����@�!:� (���2��� K.� �5 �� /� ������ � /�� ��*�� =�������

��+�!� B�8�� #��� ��2� � �)+ ����=�2 (�*�2 �� #��� 3��"� ��>�"�� #+����� # ��)�

(�*2�� (*����� <��C� (��� # �**2� �*������ (*���@��!:� � ?� @��!�� ���\ ���\ �$ ��+�!��

Page 67: The relationship between The Capital Expenditure and

51

<�� �����!:� # �**2� �*���� � <�� �. ! ��+�!� 3��"� ��>�"�� #+����� <��� � ������!:�

� /��"*� /� ��� B�8�� # �**2� �*������ :�(*���@�! # <�� �. !.

���� =)�� (!����� ��� /� ��� A*��!:� ��� (�"�� #� (������ <�8��+��� (�2"����

�*������� (*���@�!:� # �*�� =������� ��� 3�*�� �*�� *!��� � 3�*��� (�*!�!���� ����

A*��!:� 3':� (*��� F�� =������ #� <���� =�����2�� A��!�� <�������� D�*� /� ����

A*��!:� ��� ��2*�8� # A ���� #�"�� � ���� (�!� ��� B��8� (�"����� #� ��*��� 3��"�

�)+�� ��+�!��� # �**2� =����@��!:� �*����!���� (����2��� /*��� /� ��@�� /�� &)�

=������ (�*��!��� # I �� I �� ��*4*���� <�� �. �!� /���+�!�* ��E�� B��2� (�*����

�*����� (������ /� �B�2 (*���� � (E��� K����':� �*������ (������� /�� K����':� �

��� =������� �*�����!:� ��+�!�� 8�!����� i������ (�E��� ;�� 3����� �*�*2�� ��*��

=����@�!:� (*���!���� (���2��� .

3)��� /�@����� ��� /� 3�*2�� /�� =������� ��*��!���� ��+�!�� G���� �*"!��

3�):� *���!����( ��� A")* �*��� <��8+ X������� � /�� F���� �*���2�� #���� (�����

=������ <��"�� =�*! ��� #� =��@ =��!������ (�*����:� ��� /������ � L���� ��)��

/�@����� � �� A�* � L�� =������� 3��� ������� (�* ���� A*����� /*E5����� ��*E ��

=�!������ (@*����.

5- (!��� (Arnold and hatzopoulos,2000)/�� "�:

Page 68: The relationship between The Capital Expenditure and

52

The Theory-Practice Gap in Capital Budgeting : Evidence

from the United kingdom.

[�0 �� �� �$� ��B� ��Y����� ��������� :���% �� ������� [�%����.

= ��� ��$ ;�*' F�� ����� =������� (���!���� #� (������ <������� A*���!:�

(@*���� # !2�*� =����@�!:� D*� I�� ���� (� * (�!�����) 296 ( (���� ���� ��*4��

=� �*�!:� � /*�*���� /**����� # L� =������� =�.�� (�!� (�����!:�) 32.4 (% /��

( * (!����� ��'� D����� &* )��� =������� ���� =����� F���� (8�!���� <�*.�)�

����� L��� A!� ;�� 3���� ��'� ( ��2�� \>�� �<� (�!����� ��� =��!����� �2��!��� 39�+

<�� /*��"�� ��� (2��!�� � D*� =)�� (�!����� ���� /� <���E�� /*�� A� ���� 7��5 ��

A ����� #�"�� (*' � /�� �*�� =������ F����� !����+ B��8 �)�+ =�2 ����� (�*�2 �� �

#�� # �) (�*2�� (*����� � �� 3�"� ��>�"�� #+����� � ��@��� /��) 90 ( % /�� =�������

(8!����� F�.)��� ��+�!� L� B�8�� � ���� =���5� (�!����� /�) 67 (% /�� =�����

( *"�� ��+�!�) 3 ( B�8 �� �@�� /� B�8 �**2��� � ��!� � ��"E��� /�� =������� ��+�!��

���� B�8 �**2�� (�! �) 90 ( % ��� �� <��� ������!:� # ��)� (��*2�� (�*����� 3��"��

��>�"� ���#+� 3�"�� �>�"�� #�!����� .

��� /� L� � _����+�!� _�">��� B��8� �)�+ =�2 ����� (�*�2 �� L���� A�!�� ���2�

�*���� ���� � ��� ��!* � (���! A�!��:� � (�E��� (�*' � ����� ��� ����]* A� ����

7�5 �� � ��� 3)�� /�@����� ��$ /�) 85 ( %/� ( * (�!����� ��+�!�� 3�*�� �!����(*!

3*��� �*�� *!�� # (���"� <���8+ �*������� (*���@��!:� � ( ���6�� ���$ �� � 3��"�

Page 69: The relationship between The Capital Expenditure and

53

�>�"�� A�8��� ����:�� � ������ #)�+��� #� ��+� <�8��+� �������X /��!����� �

D*� /$ 3*�� �8��+� B�!���) beta( K*�E+�� <��� ������!:� ���� �����+��!� #�

(����� <�8�+��� � ��+�!�� �3*� =:����:� (�! �) 31 ( %/� ( *"��.

��� =)�� (!����� ��$ /� �@�� /� &)� =������� ��+�!�� 8�!����� i������

(E��� ;�� 3���� #� ��*��� 3��"� �)�+�� ��� *� � ��=���� F�.)��� ��+�!�� (�E��

K���':�.

6- =��'� (!��� Farragher ,et.al,2001)( /�� "�:

The Association Between The Use Of Sophisticated Capital

Budgeting Practices And Corporate Performance .

$��� � 1��F��� #����� �3�%�� ��Y����� ��������� ������ ���P���.

�'� =��' ?����� (!����� � =������� (*� )��� #� =��*:��� <������� ;��*2�

('9"�� /*� (��� ��8� =�!���� =� 4����� (*����!���� ?���� (������ � ���� ���� /�� ��@�

� ��+�� ���2�� 7���@�!:� #���!���� � D�*� =�)�� =��!����� ��!���2( #���� ������ �

/�@����� ��$ � � : ����* (�'9 /*�� =��!���� =�� 4����� ����!����*( <���8���� ?����

�(����� 3@��*� ���? (����� #� 3��"� ��>�"�� �����#*. (����� (�!� ��� 3��"�� ��>�"��

#*.���� X� � #� )�� 7��� #�� � ��*�$ (������ ���� ��*.���� ������� � ���� =���*.����

(2�!��� #� ��� (����� <��8+��� �(**.����� ���� ;�� 3����� _��!�2� # �)�� 3��),�

(���@�� 3�� &5�� # (����� � ��(�! ��$ 8!��� # �) 3��),� ����@��( 3��� �� �5& #�

?4��� #� )�� 7��� #�� � �*�$ (����� � �� X�� � =�� )��� #���� 3��"� ���� (������ �

Page 70: The relationship between The Capital Expenditure and

54

(���� ��8� =�!���� =�� 4����� (*����!���� #����� 7��!�� X����� =���9 (8�� �

=� 4����� (*���!���� (����� �� �4�C� ���� (8�� ,� #�� 3�*���� #�*�����!:� � ��*���

&���� :����@�! � D����� /� �*������� (*���@��!:� � ]�� ��� &*�������� ��>��"��� /��

���@�!:� � 3*�� <���8+�� � �*�*2� &*������� ��>��"��� (�"'����� /�� ���@��!:� � ���+��

���2�� 7���@�!:� � �*E � �*������ (���2��� � B*'�� ("����� �*E � �*������.

��� 3�)��� � =���"��� /� (���� ���8� =��!���� =�� 4����� (*����!����

/ B��8 ��*4�� =� �*���!:� �� ?������� /**������ #� ) 379 ( (���� /���� ���

=� �*��!:� A����� ��� ) 128 ( _� �*���!� � 7� � � (�! $ (�����! =�.�) 34 (% /�� (� *

(!����� ���� =������ /� =������ (*� �) <���"�� X��� :� ���� ���+��!� :� A*���!

*>�)�:�( �+��� �E( #� �����+� =�*���E�� � D�*� =�)�� (�!����� ���� /� ��*��

=��*.���� (2�!��� =�� ('9 (*���*� ��� ?��� (������ ?� @��!�� (���� ���8� =��!����

=� 4����� (*���!���� ���� X��� � (� )��� � (��*� � ���� (�!����� (��*� � =��!�����

(2��!�� #��� ����� � ��/�@��� # ���!��� /�� ('9"�� (*�! /*�� ?��� (������ (����� ���8�

=�!���� =� 4����� (*���!����.

7- (!��� Graham and Harvey,2002)( /�� "�:

Page 71: The relationship between The Capital Expenditure and

55

How Do CFOs Make Capital Budgeting and Capital Structure

Decision .

'� )F� ������� ���� ��Y����� ��������� .�+� H�� .����

= ��� ��� (!����� ��$ 3*�� A ���� #�"�� =�����2� 3�*����� (�2"���� =��������

L��� 4*������ � =� 4����� (*���!���� (�*�� ;�� ����3 ����� 7� F��� /���� =��!�*!

(����� (8����� � D*� ��' /�@����� �*4��� =� �*��!:� � (� * (�!����� I������� ������

)4440 (���( (E�+� ��� �� (� )��� #� =��*:��� <������� (�*�*��,� =� ��� (�!�

(����!:�) 9 (%/� ( * (!����� /� 3�' /*�*���� /**����� #� L�� =������� D�*� ��� �

=���� F��� F�.)� � =)��� (!����� ���$ �/ =������� #���� ����"� �� 3�*�����

K���':�� �@�� _����+��!� A*���!, � 4�����=� (*����!���� <���8���� K�.� ��5 �� /�

����� L��� A�!� (����� ��$ (� �"��� (�'���� #� =�����' ���@��!� (������ � ����� �/

��� (����� �� �@� #� ���*�+� B��8 �*�*2� �*������� (*���@��!:� D�*� /� =�������

F����� ���� B�8�� #��� ��2� � �)+ =�2 ���� (�*�2 ��� ��� �� # ��) *2�� (�� (�*����� 7�

���� (*�5 �� (*�*���,� � =������� F�.)�� ���� <��� ������!:� � =�������� #���� �����

(!�*! �*4�� J���,� �@�� _����+��!� # �)�� (��*2�� (�*����� 3��"�� ��>�"�� #+����� /��

=������ #��� : X4�� J���,� � L��� ,/ M� ���@�!:� A")�* ���!�*' # �)�� (��*2��

(*����� � ��� /� =�2 ���� (*�2 �� ("'����� /� ���@�!:� �' : B2�� # <��E�� (�2�!���.

��� 3)�� /��@����� ���� /� (�!� # ��) (��*2�� (�*�����) 74.9 (% /�� (� *

(!����� (�! � ���+�!� 3�"� ��>�"�� #+�����) 75.7 (% /�� (� * (�!����� ����� ��@��

Page 72: The relationship between The Capital Expenditure and

56

��8B� _����+�!� /� 3�' ��=���� � ���� /� =������� =�� �� ��� #������ ��@�� _����+��!�

A�!: 3*�� (!�!��� A�!�� <������� # �**2� (�*������ �!�"�� #������ (�"E ���� � ����

/� =������ #��� ��*�� �*�� #��� 3)�� �� (���� �*�!������ � =������� (���"�� ��@��

_����+�!� # �)�� (��*2�� (�*����� 3��"�� �"�� ��> #+����� /�� =������� (�)�+�� � /��

)56.7 (%/� ( * (!����� /���+�!�* <��� ������!:� #� =������� F�.)��� L�����

���/*�*� �*` /*)���� � (���� �*�!������ L���� ���8�!��� (����!� ����!���� � /��

<���:� =!*� � ��' /� ( �"��� <���+��� #� B��8�� <���8���� � /�� <��� :� ������!

��4��� =�����"�� =�� <���>� (��)�+� =������� =�� ;�� ��3���� ��������� � ����� /�

)73.5 (%/� ( * (!����� /���+�!* G��� �*"!� 3�):� (*����!���� #� ��*��� 3��"�

�)+�� � ���� A�!:� �@�� _������ #� =������� F������ (���"��� ��� � #� =�������

F�.)�� ()�+��� D�*� /� ������=� F������ ��@�� _����8� #� �*�*2� �*������� =��

<�8�+��� /� =������ F�.)��� � ���� ��)�� /��@����� � &�*@�� ������� #� i*����

=� 9�+:� =��!����� =������� F������ F�.)���� 4�*4"�� 3*��"�� A� ���� 7��5 ��

;�" *� L�� � A ���� #�"�� =�!����� =������.

8- (!��� (Ryan and Ryan,2002) /�� "�:

Page 73: The relationship between The Capital Expenditure and

57

Capital Budgeting Practices of The Fortune 1000: How Have

Things Changed?

������� ��Y����� ��������� . 1000 [^���: '� ���� ����� e

D*� ���� D����� # ��� (�!����� ���$ /� =�� 4����� (*����!���� #�� ���� ����

=����2�� #��� ����� ���/*�*� �����/**� D�*� =���' ���� (�!����� M��E� B��8 �*�*2�

=����' B�E 6� #���!���� ("����� /� 3�') 1000 ( (���� #� =��*:��� <������� (�*�*��,�

('9"��� /*� ��� B�E 6� #���!���� (�2*�8��� (�"����� #� �*�*2��� � D�*� ���' /��@�����

3�!��� =� �*��!:� �� �*���� # �����:� ��$ ����*�/* /**������ #� ��L =������� /����

���� =� �*����!:� A������� ���� ) 205 (7� (�!�� :���!(����) 20.5 (%D��*� =��)��

(!����� ��$ /�) 99.5 (%/� (� * (�!����� /����2* 3�*��� ����' B��E 6� #����!����

A! � (E�+� A!� ���� B��E 6� #����!���� �) 5 (%.: ����2*/ 3�*��� ����' B��E :�

��#���!��.

/*��� /� 39+ (!����� /� ) 96 (%/� (� *"�� /���+�!�* # ��) (��*2�� (�*�����

# �**2� B�E :� #����!���� �) 92.1 (% /���+�!�* 3��"� ��>�"�� #+����� � L���� �� /

B�8�� #��� �+�� /��!���� (�*2�� (* �4�� =�2 ��� (*�2 �� #� �@�� _����+��!� /�� /*�� B��8

�**2� B�E :� #���!���� _�)�)�+ =������� =�� ���� B��E :� #����!���� ��E����� � ����

=)�� (!����� ��� /� L� � ('9 (*���*� /*�� ���� B��E :� #����!���� # ��)� (��*2��

(*����� 3�"�� �>�"�� #+���� � ��� =������ #��� ��+�!�� <��� ������!:� ���]�� (�*�����

��* �����+�!� (�! � ("E��� )74.5 (%�) 43.9 (%� #������.

Page 74: The relationship between The Capital Expenditure and

58

���� 3)�� /�@����� # ���!��� ��� /� K"��� /� (� * (�!����� /���E* 3��"�

�>�"�� #+���� 3�"��� � 3�"� �>�"�� #+���� �� : i�!�� ���/*�*� 3*��"�� 3��"� �)�+��

=�2 ��� (*�2 �� #��� ��5� 39+ <�� X������ B ����� ��� ��>�"�� +�����# =�2 ���� (�*�2 ��

�� �� � 3'� B�8�� _:��' # ( * (!����� � ��� =�)�� (�!����� ���� /� ��@�� A*���!:�

����+�!� # ;�*' (��� <�8�+��� # /*��� =�2 ���� (�*�2 �� ��� A��!� 3�*�� (*!�!����

3*��� �*�� *!�� � ��� /� B�8�� (��+�!��� # �*��� 3��"� �"�! �!�� =�2 ����� � (�*�2 �

#� 8!����� i����� (E��� ;�� 3����� (�!� �) 82.2 (% /�� (� * (�!����� � �) 7.4 (%

/���+�!��* (��E�� K�����':� � �) 1.5 (%/���+�!��* (��E�� J�����,� <4�������� � �

)5.4 (%/���+�!* (E�� B�2� (�*���� �*������ (������� /�� B��2� (�*���� � (�E���

K���':� �*����� (������ /� K���':�.

9- (!��� )Lazaridis , 2004 (/�� "� :

.Capital Budgeting Practices: A survey in the firms in Cyprus

������� ��Y����� ��������� :����� �� ������� �� L��.

= ��� ��� (!����� ��� &�"��� � B�8�� (�"������ /�� 3��' =������� (*�)��2��

# �**2� �!6�=����@ (*���!���� B�8��� #��� ��"��� =������� #� (����"� 3����� �*�*2���

(8������ B�8� �**2� B�E 6� #���!���� �*���� �*�2�� (�E�� ;�� 3����� 3�*��� <�8��+���

.�2�� ��' L�� D����� �*4��� ��!6��*=� � ( * (�!����� #���� =�.� ?������� /**������

# ) 100 ((��� 4��( # ?�� � M��' =� ��� (�!� (�����!6�) 56 (% /�� =�������

(E�+��� . D*� =)�� (!����� ���$ /�) 36.71 (% /�� =������� ��+�!�� (�2*�8 <���

Page 75: The relationship between The Capital Expenditure and

59

�����!6� � �) 11.39 (% ��+�!�� (�2*�8 # ��) (��*2�� (�*����� � �)8.86 (% ��+�!��

3�"� �>�"�� #+���� � I��� (�! =������� #���� ��+�!��: 7� (�2*�8 /�� B��8 �*�*2�

���@�!6�) 18.99 (%A�!� L�� ��� /�) 50 (% /�� =������� : L���� <���+�� (�* ����

# ���+�!$ B�8 �**2��� �) 33.33 (%�� � ����"� /� ���� B��8�� : ��*.� #� F��!��

(*����� #"E�� � /*�+j�� /���* � C� : ����* ��*��� /��E5�� ��� <?��E� � ( ���$ ���$

��='� <��+��� � ��� =��5� (�!����� /�) 30.19 (% /�� =����� (� *"�� ��+�!�� B��8

�**2� B�E 6� #����!���� #� ��*�� =�����' ���@��!6� ��� *�) 50.94 (% /�� =�������

��+�!� B�8 �**2��� � F��!� ���� /� (E���� � ���� /�) 85 (% /�� =������� ��+�!��

B�8 �**2��� � (�E�� ���@��!$) � /��* ����* (� �) 5 (% /�� =������� ��+�!�� L��

B�8�� � (E�� ���@�!$) <�� /�*� ���*. (

��� (�! ��� (E��� ;�� 3���� �2 =��5� \>��� ���� (�!����� /C��) 30.95 (% /��

=������ ���"� �� (�E�� K����'6� #� ����*��� �) 26.19 (% ����"� �� ������

#)+��� �) 20.24 (% ����"� �� (�E�� B��2� (�*���� �)5.95 (% /�� =������� :

��+�!� 7� A�!� #� ��*��� (�E�� ;�� 3����� . ���� 3�)�� D������ ���$ /� ��5"�

=������ : ��2� �+C� <�8�+��� /��!���� � ��+�$ =����2�� (*���@�!6�.

10- (!��� )Gryglewicz , 2008 ( /�� "�:

Page 76: The relationship between The Capital Expenditure and

60

Capital Structure, Cash & Payout policy with Liquidity &

Solvency Concerns

.�+ H�� 2.���� ���� �7��� X������ E� �$�F� L7� ������ ������[ .

= ��� ��� (!����� ��$ ( �"� �*@C� 3� /� (��*!��� <?9����� (�*����� �� 3�*���

=������ (���!��� � D*� /� (����� ����+� 3��*� ;�� 3����� A�!� ��� �����7 /����*

=�������� (*�2 �� � J����� ��!,� # /*�� ������ =�2 ����� (�*�2 �� /*��)�� /�� ���

/*2*�� : =�2 ���� (*�2 �� ("'����� ��*`� <���]��� � ����� #� "* (�' J����,� 7���� 7�]�*

=�2 ����� (*�2 �� (�4, (��*!�� #��� 7�]� ��� �!"�� #����� �@ ;9 $ (�����.

�'� =?�� ��� (!����� ������� =�!���� (2��!�� #� ���� 3������ � :$ ��� � =4���

� G��� (�*�2��� �� �����:� X����� (��*!�� 7����� ��� ��� ���� F���� ��!�� #�

3*��� (����� .

/$ ��� G��� �� � �* ;�!,� #28 ��� #� 92"��� =��*8�*��6 (�*�2 <��*�� (�����

(���� � \� *� � �� *�(*�* # (!�*!�� (�*�2 �� � 7����� ������* ��� �5 ��� (�*�*����� .

=)+� (!����� ��$ /� J���� ��!,� ��� ('9 (*���*$ ��� =�2 ����� (�*�2 �� 7� �� � ����

=��4 J���� ��!,� ��� =��4 =�2 ���� (*�2 �� _���*�2� . _<�9�� �� L��� /�� (�!�����

4*�� /*� (���� /� =��"'���� ��/C� (�'9"�� /*�� =��������� (�*�2 �� J������ ���!,�

(" ����� (*����� � h���� /���>6�.

11- (!���(Bennouna,Et.al ,2010):

Page 77: The relationship between The Capital Expenditure and

61

Improved capital budgeting decision making: Evedence from

Canada

/*!�� (*� ��+�$ ���' B�E 6� #���!���� : =��@$ /� �� �

= ��� ��� (!����� �**2�� =�* 2��� (*����� #� ���+�$ =�����' (� 4����� (*����!����

# ��� � L��� /*���� =���*+ (�*2*2� \���� \>��� �� ��� =��!����� (2��!��� �(��������

=��'� (!����� � (*8.� 88 (��� F��� # ��� � /�� 39�+ ( ����!6� (�!���� ���

�*���� # �����6�.

=�� �!�� �(!����� � � ��� �� F��!�� =������� F������ =���4: ��� ����!�

17 %: ��+�!� =�2 ���� (*�2 �� �(��)�+��� ���� (�!� ��� ���$ 3�83 % /**'����� =��

(*���.�� (2*�8 # �) (�*2�� (*����� 3�"�� �>�"�� �#+���� ���� /�� ��� ���!� 10 % ����

30 %: B�8� A ��� ( *"� /� =�2 ���� (*�2 �� )�+���(�� 8�2 8 % /�� (� *"�� ��+�!��

=���*+ (*2*2�.

=������ (!����� /��� # ��� � ��� �!�E� ������!� =����6� #� ��� ���+��!$

=�* 2��� (��2���� =����2� ( 4����� �(*���!���� ���*�� #� /� ���� * =� �� <����+� /��

=������ ��5"�� # �� � 82 .

=)��� (!����� 4*������ � ��+��!�� =����*+ (�*2*2� 3���*� L��� =:������

F�+,� # �<���6� L��� #)�� =����6� ���+��!�� 8�!����� i������ (�E��� ;�� 3�����

3*�"�� 8!����� i���� (�E��� ;�� 3����� �*������ (�E�+��� ��� ��"���!� &*��)��

Page 78: The relationship between The Capital Expenditure and

62

<�>�E�� /� =�2 ���� (*�2 �� �X����� ��� /� L� � (�! <�*.�) /�� �����/*�* (����� ���$

?���� # ���+�!� =�2 ���� (*�2 �� (��)+���.

2J11�� Y� *)+ �������:

�5 ��� ��� =�!����� (2��!�� ��� ����� � /� (�!����� (�*����� ) A!�� �� D������ (

3�� �� �� (�E`� =�!����� (2��!�� 3@���� ��� #*:

� /� =�!����� (2��!�� �' =���� K"� A ����� +_�)�) #� ��� B�"�* �*�*2�� ��@�

B�E 6� #���!���� � ?��,� #*.����.

� L! D����� # ��� (!����� A�!,� #8����6� # D����� #��"�� L���� ��������

=� �*��� (*"E�� <��� ��� =����� ( * (!����� ���� �� ;�� ��5"� =��!�����

(*���� #��� =���� � A�!,� #E)��� �#*��� �>�2�� � <��� ( ���!6�.

Page 79: The relationship between The Capital Expenditure and

63

.! �� D��3��

�7�$�� �����0-��

3J1IM�� D%�� 1�F�����:

� �!� (*�� � (!����� ��� A�!:� #8�����6� #� �D������ L���� X������� ����

=� �*��� (*����� =����� (� ) (*��,� #� /��,� /�� ( �! 2005 ����� 2009 � L����

/� 3�� ��(!� �*@C� ���' B�E 6� #���!���� � ?��,� #������ #*.������ ���� 39�+ ����

<��E�� � L��� /� 39+ ���*� 3�"� ��� �� #� =��������� (�*�8 3��:�� (� �"�� F���

�*@C� 3�"� �� �� # =��������� ��*` (��������� �� =����]� ?��,� #������ #*.������

<���+��� 39+ <�� (!�����.

3J2E��0� ������� �M�� �:

/���* ����� (!����� /� ��*�� =����� (� �) (�*��,� #� (������ (�* ��,�

(*������ (.������ 13 (��� A!� =��� (�*"���� (�* ��,� #��� �� (�*��,� . ���� =�.�

=���� (� ) (*��,� (������ # B�! /�� #�����) 8 (=����.

��� ( * (!����� ����/ /� =���� (� �) (�*��,� (������� #� B��! ��/�

#����� �����) 5 (�=���� L��� /�� ��"� ��"���!� 3�� /�� =����� (� �) (�*��:�

(������ # B�! /�� #����� (*�����:

� (*��"�� (� )� (*��:� : L��� ��"� � �� =� �*� (*��� �"� ( ! 2006.

� �* �9* (� )� (*��:� : L��� ��"� � �� =� �*� (*��� 3�' ( ! 2007.

Page 80: The relationship between The Capital Expenditure and

64

� 7� ��� =�� )� (�*>����� : L���� ������� #� 8��� �� #*.����� 39�+ <���

(!����� ;*�� ���' �� # ����*��� #������� *D�� �� B�!��� #� \>��� �� #� 3���

����+��.

�L�� 3��� =������� <��+C���� (� * (�!����� ��� ���!� 37 % /�� ;�� 3���

=���� (� ) (*��,� 3�� 3���� ���*� ��� ���!� 36 % /�� ��� /*E5����� ��*���

=���� (*��,� �i��* 3����� #����� =������ ( * (!�����:

Page 81: The relationship between The Capital Expenditure and

65

3���) 1(

������� ��� � ������� �������� �� �� �������

(����� �*���

;*!C���

;�� 3���� //�*� �� *�

# ���

�� /*E5����

�J���, ( "���

��� ?����� (*� �� ���@�!:��

1975 20 786 6061078

(* ��,� G�� : (*��,�

1978 20 478 242617

4����� #��"�� =�� )� (*>�����

1983 5 260 597625

<�*��� =�� )� (*>�����

1994 9.5 182 2976497

B���� 8!�,� =�� )� (*>�����

1993 9.87 64 501452

3����� /� ���$ D����� ��)�����)�*����2��� (��*����� =������� ( !��� 2009�*����2���

(5E���� (*���@�!6�.(

3J3 ���!� ������� �������

1- �� �� �!:� ��$ �>��2�� (*����� <��� ��� # =������� 3*�� (���"�� (���!���� (�������

# #����� /�� B�! /�2005 ����2009 � #!�*>� ��)��� (��+�!���� =�� �*�

!����� # (.

Page 82: The relationship between The Capital Expenditure and

66

2- �� X����� ��$ K"� =�*"����� �*���2���� (*� !��� =������ ��!�E ��+, K�"�

=���"��� (2"���� ( !� 2009� #��� �� ��* ����� #� 3�*�� =������� ( ���$ ���$

����:� ��"�� #�� �� (*��,� /*�* ��,� 3�)��� �� K�"� =����"��� (�2"����

�=������� �( ��6� ��� �*��2� (5E���� (*���@�!:�.

3J4�����0� �������:

�� ���+�!� 3*���� #����� A!� ��� 3��)�� ���$ � ��A! =�� �*���� <����+��� ��2��

3��� D����� (*8.� X������ /� 39+ A! �� <���+��� =��*.��� (!����.

��� ( ��2� ��� A! �� =�*��!�� B�E 6� #����!����) 3��"� � ��� � #� =���������

(*�8 3�,� (���*6 ('9"�� ��* �� *� #������� ���*$ ���* ��$ /��� ����' B��E 6� #����!����

�@]* �� : � 3� /� ?��,� #����� #*.�����.

3J5 .�%��� �8�!%-� 1�F����� �� �������

����+: =�*��E�� �� 3�+�� �*�� =� �*��� (�*����� �(���8��� ��@ G��+��!� A!� ��

(*����� �*' ����+:� =����� ������ ����!��� 39�+ <���E�� #���� ������ D������) 2005O

2009 (#�$ \�� �� (SPSS) � ��� A�!�� 3��"� ��� �� #� =��������� (�*�8 3��,�

3@��� �*.���� �32�!��� A�!���� =���]��� (*����� =��*.��� ("�����.

�"� L�� �� ?����$ 3�*�� ����� � 8*!��(Simple Regression Analysis) /*��

3�"� �� �� # =�������� (���@�� 3�� /�� A!� �� <�������� _�2���! L���� ��+C� =:��"�

�*.��� # ��� A! �� .�'� /�� &���� /� ��� 3�*���� &����� ��� ��$ /��� 3��"� ��� ��

Page 83: The relationship between The Capital Expenditure and

67

D����� # B�E 6� #���!���� =����� (�������� (�!������ * ��2 �� �� : ��2 ��* ��� 4����

# =���]��� (*����� (**.����� L�� �=������ /, ("*�8 (�'9"�� /�� D�*� X�� �� (�����

�� �(���! L���� <�' ��� ('9"�� (@����� 3���"�� 8�����6�(R)) (�*�' �� (E*"�� ( i����

F�� F����� (*��)�'6� 3���H� #��� �����@�!� L� =������� #� �!����� #����!���� ��

���� <�� (!�����.

Page 84: The relationship between The Capital Expenditure and

68

.! �� E����

.�%��� �8�!%�� ���F�� ��:� ��

4J1 ���7���

&��* ��� 3)E�� 3��� ;*>� ��$ K� 3*��� #>�)��6� 7���� 7���� �����+��

=�*��E�� /� 39+ ���+�!� \�� �� �4��� (*>�)�6� ��"� (*����6� (SPSS).

4J2 �F��� ��:� ��

3� D����� # ��� ?4��� � �����+$ � =�*�� (�!����� � /�� 39�+ ���+��!�

A�!� ���� 6� �8*!��� �'� �� ���+�!� ��� ����+6� B � <��' ���2�� (*�����:

� K �� (*��E�� (*�E)���) (�*��"�� (Ho ��$ =� �� (F) (��!����� ����� /�� (F)

(*������ �� ��$ /�� F��!� :���(�(Sig) ≤ 0.05

� 3�2� (*��E�� (�*���� Ha ��$ =� �� (F) (��!����� ����� /�� (F) (�*������ �� ��$

/�� F��!� (�:��� (Sig) ≤ 0.05

�'� �� ����+$ =�*��E�� � �� �� #�����:

Page 85: The relationship between The Capital Expenditure and

69

-�� :/� K���� ����� �M��0 [�%�� [�%��:

�:� �� /����:

HOO1 - �0�� ��� ��) �`�-� �8�!`%" �` ��` ��� ����`����� � ����� ���`��� �`�

����� � ��! �����.

����+6� ��� (*��E�� ��+��!� D������ A��!� 3�*�� ����� :� #�8+�� 8*!����

(Simple Linear Regression Analyses Method) L��� ����*6 (�'9"�� /*�� 3��"�

�� �� # =�������� (*�8 3�,� �A! ?��,� �� #���� <����+���. L���� ���� ��� i����

# 3����� �'�)1.(

3���) 1(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� =����� (������� (!������ (�! ��� ( *"�

��"*�� <���� <����

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

F (*������

Sig.* F��!� (�:���

(�*� ����+6�

ho1-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� =�������� (*�8 3�,�

�H7ل 155. 3.95 2.202 1.903 109. 330.

ho1-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"�� � B�2� (*����

ر(_ 021. 3.95 6.362 182. 261. 511.

ho1-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� ���@�!6�

�H7ل 074. 3.95 3.605 113. 167. 409.

ho1-4

���*: ('9 =�� (�:� �)�$(*> /*� 3�"� �� �� #

=�������� (*�8 3�:� ��>� ��!�� 7��"��

ر(_ 025. 3.95 5.970 427. 249. 499.

ho1-5

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� �3�"�

�� �� J�����

�H7ل 406. 3.95 724. 352. 039. 197.

Ho1 (*��E�� (*!*>� �H7ل 406 .165 .595 3.563 3.95 .075. ���,� ��

Page 86: The relationship between The Capital Expenditure and

70

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� #��� &�� �� 3*���� #>�)�6� # 3�����) 1 (�9� �� #*:

1. K �� /��*��E�� /��*�E�� (* �@�� ("������ # /*�� 3��2� =�*���E�� (�*�E�� (�*2�����

L���� (*��E�� (*!*>��� ���,�.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� =����� (������� (�!������ ���"*�� <����� �<����� ?��,�� #������ L���

=������ .���� 3��"� 8�����6� (R) /*�� /*��*.���� �����2�� (0.406) 3��* �� /�

('9"�� *�/ /*�� /*�*.���� (E*"� ��$ �� ��.

3. /�� � �+� 3� /� =����]� ?��,� #������ �� <��� ����* =���E� ��@, B��E 6�

#���!���� � =�������� (*�8 3�,� � 3� �� � ��� #*:

� ���� ('9 (*� "� =�� (�:� (*>�)��$ 3���"��� 8�����$ 7� (��:� (*>�)��$ ����'

(0.511) /*� 3�"� � ��� # B�E 6� #���!���� /� (�� ��>�"��� �� B��2� (�*����

ROE /� (�� F�+�.

��� ���� ��*� ('9 (*� "� =�� (�:� (*>�)��$ 3���"��� 8�����$ 7� (��:� (*�!�

���' (0.499) /*� B�E 6� #����!���� �� =��������� (�*�8 3��,� /�� (���

�>�� ��!�� 7��"�� EPS /� (�� F�+�.

� �� *� : ���� ('9 (*� "� =�� (�:� (*>�)�$ =9���"��� 8�����$ (��E+ � (��:���

(*�! ����') 0.330� 0.409� 0.197 ( /*�� 3��"� ��� �� #� B��E 6� #����!����

Page 87: The relationship between The Capital Expenditure and

71

� =�������� (*�8 3�,� 3�� /� �>�"�� �� =��������� (�*�8 3��,� ROA

�>�"��� � ���@�!:� ROI 3�"�� �� �� J����� SGR.

4. # � ()���� (*����6� =���]�� (E - ����� /���* G�� ��!� # ��� F������ (*��)��'6�

B�E f� #���!���� # =���� (� ) (�*��,� (�������� #� (� * (�!����� #� ����

3����� 7���� 8���* ��"� J�� =����$ L� =������ # ��+�$ =����2�� (*���@�!6�.

�:� �� ���3��:

2HOJ - �0�� ��� ��) ��-� �8�!%" �` ��` ��� ����`����� � ����� ����`��� �`�

����� � ��! �����.

��+�!� D����� A�!� 3*�� ���� :� #�8+�� 8*!���� L���� ����*6 (�'9"�� /*��

3�"� �� �� # =�������� (*�8 3�,� � A!� ?��,� #*.����� <����+���. L���� ���� ���

i��� # 3����� �'�)2.(

3���) 2(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� =����� (������� (!������ (�! ��� ( *"�

��"*�� <���� <����

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

� (�* ����+6�

ho2-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8

3�:� 3�"�� /���� =�������� �H7ل 065. 3.865 414. 177. 420.

ho2-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8

3�:� 3�"�� /���� =�������� (*�8 3�,�

�H7ل 214. 1.660 3.576 084. 291.

ho2-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8

3�:� h���� i�� =�"*���� �H7ل 431. 649. 275. 035. 187.

ho2-4 ���*: ('9 ر(�:� (*>�)�$ /*� .525 .275 -.539 6.831 .018 _) ��=

Page 88: The relationship between The Capital Expenditure and

72

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� #��� &�� �� 3*���� #>�)�6� # 3�����) 2 (�9� �� #*:

1. K �� (*��E�� (*�E�� � (�"���� #� /*�� 3��2� #'��� =�*���E�� (�*�E�� L�����

(*��E�� (*!*>��� (* �@��.

2. : ���* ('9 (*� "� =�� (�:� (*>�)�$ /*� B��E 6� �� =��������� (�*�8 3��,�

=����� (������� (!������ ���"*�� <����� �<����� ?��,�� #*.����� L��� =������� .

���� 3��"� 8����6� (R) /*� �/*�*.��� ����2��) 0.279 (3�* /C�� (�'9"�� /*�� /*���

/*�*.���� (E*"�.

3. /�� � �+� 3� /� =���]� ?��,� #*.����� �� <��� ����* =���E� ��@, B��E 6�

#���!���� � =�������� (*�8 3�,� � 3� �� � ��� #*:

� ���� ('9 (*� "� =�� (�:� (*>�)�$ 3���"��� 8�����$ 7� ��:�( (*>�)��$ ����'

(0.525) /*� 3�"� �� �� # B�E 6� #���!���� /� (�� ()��� ��!��� /�� B �����

7�2 �� #*.����.

� �� *� : ���� (�'9 (�*� "� =�� (��:� (*>�)��$ =9���"��� 8�����$ (��E+ �

(�:��� (*�! �����') 0.420� 0.291� 0.187 ( /*�� 3��"� ��� �� #� B��E 6�

3�"� �� �� # =�������� (*�8 3�:� ()� ��!�� /� B ���� 7�2 ��

#*.����

Ho2 (*��E�� (*!*>� �H7ل 279 .078 .931 1.514 .234. ��@� *) ��

Page 89: The relationship between The Capital Expenditure and

73

#���!���� � � =�������� (�*�8 3��,� 3��� /�� 3��"� /���� �=���������

3�"�� /���� =�������� (*�8 �3�,� h���� i�� =�"*����.

4. # � ()���� (*����6� =����]�� (�E - ������ /���* G�� ��!6� /C�� =����$ =�����

(� ) (*��,� =� # 3���� <���$ �����)� (�*�8 3��,� A�!�� ��� ���9.��!$

9.�!$_: _9@�� /!�* /� �����' � �*��� J���,�.

���3 :.�%��� �8�!%�� /� K���� ������� �������� ������� .� /� [�%

1. ��� ������

�:� �� /����:

HOJ1 - �0�� ��� ��) ��-� �8�!`%" �` ��` ��� ����`����� � ����� ���`��� �`�

���� ��� ������.

����+6� ��� ��(*��E ��+��!� D������ �!�A� 3�*�� ����� :� #�8+�� 8*!����

L��� ���*6 ('9"�� /*� 3�"� ��� �� #� =��������� (�*�8 3��,� � A!� ?��,� #������

<���+���. L��� ��� �� i��� # 3����� �'�)3.(

3���) 3(

Page 90: The relationship between The Capital Expenditure and

74

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� ��� �����?

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 3 (�9� �� #*:

1. 3�2� �*�� =�*��E�� (*�E�� L���� (*��E�� (*!*>��� ���,�.

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho1-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� =�������� (*�8 3�,�

�H7ل 944. 006. 075. 003. 056.

ho1-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"�� � B�2� (*����

�H7ل 697. 202. 050. 092. 303.

ho1-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� ���@�!6�

�H7ل 908. 017. 013.- 008. 092.

ho1-4

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ��>� ��!�� 7��"��

�H7ل 647. 284. 155. 124. 353.

ho1-5

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� �3�"�

�� �� J�����

�H7ل 779. 103. 025. 049. 221.

Ho1 (*��E�� (*!*>� �H7ل 424 .179 -.069 .437 .576. �,��� ��

Page 91: The relationship between The Capital Expenditure and

75

2. : ���� ('9 (*� "� �=� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (���� ��� ?������ �� ����� =���� (�!����� ?��,�� #������ L���

(����� F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� K�E+ 6� #�! �� 3��"�� 8����6� (R) ���'�) 0.424(� 3��* /C�� (�'9"�� /*��

/*�� /*�*.���� (E*"� ��$ ��� ��.

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (���� ��� ?������ �� ����� <��� (�!����� 3���

��]� /� =���]� ?��,� #����� # L� (����� � �+� 3� �� � � <��.

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� B��E 6� #����!���� 3��� ���]�

/� =���]� ?��,� #����� 3�* � =���E� �*@C�� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� @C����* /*�:

� &*"� #��"��� 8����$) 0.303(�)0.353 (3�� /�� ��>�"�� �� B��2� (�*����

ROE� �>�� ��!�� 7��"��EPS.

� &*"� ��� 3��"��� 8����$) 0.221 (3�"�� �� �� J�����.

� ���"� #���"��� 8�����$) 0.056(�)0.092 ( 3��� /�� ��>�"�� �� =���������

(*�8 3�,� ROA �>�"��� � �!6����@ ROI.

Page 92: The relationship between The Capital Expenditure and

76

5. # � ()���� (*>�� �� =���]�� (E - ������ /���* G�� ��!$ # ��� F������ (*��)��'6�

B�E f� #���!���� # (���� ��� ?������ ����� #� "* 3�� <���$ (������ #� ���+�$

=����' (*���@�!$ <�*�� # ���+�!$ 3���,� (������ ���� B�E 6�.

�:� �� ���3��:

2HOJ - �0�� � �� ��) ��-� �8�!%" �` ��` ��� ����`����� � ����� ����`��� �`�

���� ��� ������.

��+�!� D����� A�!� 3*�� ���� :� #�8+�� 8*!���� L���� ����*6 (�'9"�� /*��

3�"� �� �� # =�������� (*�8 3��,� � A!� ?��,� #������ <����+���. L���� ���� ���

i��� # 3����� �'�)4.(

3���) 4(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� ��� ?�����

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho2-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =��������

�H7ل 849. 047. 041.- 023. 151.

ho2-2 ���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

�H7ل 431. 955. 1.687- 323. 569.

Page 93: The relationship between The Capital Expenditure and

77

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 4 (�9� �� #*:

1. 3�2� �*�� =�*��E�� (*�E�� L���� (*��E�� (*!*>��� ���,�.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (��� ��� ?����� �� ����� =���� (�!����� ?��,�� #*.����� L���

(����� F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� 3��"� 8����6� (R) ���'�) 0.727(� 3��* �� ����� (�'9 ��� ��� =!�*�

=�� (�:� (*>�)�$ L��� X�E��6 F��!� (�:��� Sig/ F��!��� A�8���)0.05.(

=�������� (*�8 3�:� 3�"�� /���� =�������� (*�8 3�,�

ho2-3

���*: ('9 =�� �:�( (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� h���� i�� =�"*����

�H7ل 773. 109. 050. 052. 227.

ho2-4

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ()� ��!�� /� B ���� 7�2 �� #*.����

�H7ل 173. 3.335 569.- 684. 827.

Ho2 *��E��( (*!*>� �H7ل 727 .528 -.562 2.240 .273. ��@� *) ��

Page 94: The relationship between The Capital Expenditure and

78

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (���� ��� ?������ �� ����� <��� (�!����� 3���

��]� /� =���]� ?��,� #*.���� # L� ����(� � �+� 3� �� � � <��.

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� B��E 6� #����!���� 3��� ���]�

/� =���]� ?��,� #*.���� 3�* � =��E� �*@C� B��E 6� #����!���� �� 3�� ��� � .

��*�J�� ��� �*@C��� /*�:

� 7�' 3��"��� 8����$) 0.827 (()�� ��!�� /� # �) B ���� 7�2 �� #*.����.

� 8!��� 3��"��� 8����$) 0.569 (3�"�� /���� =�������� (*�8 3�,�.

� &*"��� ����� #����"��� 8������$) 0.151(�)0.227 (3���� /��� 3���"�� /����

=�������� h���� i�� =�"*����.

# � )����( (*����6� =���]�� (E - ����� /���* G�� ��!6� /C�� <���$ (���� ��� ?������

=� # 3��� <���$ ����)� (*�8 3�,� A�!� �� ���9.�!$ :9.��!$ 9@��� /!��* /��

�����' � �*��� J���,�.

2. Y����� �����

�:� �� /����:

HOJ1 - �0�� ��� ��) ��-� �8�!`%" �` ̀ ����� � ����`���� � ����� ���`��� �`�

���� Y����� �����.

Page 95: The relationship between The Capital Expenditure and

79

����+6� ��� (*��E�� ��+��!� D������ A��!� 3�*�� ����� :� #�8+�� 8*!����

L��� ���*6 ('9"�� /*� 3�"� ��� �� #� =��������� (�*�8 3��,� � A!� ?��,� #������

<���+���. L��� ��� �� i��� # 3����� �'�)5.(

3���) 5(

�('9"� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� 4����� #��"��

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho1-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� =�������� (*�8 3�,�

�H7ل 925. 011. 040. 006. 075.

ho1-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"�� � B�2� (*����

ر(_ 026. 37.664 470. 950. 974.

ho1-3

���*: ('9 =�� (�:� *>�)�$( /*� 3�"� �� �� #

=�������� (*�8 3�:� ��>�"�� � ���@�!6�

ر(_ 026. 36.469 445. 948. 974.

ho1-4

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ��>� ��!�� 7��"��

ر(_ 021. 45.510 690. 958. 979.

ho1-5 ���*: ('9 �H7ل 688 .474 1.220 1.800 .312. �:�) ��=

Page 96: The relationship between The Capital Expenditure and

80

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 5 (�9� �� #*:

1. K �� ��=�*��E (*�E�� (* �@�� (�@��@��� (�"������ L����� (*���E�� (*!�*>��� ����,�

K ��� /��*��E�� /��*�E�� /��*2�����.

2. ���� ('9 (*� "� =�� (�:� (*>�)�$ /*� B��E 6� #����!���� �� =��������� (�*�8

3�,� # (��� ��� ?����� � ���� =��� (�!����� ?��,�� #������ L��� � (����� F���

�+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� X�E��� 3��"� 8�����6� (R) ����'�) 0.966(� 3��* �� <��' (�'9"�� /*��

/*�*.����.

3. L��� �3���� ���� ��*� ('9 (*� "� =�� (�:� (*>�)�$ /*�� B��E 6� #����!���� ��

=�������� (*�8 3�,� # (��� 4����� #��"�� � ����� <��� (�!����� 3��� /��

=���]� ?��,� �#����� �>�"�� � B�2� �(*���� ��>�"�� �� ����@��!6� ��>�� ��!���

7��"�� # L� (�����.

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ����� (�'9 (�*� "� =�� (��:�

(*>�)�$ :$ /� =��E� �*' 9��"�= 8����6� /*�� B��E 6� #����!���� 3��� ���]� /��

)�$(*>� /*� 3�"� �� �� # =�������� (*�8 3�:� �3�"�

�� �� J�����

Ho1 (*��E�� (*!*>� ر(_ 966 .932 .573 27.562 .034. �,��� ��

Page 97: The relationship between The Capital Expenditure and

81

=���]� ?��,� #����� 3��* �� =���E� �*@C�� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

� 7��' =9���"��� 8������$) 0.974(� )0.974(�) 0.979 ( 3��� /��� ��>�"�� ���

B�2� (*���� ROE� �>�"��� � ���@�!6�ROI� �>�� ��!�� 7��"��EPS.

� 8!��� 3��"��� 8����$) 0.688 (3�"�� �� �� J�����.

� ���"� 3��"��� 8����$) 0.056 (�>�"� � =�������� (*�8 3�,� ROA.

5. # � ()���� (*>�� �� =���]�� (�E - ������ /���* G�� ��!$ ����� F���� (*��)��'$

B�E f� #���!���� # (��� 4����� #��"�� ���� "*# J��� <���$ (������ ���$ ��� ���

# ��+�$ =����' (*���@�!$ <�*�� # ���+�!$ 3���,� (������ ���� B�E 6�.

�:� �� ���3��:

2HOJ - �0�� ��� ��) ��-� �8�!%" �` ��` ��� ����`����� � ����� ����`��� �`�

���� Y����� �����.

��+�!� D����� !�A� 3*�� � :���� #�8+�� 8*!���� L���� ����*6 (�'9"�� /*��

3�"� �� �� # =�������� (*�8 3��,� � A!� ?��,� #������ <����+���. L���� ���� ���

i��� # 3����� �'�)6.(

Page 98: The relationship between The Capital Expenditure and

82

3���) 6(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� 4����� #��"��

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho2-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =��������

�H7ل 727. 162. 108. 075. 273.

ho2-2

���*: ('9 =�� :�(� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =�������� (*�8 3�,�

�H7ل 183. 3.011 1.294- 667. 817.

ho2-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� h���� i�� =�"*����

�H7ل 529. 569. 718. 222. 471.

ho2-4

*:��� ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ()� ��!�� /� B ���� 7�2 �� #*.����

�H7ل 988. 000. 025.- 000. 012.

Ho2 (*��E�� (*!*>� �H7ل 219 .048 -.123 .101 .781. ��@� *) ��

Page 99: The relationship between The Capital Expenditure and

83

i��� ���=���] # 3�����) 6 (�9� �� #*:

1. 3�2� �*�� =�*��E�� (*�E�� L���� (*��E�� (*!*>��� (* �@��.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (��� 4����� #���"�� �� ����� =���� (�!����� ?��,�� #*.�����

L�� (����� ��F �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� K�E+ 6� #�! �� 3��"�� 8����6� (R) ���'�) 0.219(� 3��* /C�� (�'9"�� /*��

/*�� /*�*.���� (E*"�.

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (��� 4����� #��"�� �� ����� <��� (�!����� 3���

��]� /� =���]� ?��,� #*.���� # L� (����� � �+� 3� �� � � <��.

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� �E 6�B� #����!���� 3��� ���]�

/� =���]� ?��,� #*.���� 3�* � =��E� �*@C� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

� 7�' 3��"��� 8����$) 0.817 (3�"�� /���� =�������� (*�8 3�,�.

� &*"� 3��"��� 8����$) 0.471( h���� i�� =�"*����.

� &*"� ��� 3��"��� ����$8) 0.273 (3�"�� /���� =��������.

� ���"� 3��"��� 8����$) 0.012( ()�� ��!�� /� # �) B ���� 7�2 �� #*.����.

Page 100: The relationship between The Capital Expenditure and

84

5. # � ()���� (*����6� =���]�� (E - ����� /���* G�� ��!6� /C�� <���$ (���� 4������

#��"�� =� # 3��� <���$ �����)� (�*�8 3��,� A�!�� ��� ���9.��!$ _:9.��!$

_9@�� /!�* /� �����' � �*��� J���,�.

3. ����� $����

�:� �� /����:

HOJ1 - �0�� ��� ��) ��-� �8�!`%" �` ��` ��� � ����`���� � ����� ���`��� �`�

���� ����� $����.

����+6� ��� (*��E�� ��+��!� D������ A��!� 3�*�� ����� :� #�8+�� 8*!����

L��� ���*6 9"��(' /*� 3�"� ��� �� #� =��������� (�*�8 3��,� � A!� ?��,� #������

<���+���. L��� ��� �� i��� # 3����� �'�)7.(

3���) 7(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� B���� 8!�,�

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho1-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

�H7ل 155. 3.809 615.- 706. 840.

Page 101: The relationship between The Capital Expenditure and

85

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 7 (�9� �� #*:

1. 3�2� �*�� =�*��E�� (*�E�� L���� (*��E�� (*!*>��� ���,�.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (��� B���� 8!�,� � ����� =���� (�!����� ?��,�� #������ L���

(����� F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

� =�������� (*�8 3�,�

ho1-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� ���� # =�������� (*�8 3�:� ��>�"�� � B�2� (*����

�H7ل 753. 131. 106. 061. 248.

ho1-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� ���@�!6�

�H7ل 634. 310. 094. 134. 366.

ho1-4

���*: ('9 =�� (�:� (*>�)�$ /*� �3�" �� �� #

=�������� (*�8 3�:� ��>� ��!�� 7��"��

�H7ل 760. 123. 131. 058. 240.

ho1-5

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� �3�"�

�� �� J�����

�H7ل 128. 3.369 4.942 761. 872.

Ho1 (*��E�� (*!*>� �H7ل 921 .848 .932 3.184 .079. �,��� ��

Page 102: The relationship between The Capital Expenditure and

86

��� /� 3��"� 8����6� (R) ���'�) 0.921(� 3��* �� ����� (�'9 ��� ��� =!�*�

=�� (�:� (*>�)�$ L��� X�E��6 F��!� (�:��� Sig/ F��!��� A�8���)0.05.(

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (��� B���� 8!�,� �� ����� <��� (�!����� 3���

��]� /� =���]� ?��,� #����� # L� (����� � �+� 3� �� � � <��.

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� B��E 6� #����!���� 3��� ���]�

/� =���]� ?��,� #����� 3�* � =���E� �*@C�� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

� 7�' #��"��� ���$8�) 0.840(�)0.872 (3�� /� ��>�"�� �� =��������� (�*�8

3�,� ROA 3�"�� �� �� J�����SGR.

� &*"� 3��"��� 8����$) 0.366 (�>�"� � ���@�!6� ROI

� &*"� ��� #���"��� 8�����$) 0.248(�)0.240( 3��� /�� ��>�"�� �� B��2�

(*���� ROE� �>�� ��!�� 7��"��EPS.

5. # � ()���� � ��(*>� =���]�� (E - ������ /���* G�� ��!$ # ��� F������ (*��)��'6�

B�E f� #���!���� # (��� B���� 8!�,� ����� #� "* 3�� <���$ (������ #� ���+�$

=����' (*���@�!$ <�*�� # ���+�!$ 3���,� (������ ���� B�E 6�.

�:� �� ���3��:

Page 103: The relationship between The Capital Expenditure and

87

2HOJ - �0�� ��� ��) ��-� �8�!%" `� ��` ��� ����`����� � ����� ����`��� �`�

���� ����� $����.

��+�!� D����� !�A� 3*�� ���� :� #�8+�� 8*!���� L���� ����*6 (�'9"�� /*��

3�"� �� �� # =�������� (*�8 3�,� � A!� ?��,� #*.����� <����+���. L���� ���� ���

i��� # 3����� �'�)8.(

3���) 8(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� B���� 8!�,�

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho2-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =��������

�H7ل 857. 042. 064.- 020. 143.

ho2-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =�������� (*�8 3�,�

�H7ل 879. 030. 095. 015. 121.

ho2-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� ���� #

=�������� (*�8 3�:� h���� i�� =�"*����

ر(_ 019. 51.281 707.- 962. 981.

ho2-4

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ()� ر(_ 018. 55.440 1.320- 965. 982.

Page 104: The relationship between The Capital Expenditure and

88

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 8 (�9� �� #*:

1. 3�2� =�*��E�� (*�E�� ���,� (* �@��� (*���E��� (*!�*>��� (�* �@�� K ���� =�*���E��

(*�E�� (* �@�� (@��@���.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (��� B���� 8�!�,� �� ����� =���� (�!����� ?��,�� #*.�����

L�� (����� F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� 3��"� 8����6� (R) ���'�) 0.877(� 3��* �� ����� (�'9 ��� ��� =!�*�

=�� (�:� (*>�)�$ L��� X�E��6 F��!� (�:��� Sig/ F��!��� A�8���)0.05.(

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (��� B���� 8!�,� �� ����� <��� (�!����� 3���

/��� =�����]� ,�?�� #*.������ 3���"� /���� =���������� 3���"�� /���� =����������

(*�8 3�,� # L� (����� � �+� 3� �� � �� �<��� ������ (�'9 /*�� B��E 6�

#���!���� 3�� /� h��� i�� =�"*���� ()�� ��!�� /� B ���� 7�2 �� #*.����.

4. /� A �� �+- /C =��E� �*' =9��"� 8����6� /*� E 6�B� #����!���� 3��� ���]� /��

=���]� ?��,� #*.���� 3�* � =���E� �*@C�� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

��!�� /� B ���� 7�2 �� #*.����

Ho2 (*��E�� (*!*>� �H7ل 877 .770 -.499 3.688 .123. ��@� *) ��

Page 105: The relationship between The Capital Expenditure and

89

� 7�' #��"��� 8����$) 0.981(�)0.982(3�� /�� h���� i��� =��"*���� ()���

��!�� /� # �) B ���� 7�2 �� #*.����.

� &*"��� ����� #����"��� 8������$) 0.143(�)0.121 (3���� /��� 3���"�� /����

=�������� 3�"�� /���� =�������� (*�8 3�,�.

5. # � ()���� (*����6� =���]�� (E - ����� /���* G�� ��!6� /C�� <���$ (���� B�����

8!�,� =� # 3��� <���$ �����)� (�*�8 3��,� A�!�� ��� ���9.��!$ _:9.��!$

_9@�� /!�* /� �����' � ���*� J���,�.

4. ������ � ��!� �����

�:� �� /����:

HOJ1 - �0�� ��� ��) ��-� �8�!`%" �` ��` ��� ����`����� � ����� ���`��� �`�

������ ������.

Page 106: The relationship between The Capital Expenditure and

90

����+6� ��� (*��E�� ��+��!� D������ A��!� 3�*�� ����� :� #�8+�� 8*!����

L��� ���*6 ('9"�� /*� 3�"� �� ��� #� =��������� (�*�8 3��,� � A!� ?��,� #������

<���+���. L��� ��� �� i��� # 3����� �'�)9.(

3���) 9(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #����� (���� (* ��,�

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho1-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� =�������� (*�8 3�,�

�H7ل 155. 2.202 1.903 109. 330.

ho1-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� 8(*� 3�:� ��>�"�� � B�2� (*����

�H7ل 611. 375. 088.- 192. 389.

ho1-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� ���@�!6�

�H7ل 074. 3.605 113. 167. 409.

ho1-4

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ��>� �H7ل 476. 755. 234.- 274. 524.

Page 107: The relationship between The Capital Expenditure and

91

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 9 (�9� �� #*:

1. 3�2� �*�� =�*��E�� (*�E�� L���� (*��E�� (*!*>��� ���,�.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (������ �,� (�* � �� ����� =���� (�!����� ?��,�� #������ L���

(����� F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� 3��"� 8����6� (R) ���'�) 0.799(� 3��* �� ����� (�'9 ��� ��� =!�*�

=�� (�:� (*>�)�$ L��� X�E��6 F��!� (�:��� Sig/ F��!��� ���A�8)0.05.(

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (����� (* ��,� � ���� <��� (�!����� 3��� ���]�

/� =���]� ?��,� #����� # L� (����� � �+� 3� �� � � <��.

4. /� A �� �+- ��� /� ����+� �=�*��E� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� B��E 6� #����!���� 3��� ���]�

/� =���]� ?��,� #����� 3�* � =���E� �*@C�� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

��!�� 7��"��

ho1-5

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� �3�"�

�� �� J�����

�H7ل 801. 082. 168. 039. 199.

Ho1 (*��E�� (*!*>� H7ل� 799 .639 -.317 3.536 .201. �,��� ��

Page 108: The relationship between The Capital Expenditure and

92

� 8!��� 3��"��� 8����$) 0.524 (�>�"� ���!� 7��"��EPS.

� &*"� =9���"��� 8�����$) 0.330(�)0.389(�)0.409 ( 3��� /�� ��>�"�� ��

=�������� (*�8 3�,� ROA �>�"���� �� B��2� (�*���� ROE ��>�"���� ��

���@�!6� ROI.

� &*"� ��� 3��"��� 8����$) 0.199 (3�"�� �� �� J�����.

5. # � ()���� (*>�� �� =���]�� (E - ������ /���* G�� ��!$ # ��� F������ (*��)��'6�

B�E f� #���!���� # (����� (* ��,� ���� # "* 3�� <���$ (������ #� ���+�$ =�����'

(*���@�!$ <�*�� # ���+�!$ 3���,� (������ ���� B�E 6�.

�:� �� ���3��:

2HOJ - �0�� ��� ��) ��-� �8�!%" �` ��` ��� ����`����� � ����� ����`��� �`�

������ ������.

��+�!� D����� !�A� 3*�� ���� :� #�8+�� 8*!���� L���� ����*6 (�'9"�� /*��

3�"� �� �� # =�������� (*�8 3��,� � A!� ?��,� #������ <����+���. L���� ���� ���

i��� # 3����� �'�)10.(

3���) 10(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� (* ��,�

Page 109: The relationship between The Capital Expenditure and

93

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 10 (�9� �� #*:

1. 3�2� �*�� =�*��E�� (*�E�� L���� (*��E�� (*!*>��� (* �@��.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (����� (�* ��,� �� ����� =���� (�!����� ?��,�� #*.����� L���

(����� F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho2-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� �����=���

�H7ل 065. 3.865 414. 177. 420.

ho2-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =�������� (*�8 3�,�

�H7ل 214. 1.660 3.576 084. 291.

ho2-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 �:�3 h���� i�� =�"*����

�H7ل 949. 005. 042.- 003. 051.

ho2-4

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ()� ��!�� /� B ���� 7�2 �� #*.����

�H7ل 092. 3.340 1.109- 824. 908.

Ho2 (*��E�� (*!*>� �H7ل 894 .799 -.988 3.949 .106. ��@� *) ��

Page 110: The relationship between The Capital Expenditure and

94

��� /� 3��"� 8����6� (R) ���'�) 0.894(� 3��* �� ����� (�'9 ��� ��� =!�*�

=�� (�:� (*>�)�$ L��� X�E��6 F��!� (�:��� Sig/ �!���F� A�8���)0.05.(

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (����� (* ��,� � ���� <��� (�!����� 3��� ���]�

/� =���]� ?��,� #*.���� # L� (����� � �+� 3� �� � � <��.

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� B��E 6� #����!���� 3��� ���]�

/� =���]� ?��,� #*.���� 3�* � =��E� �*@C� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

� 7�' 3��"��� 8����$) 0.908( ()�� ��!�� /� # �) B ���� 7�2 �� #*.����.

� &*"� 3��"��� 8����$) 0.420 (3�"�� /���� =��������.

� &*"� ��� 3��"��� 8����$) 0.291 (3�"�� /���� =�������� (*�8 3�,�.

� ���"� 3��"��� 8����$) 0.051( h���� i�� =�"*����.

5. # � ()���� (�*����6� =����]�� (�E - ������ ���*/ G�� ��!6� /C�� <���$ (������

(* ��,� =� # 3��� <���$ ����)� (�*�8 3��,� A�!�� ��� ���9.��!$ _:9.��!$

_9@�� /!�* /� �����' � �*��� J���,�.

5. [�%�� �� ��!�� �8�����

�:� �� /����:

Page 111: The relationship between The Capital Expenditure and

95

HOJ1 - �0�� ��� ��) ��-� �8�!`%" �` ��` ��� ����`����� � ����� ���`��� �`�

���� [�%��.

����+6� ��� (*��E�� ��+��!� D������ A��!� 3�*�� ����� :� #�8+�� 8*!����

L��� ���*6 ('9"�� /*� 3�"� ��� �� #� =��������� (�*�8 3��,� � A!� ?��,� #������

<���+���. L��� ��� �� i��� # 3����� �'�)11.(

3���) 11(

('9"�� /*� B�E ,� ����#���! =���]�� ?��,� #����� (���� <�*���

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho1-1

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

� =�������� (*�8 3�,�

�H7ل 155. 3.187 274. 836. 914.

ho1-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"�� � B�2� (*����

ر(_ 047. 19.820 324. 908. 953.

ho1-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ��>�"��

�H7ل 101. 3.430 526. 808. 899.

Page 112: The relationship between The Capital Expenditure and

96

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 11 (�9� �� #*:

1. K �� (*���E�� (�*�E�� ����,� 3��2�� ��*�� =�*���E�� (�*�E�� (�*'���� L�����

(*��E�� (*!*>��� ���,�.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (��� <�*��� � ����� =���� (�!����� ?��,�� #������ L��� (������

F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� K�E+ 6� #�! �� 3��"�� 8����6� (R) ���'�) 0.341(� 3��* /C�� (�'9"�� /*��

/*�� /*�*.���� (E*"� ��$ ��� ��.

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (��� <�*��� �� ����� <��� (�!����� 3��� ���]�

/� =���]� ?��,� #����� # L� (����� � �+� 3� �� � � <��.

� ���@�!6�

ho1-4

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� ��>� ��!�� 7��"��

�H7ل 079. 3.137 357. 848. 921.

ho1-5

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

������=�� (*�8 3�:� �3�"� �� �� J�����

�H7ل 574. 443. 517. 181. 426.

Ho1 (*��E�� (*!*>� �H7ل 341 .116 .023 .264 .659. �,��� ��

Page 113: The relationship between The Capital Expenditure and

97

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� B��E 6� #����!���� 3��� ���]�

/� =���]� ?��,� ����#� 3�* � =���E� �*@C�� B��E 6� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

� 7�' =9���"��� 8�����$) 0.914(�)0.953(�)0.899(�)0.921 ( 3��� /�� ��>�"��

� =�������� (*�8 3�,� ROA� ��>�"��� �� B��2� (�*���� ROE� ��>�"���

� ���@�!6� ROI� �>�� ��!�� 7��"��EPS.

� &*"� 3��"��� 8����$) 0.426 (3�"�� �� �� J�����.

5. # � ()���� (*>�� �� =���]�� (E - ������ /���* G�� ��!$ # ��� F������ (*��)��'6�

B�E f� #���!���� # (��� <�*��� ���� #� "* 3�� <���$ (������ #� ���+�$ =�����'

(*���@�!$ <�*�� # ���+�!$ 3���,� (������ ���� E 6�B�.

�:� �� ���3��:

2HOJ - �0�� ��� ��) ��-� �8�!%" �` ��` ��� ����`����� � ����� ����`��� �`�

���� [�%��.

Page 114: The relationship between The Capital Expenditure and

98

��+�!� D����� A�!� 3*�� ���� :� #�8+�� 8*!���� L���� ����*6 (�'9"�� /*��

3�"� �� �� # =�������� (*�8 3��,� � A!� ?��,� #������ <����+���. L���� ���� ���

i��� # 3����� �'�)12.(

3���) 12(

('9"�� /*� B�E ,� #���!���� =���]�� ?��,� #*.���� (���� <�*���

�'� (*��E��

=�*��E�� (*�E�� (*��E� (*!*>��� ���,�

R)( R

square

B 3��"�

���� 6�

F (��!����

Sig.* F��!� (�:���

(�*� ����+6�

ho2-1

*:��� ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =��������

�H7ل 126. 3.483 813.- 764. 874.

ho2-2

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� 3�"��

/���� =�������� (*�8 3�,�

�H7ل 141. 3.652 1.857- 739. 859.

ho2-3

���*: ('9 =�� (�:� (*>�)�$ /*� 3�"� �� �� #

=�������� (*�8 3�:� h���� i�� =�"*����

�H7ل 382. 1.235 069.- 382. 618.

ho2-4 ���*: ('9 �H7ل 554 .307 -.300 .887 .446. �:�) ��=

Page 115: The relationship between The Capital Expenditure and

99

*/��* 8����:� �� (�:� (*>�)�$ � F��!�(0.05≥α)

i��� =���]��� # 3�����) 12 (�9� �� #*:

1. 3�2� �*�� =�*��E�� (*�E�� L���� (*��E�� (*!*>��� ���,�.

2. : ���� ('9 (*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� �� =���������

(*�8 3�,� # (��� ��� <�*��� �� ����� =���� (�!����� ?��,�� #*.����� L���

(����� F�� �+� =���]� ��� ?��,� ��"*�� <���� <���� � ���� L� <��E��.

��� /� 3��"� 8����6� (R) ���'�) 0.861(� 3��* �� ����� (�'9 ��� ��� =!�*�

=�� (�:� (*>�)�$ L��� X�E��6 F��!� (�:��� / F��!��� A�8���)0.05.(

3. L��� �3���� : ���� ��*� ('9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6� #����!����

� =�������� (*�8 3�,� # (��� <�*��� �� ����� <��� (�!����� 3��� ���]�

/� ��]�=� ?��,� #*.���� # L� (����� � �+� 3� �� � � <��.

4. /� A �� �+- ��� /� ����+� =�*��E�� &��� /� ��� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ :$ /� =��E� �*' =9��"� 8����6� /*�� B��E 6� #����!���� 3��� ���]�

/� =���]� ?��,� #*.���� 3�* � =��E� �*@C� �E 6�B� #����!���� �� 3�� ��� � .

J����*� ��� �*@C��� /*�:

(*>�)�$ /*� 3�"� �� �� # =�������� (*�8 3�:� ()�

��!�� /� B ���� 7�2 �� #*.����

Ho2 (*��E�� (*!*>� �H7ل 861 .741 -.760 3.731 .139. ��@� *) ��

Page 116: The relationship between The Capital Expenditure and

100

� 7���' #����"��� 8������$) 0.874(�)0.859 (3���� /��� 3���"� /���� =����������

(*�8 3�,� 3�"�� /���� =��������.

� 8!��� #���"��� 8�����$) 0.618(�)0.554( 3��� /�� h���� i��� =��"*����

()�� ��!�� /� # �) B ���� 7�2 �� #*.����.

5. # � ()���� (*����6� =���]�� (E - ����� /���* G�� ��!6� /C�� <���$ (���� <��*���

=� # 3��� <���$ ����)� (*�8 3�,� A�!� ��� ���9.��!$ _:9.��!$ _9@��� /!��*

/� �����' � �*��� J���,�.

.! �� H��F��

I8����� ��!�����

Page 117: The relationship between The Capital Expenditure and

101

5J1 ���7���:

= �� (!����� /*� ��*�* ��$ (� �"� F��� �*@C�� ����' B��E 6� #����!���� ��

?��,� #����� #*.����� /� 39+ A! �� (��+�!��� /�� =�� �*��� (�*����� =������ (� �)

(*��,� (������ # B�! /�� �#����� L��� <��E� (* �4�� �� /*� 2005O2009.

�'� =��@� ��� (!����� (�� /�� =:]�!���� ��� *������ #� (���� (�!����� �

=��'� =�*�� ;��� ('9"�� /*� =��*.�� �(!����� #� � ���� 3)�E�� 3�� ���! (�!�����

��� \>�� �� #��� �� 3)���� ���*�� ��� K�"*! D����� #� (�*�� 3)�E�� =�*�)�� (����2�

# ?�� �� 3)�� �*�$.

2J5 I8�����:

&�� 3*���� #>�)�6� �=���]� (*����� # ��(!��� / �� #*:

1- /� K���� ����� �M��0 [�%�� [�%��:

� �*D �/ . أ*@C� ���' B�E 6� #���!���� � ?��,� #�����

�$ \� �! 3��� �� �� ���� (�'9 (�*� "� =�� (��:� (*>�)��$ /*�� B��E 6�

#���!���� ?��,�� #����� =����� (� ) (*��,� (* ��,� L���� ���* ��� ����� 9 (�'

(*� "� =�� (�:� (*>�)�$ /*� �� �� # =�������� �*` (��������� 3��� /�� ��>�"�� ��

B�2� (*���� �>�� ��!�� �7��"�� ��� (�! ��� ��$ =���]��� 3�� ��2 ��� 3���' (*���E��

(*!*>��� #��� /*�� � � : ���* ('9 =�� (��:� (*>�)��$ /*�� B��E 6� #����!���� ?��,��

�����#.

Page 118: The relationship between The Capital Expenditure and

102

� �*D �/ . ب*@C� ���' B�E 6� #���!���� � ?��,� #*.����

\� �! /C� �*@C� ���' B�E 6� #����!���� �� ?��,� #*.����� =������ (� �)

(*��,� (* ��,� �� 3��� �� 3*>� _��� L��� ��* ��� �*@C�� ������ ��� �� ()��

��!�� /� # �) B ���� 7�2 �� �#*.���� ��� �! ���( ���$ =����]��� 3��� ��2 ��� 3���'

(*��E�� (*!*>��� #���� /*��� �� � : ����* (�'9 =�� (��:� (*>�)��$ /*�� B��E 6�

#���!���� ?��,�� #*.����.

2- /� K���� ������� .� /� [�%:

D*� ('9 �/ . أ B�E 6� #���!���� ?��,�� #�����

/� 39+ �� B�! \� �! /C� �@�� (�'9 /*�� 6� B��E #����!���� ?��,�� #������

/�� (���� 4����� #��"�� =�� )� (*>����� , 3��� =� �*��� �� ����� (�'9 (�*� "�

=�� (�:� (*>�)�$ /*� 3�"� �� �� # =�������� �*` (��������� 3��� /�� ��>�"�� ��

B�2� (*���� �>�"��� � ���@�!6� �>�� ��!�� �7��"�� ���� =��� � �*���=� ���*� ��

���� ('9 (*� "� =�� (�:� (*>�)�$ /*� ��� �� #� =��������� (�*�8 3��,� ?��,��

#����� 3�� ���� �(����� �$ ���� ��"* L�� ��� &9�+$ ���� (������ /� #'��� =�������

/� D*� ��)�)�+$ # G�� 6� D�*� ��� � _������$ /�� 1/5/2005 =���' ��*�� 8�+

G�� 6� #>����� (���� B���� 8!�,� =�� )� (�*>����� 3���2� ���@��!$ #� ;�� 3���

(��� B���� 8!�,� ��� ���!� 11.3%� i�)��� ()�)+�� #� (� �) =:�!�����

Page 119: The relationship between The Capital Expenditure and

103

(* *�9��� 82 .���� (��� <�*��� #��� 3�� ���� �*� �� ����� (�'9 (�*� "� =�� (��:�

(*>�)�$ /*� 3�"� �� �� # =�������� �*` ���(����� ��>�"��� �� B��2� �(�*���� ����

(�! ��� ��� #'�� =������) ��� �?����� B���� �8!�,� (* ��,�� ( ��2 =��� ����� �*� ��

�� ���� ('9 (*� "� =�� (�:� (*>�)��$ /*�� 3��"� ��� �� #� =��������� ��*`

(�������� 7�� /� A!� ?��,� �#������ ��� F��!�� ?��,� #������ ���3 ��� K� �

(*��E�� (*!*>��� (���� 4������ �#���"�� #���� /*��� �� � ����*: (�'9 =�� (��:�

(*>�)�$ /*� B�E 6� #���!���� ?��,�� #����� 3��'� ��� (*��E�� #'��� =������.

��� /��* /�*� �� B�! /� 39+ 3����� #�����:

Page 120: The relationship between The Capital Expenditure and

104

3���) 1(

( ��2� /*� �@� B�E 6� ���!����# # =������ (������� (!������ � ?��,� #����� L�� =������

��ش�ات ا�داء ا� ��� ا ا���آ� م

ا����� ��� ��دات � ا� ������� ا�

ا����� ��� "!�ق �#$� ا�

ا����� ��� �ر&' ا)

���� ا�*( ا���دي

���ل � ا�- ا� '�ح

ا� �ش�ات آ$�

ا��0/� 11 ����

�/0� ����1�/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

دار ا��واء ����� ا)رت4�ط

0.056 0.303 0.092 0.353 0.221 0.424

ا��0/� ����1�/0�

�����/0�

�����/0�

�����/0�

����1�/0�

�����/0�

ا� �آ6 ����� ا���ب�

0.075 ا)رت4�ط0.974 0.974 0.979 0.688 0.966

ا��0/� ����1�/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

ا���ق 8����� ا�و

ا)رت4�ط0.84 0.248 0.366 0.24 0.872 0.921

ا��0/� ����1�/0�

����1�/0�

����1�/0�

����1�/0�

�1 ����/0�

����1�/0�

ا1ردن#� ����� ا)رت4�ط

0.33 0.389 0.409 0.524 0.199 0.799

ا��0/� ����1�/0�

�����/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

ا�;#�ة ����� ا)رت4�ط

0.914 0.953 0.899 0.921 0.426 0.341

� �*D �/ . ب*@C� ���' B�E 6� ���#���!� � ?��,� #*.����

\� �! � /� 39+ 3������ �9� /C� ����� �*@C�� B��E f� #����!���� �� ?��,�

#*.���� /�� (���� B���� �8!�,� �$ =��� =�� �*��� �� ����� (�'9 (�*� "� =��

(�:� (*>�)�$ /*� 3�"� �� �� # =��������� ��*` (��������� 3��� /�� h���� i���

Page 121: The relationship between The Capital Expenditure and

105

=�"*���� ()�� ��!�� /� B ���� 7�2 �� �#*.���� ���� (�!� ��� ���$ #'��� =������� 9�

���* ('9 (*� "� =�� (�:� (*>�)�$ /*�� ��� �� #� =��������� ��*` (��������� 7��

A! /� ?��:� �#*.���� �� F��!� ?��,� #*.���� 3�� ��� 3���' (*���E�� (*!�*>���

�*��� =������ � #��� /*�� �� ���*: ('9 =�� (�:� (*>�)��$ /*�� B��E 6� #����!����

?��,�� #*.����.

��� /��* /�*� �� B�! /� 39+ 3����� #�����:

3���) 2(

( ��2� /*� �@� B�E 6� #���!���� # =������ (������� (!������ � ?��,� #����� L�� =������

���ش�ات ا�داء ا�'�>#� ا ا���آ� م

���ل دوران ��دات� ا�

���ل دوران

��دات � ا� ������� ا�

ه��< رب@ ا� 4#��ت

�A" B� )*ا� �C�ص EC�'ا�ا�-!�ي ا�'�>#��

ا� �ش�ات آ$�

ا��0/� 1 ����1�/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

دار ا��واء ����� ا)رت4�ط

0.151 0.569 0.227 0.827 0.727

ا��0/� ����1�/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

ا� �آ6 ����� ا���ب�

ا)رت4�ط0.273 0.817 0.471 0.012 0.219

ا��0/� ����1�/0�

����1�/0�

�����/0�

�����/0�

����1�/0�

ا���ق 8����� ا�و

�طا)رت40.143 0.121 0.981 0.982 0.877

ا��0/� ����1�/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

ا1ردن#� ����� ا)رت4�ط

0.42 0.291 0.051 0.908 0.894

ا��0/� ����1�/0�

����1�/0�

����1�/0�

����1�/0�

����1�/0�

ا�;#�ة��� ��

ا)رت4�ط0.874 0.859 0.618 0.554 0.861

Page 122: The relationship between The Capital Expenditure and

106

5J3 ��!����:

�2 � ��� �� ��� # ��86� 7�5 �� /� ��� (!����� L���� #���� ��� 3�)���� ���*

/� �'�� 3*���� #>�)�6� �=�� �*�� ��� G���+�� =�*�)����� (�*����� =������ (� �)

(*��,� (* ��,�:

1. <���� X���� 3>�!��� *����(@ �**2�� B��E 6� #����!���� /�� 3��' �=������� L����

/� 3�� ��+�$ =����2�� (*���@�!6� <�*���� #���� ����+�� =����� (�*��,� (�* ��,�

# =:��� �!���� #���!����.

2. (!��� X���� B�E 6� #���!���� ��*@C��� �� 3�� /�� ?��,� #������ #*.������

( ��2�� /*� =��� 3�' 39+� � ��"� (��4,� (�*���"�� ( ���$ ���� ��+� =:��"�

�+���� /*"� ����6�.

3. ?���$ =�!��� (������ �� =������� F��+,� (���"�� #� X��82�� #� )���

=��82��� (*��)�'6� F�+,� ��� ��2�� =����� (� ) (*��,�.

4. <���� (!��� ���)� 3*����� ���@�� � <?��E� B��E 6� #����!����� L���� ��/

39+ �*��� (E���� (������ 3���H� /� 3� ��)�.

Page 123: The relationship between The Capital Expenditure and

107

5. A*��� =����� (��]!��� / ��+�$ =����' B��E 6� #����!���� #� =����� (�*��,�

(��* ��,� ��� <������ <���$ 3���),� (��*�8 3���,� Long-term Assets

Management /� 3�� ���*�4� (� �"���� <���+��� (��49�� M*)�+�� ��������

(*����� (������ � �������+�!$ �@��� # 3��� �!���� #���!����.

6. <���� B�E 6� # =���� (� ) (*��,� ������ i�!�* X�� � ���� =������� #�

����� $ D*� �� � L���� # �*@� /� =��� ���.

Page 124: The relationship between The Capital Expenditure and

108

E0����� �����:

,-�� :#����

1. 3- ��� � �*� � �� 74���� � ��*�!/) 2005 . ( �`���� K��`0�� ���!`��-� 1`7��

[�� � ���� ���B���� � 8 2. /�� :��� <�*!��� �� � �*4����� (��8���.

2. ��� �h*�� 3�*+) 2005 .( �`��%��� �`����� �`���� �����`7�� 2�`$$F��� 8 1�

/�� :��� 3>�� �� �.

3. ��� ���) ����) 2005 .( ���%��� ������� 8 2� /�� :��� 3>�� �� �.

4. 3- �A*�� �*��) 2007 .(���7� �`� [����� �`������ 81� /��� :��� <�*!���� ��� �

�*4����� (��8���.

5. ;����� � (��!�) 2004(. ���%��� ����-� � /�� : ��� ������ �� �.

6. ������ � B����8 ���� 3���"��) 2010 . (��`̀ �Y����� �`̀ ��7���) [�`̀ B� �`̀ ������( �

(*�� �!6�: ����� (*"�����.

7 . �#��E � ���� ����E.��) 2007 .(��`̀���� [����� 2�`̀����� (*�� ���!6� :��� (�� �"���

(*"����� ��8� �� ��� �*4�����.

Page 125: The relationship between The Capital Expenditure and

109

8. #��� � ���� #��! 74���� 7���� �����) 2001 . ( .F�`��� D�`%�� �`� ���` �

1��F���� =� 4����� � �� �!6�(*: ����� (*"�����

9. 7������� � �����+ A��*��) 1999 .(���3�`̀�-� 1+�`̀ � / .`̀ �%� / �0����`̀�� �8 1

�/�� : ��� <�*!��� .

10. 7����� ���+ A*��) 2000 . (.�%��� ���`��� 18��`7�� �`����� h�!`�-�� �`��%���

� 8 � /�� ��� <�*!��� �� � �*4����� (��8���.

11. �7�*�4�� <4�� )2008 .( �`��7���� �`����� [����� 8 � 2 /��� � : B������ (!�!]�

�*4����� �� �

12. X���� � ��*�� /�*E�!� � /��*�! �)2002 . ( �`��%��� �`���-� : ���+�� =����'

(��'�� � 81./�� : ��� � ���� �� �.

13. # �*8�� � ���� ;��� ) 2010 . ( (�!��� F������ (*��)��':� ����*��� � /���

��� 4� � ( �"��� (*�"�� �� � �*4�����.

14. �;�� #) 2008 .([����� 2������ 8 1 � /�� : ?��@$ �� � �*4�����.

15. �� �� � ��� � � A������ � ��*�4) 2010 . ( �`��%��� �`����� 2 8 1 � /���

:��� (*����� /���� � /�4��.

16. # ����"�� � B9�����) 2010 .((��!��� `̀0��K�� ���!`̀��-� 1`̀7�� �� ���`̀��� �

/��: ��� 7��4�*�� (*�"�� �� � �*4�����.

Page 126: The relationship between The Capital Expenditure and

110

17. ���)"�� ����� � ;��+,�� � &8�� � &*������ � /��* � #� * ���� � /���*$ �

7��"���� � ����) 2001 .([����� .`�%���� ���`��� � 8 1 � /��� :��� (������ ��� �

�*4�����.

18. 32 � iE�) 1995 (���7� �� [����� ������� 8 1 . /��

19. 7��!��*"�� � �5���� ���!��) 2005 . (��`̀ ���� K��`̀ 0�� ���!`̀ ��-� 1`̀ 7��

�� ������ .�%� A�B� �7$�� � 8 2 . /�� : ��� \� ��� �� � �*4�����

20. #+���� � ��*��) 2007 . ( 1�`7� ����� 1��F�`�( � #�`�� �`����� 8� 1 � /��� :

��� \�� ��� �� � �*4�����.

21. �8� � ����) 2010 . (��+�0��� �3�%�� �`� .`�%��� ���`��� ���`��8��� #��`���

������� �����F��-�� ������ � 8 3 � /�� : ��� 3>�� �� �.

22. �8� � ����) 2006 . ( <���$ =����@��!6� ���86� 7��5 �� =��2*�8���� (�*�"�� �

84 � /�� : ��� 3>�� �� �.

23. �=�����4�*� � �/�4��!����� � �/����4��*�� 4��*�� L�����) 2006 (� �`��%���

H��� �����`7� .�`� �� �) (����� ����� #*�!�� � ����� #8!�*��� (� K��*���:���

�*����) .A����� #),� ��� � ( ! 2002.(

24. # ����*��� � ������ )2004 . ( [����� �`̀ ������ �`̀ � �����`̀ �� � 8 4 � K���*��� :

(���� /��*�"��.

Page 127: The relationship between The Capital Expenditure and

111

25. (�" ��� ���� /����) 2004 (� �7��� �`� ��`���� K��`0�� ��`��� ̀ �-����3�

.(*�� �!6� :(������ (*�)��� (��8� �� ��� �*4�����.

26. #�*" �� � /� �� � � #'�!��� � /��"�! � � �9�! � (���!� � � ��!�� � 7�*2��

)2008 . ([����� �`̀ ����� �`̀ �B��� �`̀ $���� � 8 2 � /���� : ��� <�!��*��� ���� � �

�*4���� � (��8��.

27. ��� ����� �#�� �����)2003 .( d��`� �`��%��� 2�`����� (*� ��!6� : ������

(*"�����.

,���3 : ������� ������ .����

28 . ������ � #���� � �*�����$� � �����). 1997 . ( F��� 3��"��!$ A*���!� (��!�����

(*���6� B�8� �*�2� B�E 6� #����!���� /�� 3��' =������� (���!���� (�*�82��. �`�0���

����� 1����� 2������ ��� 4� ��"�� 2� M243 – 269.

29 . #����� � ���� � =����' B�E 6� #����!���� ����@�� �� ?��,� : � (�!�� (�* ��*� �

������ 1����� ������ 2 ��� 25� ��"�� 2 �) 1997 (� M306 – 320.

30 . �/�!���� �����) 2000 .(�@� ��*+�� #�*����!:� # <4�*��� (*!� � ��� : (�!��� #�

=���� (� ) (*��,� (�* ��,� . �`�� D�`%�� 2��`������� ���� 2� ��� 2� M69O

106.

Page 128: The relationship between The Capital Expenditure and

112

31 . �# 9*��� ��/� ) 1999 .(�*@C� =�*'�E�� <������� (�*����� �� X��8' (�*��,� #�

3���� (*��"�� 3�!� 3��"��� ���"� ���� �`��7� �`� ��`7��� .��� ���!`��� ������`����

#���� �� 9�$� �� ��!�� �8����� �� ��!��� ������� 2�M� /��.

,�3��3 : .8����� ����0��

32 . 3���� � ��)) 2002( . �� ��� ����`����� � *�`3� /`� ���� �����`�� : �`����

�7$� /� ������� � ��!�� �`0����� �`� �`!�� ��`� ) . (���!� �*�!���� ��*`

<��� � . (("��� L���*�� � ���$ � /��,�.

33. <������� � ���+) 2006 . ( ��`$ 1`7� ��` ��� ����`����� ��`������ ��`�Y�����

��������� �� ������� � ��!�� � ���F�� ��+��`��� �`�����) . (���!� �*�!���� ��*`

<��� � . ( ("��� L���*�� � ���$ � /��,�.

Page 129: The relationship between The Capital Expenditure and

113

# . E0����� ��0��:

,-�� : #����

1 .Anderson , Henry R., Needles , B.E. & Call well

,d.C.,(1997)managerial accounting , Dallas: Houghton Mifflin Co

2 .Atkinson , A., R. banker , S. Kaplan , and S. young ( 2004) .

management accounting ,4E , New jersey :Prentice-hall international.

3 .Atkinson, Anthony A. & Kaplan, Robert S. & Matsumura, Ella Mae

& Young S. Mark (2007).Management Accounting, E5, New Jersey:

Prentice-Hall.

4 .Besly,Scott. & Brigham,Eugem F. (2000). Essentials of managerial

finance, 12th

edition. The Dryden press.USA.

5 .Garrison, Ray H. & Noreen, Eric W. & Brewer, Peter C. (2006)

.Managerial Accounting, New York: McGraw-Hill.

6 .Gibson, Charles H. (2004). Financial Reporting & Analysis: Using

Financial Accounting Information, 9E, Ohio: Thomson South-

Western.

Page 130: The relationship between The Capital Expenditure and

114

7 .Hilton Ronald . w , (2002) managerial accounting , 5E , McGraw

– hill , inc

8 .Horngren, Charles T. & Sundem, Gary L. & Stratton, William O.

(2002).Introduction to Management Accounting, New Jersey:

Prentice-Hall.

9 .Levy , H . and Sarnal , M .,(1990) Capital investment and financial

decisions , N.J.: Prentice hall.

10 .William gon , Duncan . (1996) . Cost and management

accounting. prentic Hall Europe , USA .

ا�&وری�ت: !����

11 .Arnold, Glen C. and Hatzopoulos, Panos D. (2000). The Theory-

Practice Gap in Capital Budgeting : Evidence from the United

kingdom . Journal of Business Finance and Accounting , Vol. 27,

no, 5&6 . June / July, PP. 603-626.

12 .Bennouna, Karin. Maradith, geaffrey G. Marchant,

Teresa.(2010).improved capital budgeting dicision making: Evedance

from Canada. Management decision, Vol. 48, Iss:2, pp.225- 247.

13 .Block, Stanley. (1997). Capital Budgeting Techniques used by

Small Business Firms in the 1990 s. The Engineering Economist,

Vol.42, No,4,Summer, PP.289-302.

14 .Farragher, Edward J. Kleiman, Robert T. and Sahu, Anandi P.

(2001). The Association Berween The Use of Sophisticated Capital

Budgeting Practices And Corporate Performance. The Engineering

Economist, Vol. 46, No.4 , PP . 300-311.

Page 131: The relationship between The Capital Expenditure and

115

15 .Graham, John. And Harvey, Cambell. (2002). How do CFOs make

Capital Budgeting and Capital Structure Decisions? . Journal of

Applied Corporate Finance, Vol. 15, No . a, Sprinf, PP. 8-23 .

16 .Gryglewicz, Sebastian (2008) Capital Structure, Cash & Payout

policy with Liquidity & Solvency Concerns. Tilburg University,

http://ssrn.com/abstract.

17 .Jog, Vijay M. and Srivastava, Ashwani K. (1995). Capital

Budgeting Practices in Corporate Canada. Financial Practice and

Education, Fall / Winter, PP 37-43.

18 .Kester, George W. Chang, Rosita P. Echanis, Erlinda S. Haikal,

Shalahuddin. Isa, Mansor Md. Skully, Michael T. Tsui, Kai-Chong.

And Wang, Chi – Jeng. (1999). Capital Budgeting Practices in the

Asia-Pacific Region: Australia, Hong Kong, Indonesia, Malaysia,

Philippines, and Singapore. Financial Practice and Education,

Spring / Summer, PP. 25-33.

19 .Lazaridis, Ioannis T. (2004) Capital Budgeting Practices: A survey

in the firms in Cyprus. Journal of Small Business Management, Vol

. 23, No.1, January, PP. 79-92.

20 .Pike, Richard. (1996). A longitudinal Surney on Capital Budgeting

Practices. Journal of Business Finance and Accounting, Vol. 23,

No 1, January, PP. 72-92.

21 .Ryan, Patricia A. and Ryan, Glenn P. (2002). Capital Budgeting

Practices of the Fortune 1000: how have things Changed?. Journal of

Business and Management, Vol. 8, No, 4, Winter, PP. 1-15.

Page 132: The relationship between The Capital Expenditure and

116

E0����� ���������:

http://www.jofia.org http://www.mit.gov.jo http://www.mahfaza.com.jo http://www.japm.com http://www.jfda.jo http://www.ase.com.jo http://www.acpc.com.jo

Page 133: The relationship between The Capital Expenditure and

117

http://www.midpharm.com http://www.picOjo.com http://www.joswe.com http://www.alkindipharma.com

��7%����

B��) 1 (=���"� =���� (� ) (*��,� (* ��,� (������� (!������

B��) 2 (=���"� A! �� ���(*�� <���+��� (��+�!��� /� �>��2�� (*����� =����� ( * (!�����

B��) 3 (3*���� #>�)�6�

Page 134: The relationship between The Capital Expenditure and

118

�%�� 1��) 1(

��$ ����� � ��! ����� ��%���:

��� (����� (* ��,� (*������ ("��� <�� _�" )�� _9��� G��� : (�*��,� &��+��

������� ���� ��, �(�! � �)� �F�+ �*' ?�� :�, &��+�� ���� � �)���� =�������� /��

D*� ����� ,���2� ;�� 3���� ��@�!���,("*�8� G��� :� . ���* � #�* �)�+� /� (�"*�8

L� =������:

)����:� # ��:� #�� �� (*��,�,=� �*� �*` <��� �(�)www.japm.com .(

1O ��� ?����� (*� �� ���@�!:�� (Dar Al Dwa)

Page 135: The relationship between The Capital Expenditure and

119

!C�=! (��� ��� ?����� �� 1974 (����� (���!�� (��� 3���!��� �����2� 20

/�*� �� *� # ���, ��2�� �* )��� =������ <��*� /�� (�*��,� =������!���� ��� �

=������� (*�*��� (*���� A2�� (���2��� (�*���� 4������ #�)�"�� ����*`�, ���� 4�*���

(����� �� C� \� � K"� ������ ��+�� +�!����(�� #� �* )�� (�*��,� . L����� ��� ?������

D9@ =���� 3������ , #�� ��� ?��.��) ����*���* ( #��� ()�)+�� #� G��� � A�*���

(*�`�� 3�E8,�, ��� 3*�����)���4�4�� (#�� ()�)+�� #� G��� � =������!� 3�*�����

,�)=* ���� (())+���� #� G��� � (�*��,� (�*�8*��� =������!���� ��4�� (�* �� \�� �

����� 200 \� � /��� 19 (����� (�*>��� �14 \�� � A����� M*+���� =������

<��"�� =�*! ��� ( ��� ��� �� � &���786.

��2�� (��� ��� ?������ ��������4*4"�� #��*':� #�*�����!:�� #� /���� <��

L��� /� 39+ � �)� =������ B*�!�� ��*4���� =��E����� ��� =����� F��+� #�

,�/�� �>�4���� (*��"!��� ; ���, ��� L��� 7 =����� (�"��� #��� : ��� 7����� ����

?����� =�� )� (�*�8*��� #� /��,� ���� ?������ ������� (�*��"�� =�� )�� (�*>�����

(���� ;���� # �>�4��� ���� ?����� # ��*�*� ������� (�*��"�� =�� )�� (�*>����� #�

�* ���� ��)�� ����� �� ��� 31 (��� #�� ��>�4���, (*��"!���, =�����:�, B���"��, /�� ��

,=*����,/�*��, /���!��, ; ��, �*�*� , �*�*�* , /*������ , ��8', /��� , ��* ��*���, ��*��*@� ,

�*4*��� ,\ �� \ ��, �* ���� ,�*��.�. M���' , ��* ���� , �!� � , /��!���� , ��� `�� , ��� ��*� ,

�* ����� ,�*!�� ,����* �� , ��� �* � �*�����!�. ���� 3��"� ��� ?������ /�� 39�+ ���>9��

��>����� �������� (*�"�� # �@�� /� /*�� (��� # ���"��.

Page 136: The relationship between The Capital Expenditure and

120

7���� ��� ?������ �����*� �� &��+� <�"�),� #�� � )�� =������!�

(����� =�� ���!� 7������, X4��� #� ��5"� B���!,� (�*���"�� /�� 39�+ ?9��� ��

=���� ("��� ��� ,��� ��2� (������ G��� :�� 7��'�"��� D�*� � )�� =������!� ���2"�,

��2�� (����� _��*� 3�"� =����� (*��� (*�*'�� # �*����� (�2�+� _���*+�� /�� (������

��2� ?���� ( �"��� (* 2��� =������!�� �� 8��8+ G��� � <��*�� /�� 39�+ =��������

(*�*����!:�.

2O4����� #��"�� =�� )� (*>����� (*���*���� (ACPC)

=!!C� (��� 4����� #���"�� =�� )�� ���� (�*>� ��� 1983 (����� (���!��

(��, ;��� 3�� ���' ;�+ /**9� �� *� # ���.

���� (������ /*" )�� ������� ���* � )�� =:�!����� (�* *�9��� (�)���

(`��E��, #���� #� /� 3)� 7�2� �������C� (�E�+��� , I���� (�'�8�� (�*��� :� � )���

1,7 /�*� (��!�� �*� !,��*� � )��� ("��� 8�8+ (�*��� �, ���� � )���� ��+j� ���*

� )� ?����� ,��2*� G��� �� (�*��,� (*������ ���*� 7 8��8+ (�*��� � G��� : ��������

,=��*����,=:9��� (�*>�����, 3�*������, K��*��� (�*�����, !���3>��, M���',�, =��������

=:�!�����, D*� \� � (����� #���� 80 _�����!� _�* :�*) ��'� =���' ��*�� 8�+ G��� �

(*��,� ��E �� G�� �� =:�!���� (�* *�9��� (�)��� (�`��E�� ���� (���� B����� 8�!�,�

=�� )� (*>����� (*���*���� =��4�!����� (�*�8�� L���� 3���2� ��� ���!� 11.7% /��

����!� # �� 2005 D*� ��4 �����@��!� #� (���� B����� 8�!�,� ���� ��� ���!�

Page 137: The relationship between The Capital Expenditure and

121

12,38 # �� 2009. D*� ���"� (����� <�*���� #���� ���2� G��� �� 3�!����� #� /��,�

D*� I�� ���)� /� L9��!� B�!�� #���� 75.%

3O (����� B������ 8��!�,� =�� )��� (��*>����� (��*���*���� �!������=��4 (��*�8��

(MID FARMA)

=!!C� (��� ���� �*� # (*�� ��� 1993 ;���� 3��� ����' 9.5 /��*� ��� *�

# ��� , =���� (����� ������ $ #� ���"�� 1997 , /������ (������ /�� /*" )�� 3�,�

��* � ���� #��� 6� ��"�� ��� M��+� #� G��� $ =������!��� (�*�9"�� (�)��� ����

�@��# �� M�+� # G�� � =� *���!���E!�� . ���� \�� �� (������ <�� 3����� (* :�*�)

4*����� � =��� (E�+� #8.� �� /� =������� (*�9"�� D*� �� � ����* F��� (������

=����+� D�� (*2*�8� <4��� 3���� 3���� � <��4�� M�+��C� /*�]�� ��*� M��E�

�*�8�� =��� � =�8+� <�*�� ( ��6�� 3�"� =�!��� =��@�� =�!������ (*�*��� .

��� �' =��' ?���� 8�+ G��� $ (�*��,� #� 4������ #���"�� ��� 2005 3���2�

(�!� �� �*� /� 39+ ���)$ ��!� L��� 4������ #���"�� ��� ���!� 11.7 % #���� =��4

# �� 2009 3���� �� ���! 12.38 L�� � &5�� /:� 312 M+�.

I��� ��� �= �����( 227 \� � ���� 8 =����� (�*>��� ���*� ������ $ A����� 4

M*+��� =����� <��"�� =�*! ���.

/����� (������� (��)�� ��� <������ <������� (ISO9001) ( ����$ ����$

EuropeanGMP,JDFA GMP =�8���!� 3*�!��� ����������!� #�� 3��� /��� 3��

Page 138: The relationship between The Capital Expenditure and

122

(*��"!�� , /��, B��"��, /�*�� , /���!��, *�*��, ; ��� , ��>�4���, ��*�*� , ��8', /*������ ,

=����6�, �)� =*�����.

4O (����� (* ��,� G�� : (*��,� (JPM)

=!!C� (����� (* ��:� G�� : (*��,� ��� 1978, (����� (���!�� (�)�+ ;����

3�� ���' 20 /�*� �� *� # ��� D*� =���' J��8� ���������!� (�*>����� #� B���!,�

# �� (* �� 1980� .��� � B�!�� ���� (������ ������� � (!�* ��� #� ��5"� /������

(*��"�� K"�� �9��� (*2*� ,� � (*����:� , ��'� ="�!� ������' (*"* )���� ��� 4�*�����

� =������!��� =�� (��*2�� (�*�9"�� ()�)+���� �� \�� � (������ �����4 (�*>�����

(2"���� 4������ #����� #>����� #!E ���� K���,�� (*!E �� �4*��������.

L���� (����� (* ��,� G�� : (�*��,� 4 =����� (�"��� #��: (����) M:�( #�

3��� =���� �� (*�8�� # /��:� (�! � 90% ,(���) /����( #� 3���� (� �2��� (�*�*��� #�

/��,� (�!�� � 56.7 %� (�����) %����!( #�� 3����� =�`��!���� (��*>����� #�� �,�/�

(�! �90 %(����) � �� ( #� /��,� (�!� � 90 % #� � (���� ��>�4��� L���� (������

(*��"�� (* ��:� (�! � 99.6%, ���� ��"� (������ (�* ��,� (�*��� � (�E*� ��*�"� /��

=������ �� �) ���"�� ( =�� )�� (�*>����� (�@*���� �)���, (������ (�*��"�� (* :�*)���

)#*!�8 (# �>�4���, ���(�� (*��"�� =�� )�� (* :�*)��� (������� (*� )��� (�*��H�

)���! (# ; �� ,(���) ���E�( #� /�*���, ) ����� � � ( #� A��.���, (����) ( �!����

L*� (# ( !����, (����) �����*! (# /���!��.

Page 139: The relationship between The Capital Expenditure and

123

# � 3��� =�*�"�� ���"� (����� � (�!�*! A*������ <����� �������� (*� )���

����<�� D*� 3.�� 478 _9�� ��� ���� /*��"�� � ��+� J�� <��������, ��2 � 3���,�

<�E ��� , ��� ����� (����� D���,�� (*�!�!,� (�*2*�8���� , =�*��� (�*�j� 3�*���� \>���

��� D���,� ��� =���� � (�*����. D�*� \�� � 184 \�� � /��� 4 =������ (�*>���

( ��:�� ��� 29 \�� � �"*�8# � #����� �� 7��*� /�� 39�+ (����) M:� ( (�"�����

( ��� ��� L9��� (����� �2"� �* )��� 58 \� � =����� F�+�.

��� �� � <����"� /�� 3��' 3�� /�� (JDFA) � GPM of Ministry of health ,

Saudi Arabia , Turkey , Uganda and Bosnia Herzegovina

3� L�� 3"� ��� B��! #� 20 (���� #���, /*������, (*��"!���, /���, ��8'

,=����:�, =*����,/� ��, ��>�4���, /�*���, �)��, B���"��, ; ��� , /���!���, �*���!, ��*�*�

,�* �����, �*!��, �* *���, /��*���� /��!+�4���.

5O (��� <�*��� =�� )� (*>�����:

=!��!C� (����� ���*���< =�� )��� (��*>����� ���� 1994 (������ =�� ��]!���(*

<����� ;��� 3�� ���' 2 /�*� �� *� �� �����*4 39�+ =���� (�E�+� ���� i��)� 5,5

/�*� �� *�.

�'� =��� $����� #"E�� # ���"�� 1996 =���8� �� � �)� #� B�!��� #� ��,�

�� 1997. # � ( ! 2005 =���� (����� ���� (���!�� (��� ;���� 3��� ����' 9.5

/�*� �� *� # ��� ������= (��*2�� (�*�� ��� #� �*�*2� =������� � =����8� (������

;�!C� (*�"� 3*�����. #8.�� 8�8+ G��� � (������ ��5"� 3����,� (* :�*)��� #��� :

Page 140: The relationship between The Capital Expenditure and

124

8+ G�� � ������ (�)�� 3@� A�����, ��� =:�!��, =��2"���� (� ���� , 8�+ G��� � �������

��� (�)�� 3@� =��*����, ������� ,3*������ ����3, ��*+�� 8�+ G��� � ������� (>�!��� 3�@�

=������� , 3*������, =��82��� (*E ,� � (* �,�.

��� � �' =��! (������ 116 _�E �) _��*>��� ��"�� 3 8 =������ (�*>��� ���*�

����� � =�� M*+�� /*������ /�� =������� <���"�� =�*!� ��� #� B�!��� #� ��,�

B��!�� F�+� �� �: /�*��, 4����>�, B���"�� , ��*�*�, (*��"!���, /�� ��. /���!���, /*������

,�8' , =����:�� . =)�� (������ �� <����� �* )���� #>������ ��*��� /�� 3�����

(*����:� European GMP D*�� /��* 3����� ���������!� #� L�� 3����� ( ���:��

��� 3���� (*�����:

GCC GMP�Oman GMP�UAE GMP�Qatar GMP�KSA GMP�Bahrain

GMP�Libya GMP�Sudan GMP�Yeman GMP�Iraq GMP�Algeria

GMP�JDFA Jordan

I�*� �� /*��"�� # (����� ����� 182 &5�� /� &�+� =�))+���.

Page 141: The relationship between The Capital Expenditure and

125

�%�� 1��) 2(

������� #���� ������ [���F��� �0�F����� �� 18��7�� ������ ������� �� �������

Page 142: The relationship between The Capital Expenditure and

126

ا���آ�ا�*-�

���ل دوران

��دا� ا�ت

���ل دوران

��دات � ا������ ا1��

ه��< رب@

ا� 4#��ت

EC�'ا� ا�-!�ي

)*��

ا����� ��� ��دات � ا�

�������ا1

ا����� ���

"!�ق �#$� ا�

ا����� ���

�ر&'ا1

���� ا�*(

ا���دي

���ل � ا�-

ا� '�ح

���ل �C � ا�-��دات � ا�

�������ا1

20050.564.740.550.362.600.160.130.390.06

20060.463.960.530.262.100.140.120.360.050.06

20070.544.800.450.162.140.070.050.17-0.01-0.02

20080.605.110.430.032.180.070.050.180.010.12

20090.503.820.49-0.071.880.110.070.300.020.46

20050.180.630.150.040.100.110.100.17-0.12

20060.180.580.140.270.08-0.03-0.02-0.04-0.13-0.08

20070.170.560.12-0.020.070.010.010.020.180.03

20080.200.680.19-0.060.13-0.04-0.04-0.06-0.04-0.09

20090.230.410.360.160.150.030.030.050.000.04

20050.390.720.34-0.220.25-0.02-0.02-0.030.01

20060.480.990.45-0.150.450.070.050.090.160.21

20070.390.830.49-0.070.400.020.010.03-0.070.16

20080.430.900.510.030.46-0.01-0.01-0.020.070.10

20090.470.920.600.110.550.050.020.06-0.900.01

20050.300.740.53-0.050.390.080.050.130.01

20060.310.930.51-0.150.480.070.040.11-0.010.17

20070.401.260.530.020.670.050.030.080.060.03

20080.331.310.67-0.190.880.030.020.06-0.050.14

20090.381.550.600.000.940.080.050.15-0.11-0.01

20050.100.180.66-0.090.120.030.020.030.04

20060.260.520.700.020.360.060.050.070.120.09

20070.290.620.710.090.440.060.050.070.010.06

20080.350.720.710.070.510.020.020.020.06-0.04

20090.380.800.710.070.560.040.040.05-0.040.00

20050.311.400.450.010.690.070.060.140.00

20060.341.400.470.050.690.060.050.120.040.09

20070.361.610.460.030.740.040.030.070.030.05

20080.381.740.50-0.020.830.010.010.040.010.05

20090.391.500.550.050.820.060.040.12-0.210.10

دار

ا��واء

ا� �آ6 ا���ب�

ا���ق 8ا1و

آ�

ا���آ�ت

ا�;#�ة

ا1ردن#�

�%��)3(

.�%��� �8�!%��

Page 143: The relationship between The Capital Expenditure and

127

Regression for آ� ا��آ�ت. أ

��ش�ات ا�داء ا���:أو� Dependent Variable: ���ا ������ ا����دات �� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

ا�- � C� ���ل 1��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .330

a .109 .060 .68746

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

1.041 1 1.041 2.202 .155a

Residual 8.507 18 .473

1

Total 9.548 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .635 .179 3.550 .002

1

�C � ���ل ا�-F'دات ا�&�ب��� 155. 1.484 330. 1.282 1.903 ا�

a Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Dependent Variable: �"#��ق ا�%& ��� ا!� � Variables Entered/Removed(b)

Page 144: The relationship between The Capital Expenditure and

128

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �#$� ا����� ��� "!�ق ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .511(a) .261 .220 .03860

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.009 1 .009 6.362 .021(a)

Residual .027 18 .001

1

Total .036 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: �#$� ا����� ��� "!�ق ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .032 .010 3.225 .005 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.182 .072 .511 2.522 .021

a Dependent Variable: �#$� ا����� ��� "!�ق ا�

Dependent Variable: ا�*()��ر ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ر� &' ا����� ��� ا1 Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .409

a .167 .121 .03205

Page 145: The relationship between The Capital Expenditure and

129

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�

ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.004 1 .004 3.605 .074a

Residual .018 18 .001

1

Total .022 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ر� &' ا����� ��� ا1 Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .024 .008 2.913 .009

1

�C � ���ل ا�-F'دات ا�&�ب��� 074. 1.899 409. 060. 113. ا�

a Dependent Variable: ر� &' ا����� ��� ا1

Dependent Variable: !�دي.-, اا � �� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 ��� �C � ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ا���دي ا�*( ���� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .499(a) .249 .207 .09372

a Predictors: (Constant), ��F'دات ا�&�ب��� �ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

1 Regressio.052 1 .052 5.970 .025(a)

Page 146: The relationship between The Capital Expenditure and

130

n

Residual .158 18 .009

Total .211 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ا���دي ا�*( ���� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .058 .024 2.374 .029 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.427 .175 .499 2.443 .025

a Dependent Variable: ا���دي ا�*( ����

Dependent Variable: (�ح���0 ال ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ح�' ���ل ا�- � ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .197(a) .039 -.015 .22198

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.036 1 .036 .724 .406(a)

Residual .887 18 .049

1

Total .923 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ح�' ���ل ا�- � ا� Coefficients(a)

Model Unstandardized

Coefficients Standardized Coefficients t Sig.

Page 147: The relationship between The Capital Expenditure and

131

B Std. Error Beta

(Constant) -.056 .058 -.977 .341 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.352 .414 .197 .851 .406

a Dependent Variable: ح�' ���ل ا�- � ا�

Dependent Variable: ���ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��� ا1داء ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .406(a) .165 .119 .169

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.102 1 .102 3.563 .075(a)

Residual .515 18 .029

1

Total .617 19

a Predictors: (Constant), ��دات ا�&�ب'���Fل ا�-� � C� ا� b Dependent Variable: ��� ا1داء ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .139 .044 3.150 .006 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.595 .315 .406 1.888 .075

a Dependent Variable: ��� ا1داء ا�

��ش�ات ا�داء ا(�4"��:ث�ن"�

Dependent Variable: دات����ل دوران ا�!�

Page 148: The relationship between The Capital Expenditure and

132

Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: دات��� ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .420a .177 .131 .11291

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.049 1 .049 3.865 .065a

Residual .229 18 .013

1

Total .279 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: دات��� ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .337 .029 11.480 .000

1

�C � ���ل ا�-F'دات ا�&�ب��� 065. 1.966 420. 211. 414. ا�

a Dependent Variable: دات��� ���ل دوران ا�

Dependent Variable: ���ا ����� �!�ل دوران ا����دات Variables Entered/Removed(b)

Page 149: The relationship between The Capital Expenditure and

133

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �������دات � ا1�����ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .291

a .084 .034 1.48808

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

3.677 1 3.677 1.660 .214a

Residual 39.859 18 2.214

1

Total 43.536 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) 1.308 .387 3.377 .003

1

�C � ���ل ا�-F'دات ا�&�ب��� 214. 1.289 291. 2.775 3.576 ا�

a Dependent Variable: ����� ا1����دات � ���ل دوران ا�

Dependent Variable: 6"!�ت�ه��9 ر78 ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: 4#��ت ه��< رب@ ا� Model Summary

Page 150: The relationship between The Capital Expenditure and

134

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .187(a) .035 -.019 .18282

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.022 1 .022 .649 .431(a)

Residual .602 18 .033

1

Total .623 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: 4#��ت ه��< رب@ ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .475 .048 9.976 .000 1

� C� ���ل ا�-F'دات ا�&�ب��� ا�

.275 .341 .187 .805 .431

a Dependent Variable: 4#��ت ه��< رب@ ا�

Dependent Variable: ��"4�)ي ا�0%>; ا�(.-, �= اا �>& Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .525(a) .275 .235 .11057

a Predictors: (Constant), ل���F'دات ا�&�ب��� ا�- � C� ا� ANOVA(b)

Page 151: The relationship between The Capital Expenditure and

135

Model Sum of

Squares Df Mean Square F Sig.

Regression

.084 1 .084 6.831 .018(a)

Residual .220 18 .012

1

Total .304 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .067 .029 2.314 .033 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.539 .206 -.525 -2.614 .018

a Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A"

Dependent Variable: ��"4�)ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا1داء ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .279(a) .078 .026 .406

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.249 1 .249 1.514 .234(a)

Residual 2.966 18 .165

1

Total 3.216 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا1داء ا� Coefficients(a)

Page 152: The relationship between The Capital Expenditure and

136

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .547 .106 5.173 .000 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.931 .757 .279 1.230 .234

a Dependent Variable: ��#<�'ا1داء ا�

# ./� K���� ������� .� /� [�% Regression for ا�دو�� ���0> دار ا�واء.1

ا�داء ا���: أو� Dependent Variable: ���ا ������ ا����دات �� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .056(a) .003 -.495 .34872

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.001 1 .001 .006 .944(a)

Residual .243 2 .122

1

Total .244 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .543 .227 2.394 .139 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.075 .950 .056 .079 .944

a Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Dependent Variable: �"#��ق ا�%& ��� ا!� �

Page 153: The relationship between The Capital Expenditure and

137

Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �#$� ا����� ��� "!�ق ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .303(a) .092 -.362 .04065

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .202 .697(a)

Residual .003 2 .002

1

Total .004 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: �#$� ا����� ��� "!�ق ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .090 .026 3.401 .077 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.050 .111 .303 .449 .697

a Dependent Variable: �#$� ا����� ��� "!�ق ا�

Dependent Variable: ا�*()��ر ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ر� &' ا����� ��� ا1 Model Summary

Page 154: The relationship between The Capital Expenditure and

138

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .092(a) .008 -.487 .03603

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .017 .908(a)

Residual .003 2 .001

1

Total .003 3

a Predictors: (Constant), �C � ��دات ا�&�ب'���Fل ا�-� ا� b Dependent Variable: ر� &' ا����� ��� ا1 Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .075 .023 3.195 .086 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.013 .098 -.092 -.131 .908

a Dependent Variable: ر� &' ا����� ��� ا1

Dependent Variable: !�دي.-, اا � �� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ا���دي ا�*( ���� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .353(a) .124 -.313 .10676

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Page 155: The relationship between The Capital Expenditure and

139

Model Sum of

Squares Df Mean Square F Sig.

Regression

.003 1 .003 .284 .647(a)

Residual .023 2 .011

1

Total .026 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ا���دي ا�*( ���� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .232 .069 3.346 .079 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.155 .291 .353 .533 .647

a Dependent Variable: ا���دي ا�*( ����

Dependent Variable: (�ح���0 ال ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ح�' ���ل ا�- � ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .221(a) .049 -.426 .02846

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .103 .779(a)

Residual .002 2 .001

1

Total .002 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ح�' ���ل ا�- � ا�

Page 156: The relationship between The Capital Expenditure and

140

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .016 .019 .852 .484 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.025 .078 .221 .321 .779

a Dependent Variable: ح�' ���ل ا�- � ا�

Dependent Variable: ���ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�

&�ب'Fا� (a) . Enter

a All requested variables entered. b Dependent Variable: ��� ا1داء ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .424(a) .179 -.231 .038

a Predictors: (Constant), 'دات ا�&�ب��� ���Fل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.001 1 .001 .437 .576(a)

Residual .003 2 .001

1

Total .004 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��� ا1داء ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .515 .025 20.680 .002 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.069 .104 -.424 -.661 .576

a Dependent Variable: ��� ا1داء ا�

Page 157: The relationship between The Capital Expenditure and

141

ا�داء ا(�4"����ش�ات:ث�ن"�Dependent Variable: دات����ل دوران ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: دات���ل دوران��� ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .151

a .023 -.466- .06964

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .047 .849(a)

Residual .010 2 .005

1

Total .010 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: دات��� ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .530 .045 11.688 .007 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.041 .190 -.151 -.217 .849

a Dependent Variable: دات��� ���ل دوران ا�

Page 158: The relationship between The Capital Expenditure and

142

Dependent Variable: ���ا ����� �!�ل دوران ا����دات Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .569(a) .323 -.015 .63338

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.383 1 .383 .955 .431(a)

Residual .802 2 .401

1

Total 1.185 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) 4.681 .412 11.354 .008 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-1.687 1.726 -.569 -.977 .431

a Dependent Variable: ����� ا1����دات � ���ل دوران ا�

Dependent Variable: 6"!�ت�ه��9 ر78 ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: 4#��ت ه��< رب@ ا�

Page 159: The relationship between The Capital Expenditure and

143

Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .227(a) .052 -.422 .05578

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .109 .773(a)

Residual .006 2 .003

1

Total .007 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: 4#��ت ه��< رب@ ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .466 .036 12.840 .006 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.050 .152 .227 .330 .773

a Dependent Variable: 4#��ت ه��< رب@ ا�

Dependent Variable: ��"4�)ي ا�0%>; ا�(.-, �= اا �>& Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .827(a) .684 .526 .10025

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�

Page 160: The relationship between The Capital Expenditure and

144

ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.044 1 .044 3.335 .173(a)

Residual .020 2 .010

1

Total .064 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .182 .065 2.787 .108 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.569 .273 -.827 -2.082 .173

a Dependent Variable: 'ا�-!�ي ا� EC�'ا� B� )*ا� �A"��#<�

Dependent Variable: ��"4�)ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا1داء ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .727(a) .528 .292 .138

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.042 1 .042 2.240 .273(a)

Residual .038 2 .019

1

Total .080 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا1داء ا�

Page 161: The relationship between The Capital Expenditure and

145

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) 1.465 .090 16.340 .004 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.562 .375 -.727 -1.497 .273

a Dependent Variable: ��#<�'ا1داء ا�

Regression for ا�دو�� ��ا��آA ا!� 2 .�8�0> ��ش�ات ا�داء ا���:أو�

Dependent Variable: ���ا ����دات ����� ا���ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .075

a .006 -.492- .04624

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .011 .925a

Residual .004 2 .002

1

Total .004 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .107 .025 4.235 .051

1

�C � ���ل ا�-F'دات ا�&�ب��� 925. 106. 075. 373. 040. ا�

a Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Page 162: The relationship between The Capital Expenditure and

146

Dependent Variable: �"#��ق ا�%& ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �#$� ا����� ��� "!�ق ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .974(a) .950 .924 .00948

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.003 1 .003 37.664 .026(a)

Residual .000 2 .000

1

Total .004 3

a Predictors: (Constant), -ل ا����F'دات ا�&�ب��� � C� ا� b Dependent Variable: �#$� ا����� ��� "!�ق ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .006 .005 1.234 .343 1

�C � ���ل ا�-��دات ا�&�ب'� Fا�

.470 .077 .974 6.137 .026

a Dependent Variable: �#$� ا����� ��� "!�ق ا�

Dependent Variable: ا�*()��ر ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ر� &' ا����� ��� ا1

Page 163: The relationship between The Capital Expenditure and

147

Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .974

a .948 .922 .00913

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.003 1 .003 36.469 .026a

Residual .000 2 .000

1

Total .003 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ر� &' ا����� ��� ا1 Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .006 .005 1.191 .356

1

�C � ���ل ا�-F'دات ا�&�ب��� 026. 6.039 974. 074. 445. ا�

a Dependent Variable: ر� &' ا����� ��� ا1

Dependent Variable: .ا � ��-, ا!�دي Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ا���دي ا�*( ���� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .979(a) .958 .937 .01268

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�

Page 164: The relationship between The Capital Expenditure and

148

ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.007 1 .007 45.510 .021(a)

Residual .000 2 .000

1

Total .008 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ا���دي ا�*( ���� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .010 .007 1.409 .294 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.690 .102 .979 6.746 .021

a Dependent Variable: ا���دي ا�*( ����

Dependent Variable: (�ح���0 ال ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 � C� ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ح�' ���ل ا�- � ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .688(a) .474 .211 .11268

a Predictors: (Constant), ��دات ا�&�ب'���Fل ا�-� � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.023 1 .023 1.800 .312(a)

Residual .025 2 .013

1

Total .048 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ح���' �ل ا�- � ا�

Page 165: The relationship between The Capital Expenditure and

149

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .035 .061 .570 .626 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

1.220 .909 .688 1.342 .312

a Dependent Variable: ح���' �ل ا�- � ا�

Dependent Variable: ���ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��� ا1داء ا� Model Summary a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b) a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��� ا1داء ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .033 .007 4.443 .047 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.573 .109 .966 5.250 .034

a Dependent Variable: ��� ا1داء ا�

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .966(a) .932 .899 .014

Model Sum of

Squares Df Mean Square F Sig.

Regression

.005 1 .005 27.562 .034(a)

Residual .000 2 .000

1

Total .005 3

Page 166: The relationship between The Capital Expenditure and

150

��ش�ات ا�داء ا(�4"��: ث�ن"� Dependent Variable: دات����ل دوران ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: دات��� ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .273

a .075 -.388- .03343

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .162 .727a

Residual .002 2 .001

1

Total .002 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: دات��� ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .197 .018 10.819 .008

1

�C � ���ل ا�- ��دات ا�&�ب'Fا��

.108 .270 .273 .402 .727

a Dependent Variable: دات��� ���ل دوران ا�

Page 167: The relationship between The Capital Expenditure and

151

Dependent Variable: ���ا ����� �!�ل دوران ا����دات

Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�

&�ب'Fا� (a) . Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .817

a .667 .501 .08010

a Predictors: (Constant), �C � ��دات ا�&�ب'���Fل ا�-� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.026 1 .026 3.011 .183a

Residual .013 2 .006

1

Total .039 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��� ا1�����ل دوران ا�����دات � Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .523 .044 11.976 .007

1

�C � ���ل ا�-F'دات ا�&�ب��� 183. -2.003- -817.- 646. -1.294- ا�

a Dependent Variable: ����� ا1����دات � ���ل دوران ا�

Dependent Variable: 6"!�ت�ه��9 ر78 ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: 4#��ت ه��< رب@ ا�

Page 168: The relationship between The Capital Expenditure and

152

Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .471(a) .222 -.168 .11801

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.008 1 .008 .569 .529(a)

Residual .028 2 .014

1

Total .036 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: 4#��ت ه��< رب@ ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .221 .064 3.436 .075 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.718 .952 .471 .755 .529

a Dependent Variable: 4#��ت ه��< رب@ ا�

Dependent Variable: ��"4�)ي ا�0%>; ا�(.-, �= اا �>& Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .012(a) .000 -.500 .19065

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�

Page 169: The relationship between The Capital Expenditure and

153

ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .000 .988(a)

Residual .073 2 .036

1

Total .073 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .084 .104 .804 .506 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.025 1.538 -.012 -.017 .988

a Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A"

Dependent Variable: ��"4�)ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا1داء ا� Model Summary a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b) a Predictors: (Constant), �� �دات ا�&�ب'���Fل ا�- � C� ا� b Dependent Variable: ��#<�'ا1داء ا�

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .219(a) .048 -.428 .048

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .101 .781(a)

Residual .005 2 .002

1

Total .005 3

Page 170: The relationship between The Capital Expenditure and

154

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .256 .026 9.788 .010 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.123 .387 -.219 -.318 .781

a Dependent Variable: ��#<�'ا1داء ا�

Regression forا�دو�� ���0> 3 .C*ق ا�و��ا ��ش�ات ا�داء ا���: أو�

Dependent Variable: ���ا ������ ا����دات �� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .840

a .706 .559 .04180

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.008 1 .008 3.809 .160a

Residual .003 2 .002

1

Total .012 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Page 171: The relationship between The Capital Expenditure and

155

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .540 .040 13.581 .005

1

�C � ���ل ا�-F'دات ا�&�ب��� 160. -2.193- -840.- 281. -615.- ا�

a Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Dependent Variable: �"#��ق ا�%& ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �#$� ا����� ��� "!�ق ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .248(a) .061 -.408 .04365

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .131 .752(a)

Residual .004 2 .002

1

Total .004 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: �#$� ا����� ��� "!�ق ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .019 .042 .460 .690 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.106 .293 .248 .362 .752

a Dependent Variable: �#$� ا����� ��� "!�ق ا�

Page 172: The relationship between The Capital Expenditure and

156

Dependent Variable: ا�*()��ر ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ر� &' ا����� ��� ا1 Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .366

a .134 -.299- .02531

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .310 .634a

Residual .001 2 .001

1

Total .001 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ر� &' ا����� ��� ا1 Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .007 .024 .308 .787

1

�C � ���ل ا�-F'دات ا�&�ب��� 634. 556. 366. 170. 094. ا�

a Dependent Variable: ر� &' ا����� ��� ا1

Page 173: The relationship between The Capital Expenditure and

157

Dependent Variable: !�دي.-, اا � �� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ا���دي ا�*( ���� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .240(a) .058 -.413 .05573

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .123 .760(a)

Residual .006 2 .003

1

Total .007 3

a Predictors: (Constant), دات��� ا�&�ب'���Fل ا�- � C� ا� b Dependent Variable: ا���دي ا�*( ���� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .025 .053 .480 .679 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.131 .374 .240 .350 .760

a Dependent Variable: ا���دي ا�*( ����

Dependent Variable: (�ح���0 ال ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ح�' ���ل ا�- � ا�

Page 174: The relationship between The Capital Expenditure and

158

Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .872(a) .761 .642 .29177

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.542 1 .542 3.369 .128(a)

Residual .170 2 .085

1

Total .712 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ح�' ���ل ا�- � ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) -.783 .278 -2.819 .106 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

4.942 1.958 .872 2.524 .128

a Dependent Variable: ح�' ���ل ا�- � ا�

Dependent Variable: ���ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��� ا1داء ا� Model Summary a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .921(a) .848 .772 .042

Page 175: The relationship between The Capital Expenditure and

159

ANOVA(b) a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��� ا1داء ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) -.038 .039 -.965 .436 1

� C� ���ل ا�-F'دات ا�&�ب��� ا�

.932 .279 .921 3.344 .079

a Dependent Variable: ��� ا1داء ا�

��ش�ات ا�داء ا(�4"��: ث�ن"� Dependent Variable: دات����ل دوران ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 C � � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: دات��� ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .143

a .020 -.469- .04696

a Predictors: (Constant), ��دات ا�&�ب'���Fل ا�-� � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .042 .857a

Residual .004 2 .002

1

Total .005 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: دات���ل دوران��� ا�

Model Sum of

Squares Df Mean Square F Sig.

Regression

.019 1 .019 3.184 .079(a)

Residual .003 2 .002

1

Total .023 3

Page 176: The relationship between The Capital Expenditure and

160

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .450 .045 10.076 .010

1

�C � ���ل ا�-F'دات ا�&�ب��� 857. -204.- -143.- 315. -064.- ا�

a Dependent Variable: دات������ ل دوران ا�

Dependent Variable: ���ا ����� �!�ل دوران ا����دات Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .121

a .015 -.478- .08230

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .030 .879a

Residual .014 2 .007

1

Total .014 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .899 .078 11.481 .008

1

�C � ���ل ا�-F'دات ا�&�ب��� 879. 172. 121. 552. 095. ا�

a Dependent Variable: ����� ا1����دات � ���ل دوران ا�

Page 177: The relationship between The Capital Expenditure and

161

Dependent Variable: 6"!�ت�ه��9 ر78 ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: 4#��ت ه��< رب@ ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .981(a) .962 .944 .01470

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.011 1 .011 51.281 .019(a)

Residual .000 2 .000

1

Total .012 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: 4#��ت ه��< رب@ ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .597 .014 42.701 .001 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.707 .099 -.981 -7.161 .019

a Dependent Variable: 4#��ت ه��< رب@ ا�

Dependent Variable: ��"4�)ي ا�0%>; ا�(.-, �= اا �>& Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 ��� �C � ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A"

Page 178: The relationship between The Capital Expenditure and

162

Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .982(a) .965 .948 .02641

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.039 1 .039 55.440 .018(a)

Residual .001 2 .001

1

Total .040 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .139 .025 5.543 .031 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-1.320 .177 -.982 -7.446 .018

a Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A"

Dependent Variable: ��"4�)ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا1داء ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .877(a) .770 .655 .029

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�

Page 179: The relationship between The Capital Expenditure and

163

ANOVA(b) a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا1داء ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .521 .027 19.067 .003 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.499 .193 -.877 -2.586 .123

a Dependent Variable: ��#<�'ا1داء ا�

Regression for ��ا�دو��<�0 ا�ردن"�. 4 ��ش�ات ا�داء ا���: أو�

Dependent Variable: ���ا ������ ا����دات �� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .330

a .109 .060 .68746

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

1.041 1 1.041 2.202 .155a

Residual 8.507 18 .473

1

Total 9.548 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Model Sum of

Squares Df Mean Square F Sig.

Regression

.006 1 .006 3.688 .123(a)

Residual .002 2 .001

1

Total .007 3

Page 180: The relationship between The Capital Expenditure and

164

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .635 .179 3.550 .002

1

�C � ���ل ا�-F'دات ا�&�ب��� 155. 1.484 330. 1.282 1.903 ا�

a Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Dependent Variable: �"#��ق ا�%& ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �#$� ا����� ��� "!�ق ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .389(a) .151 -.273 .02204

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .357 .611(a)

Residual .001 2 .000

1

Total .001 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: �#$� ا����� ��� "!�ق ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .063 .017 3.821 .062 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.088 .148 -.389 -.597 .611

a Dependent Variable: �#$� ا����� ��� "!�ق ا�

Page 181: The relationship between The Capital Expenditure and

165

Dependent Variable: ا�*()��ر ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ر� &' ا����� ��� ا1 Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .409

a .167 .121 .03205

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.004 1 .004 3.605 .074a

Residual .018 18 .001

1

Total .022 19

a Predictors: (Constant), �C � ��دات ا�&�ب'���Fل ا�-� ا� b Dependent Variable: ر� &' ا����� ��� ا1 Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .024 .008 2.913 .009

1

�C � ���ل ا�-F'دات ا�&�ب��� 074. 1.899 409. 060. 113. ا�

a Dependent Variable: ر� &' ا����� ��� ا1

Dependent Variable: !�دي.-, اا � ��

Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ا���دي ا�*( ����

Page 182: The relationship between The Capital Expenditure and

166

Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .524(a) .274 -.089 .04029

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.001 1 .001 .755 .476(a)

Residual .003 2 .002

1

Total .004 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ا���دي ا�*( ���� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .119 .030 3.915 .059 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.234 .270 -.524 -.869 .476

a Dependent Variable: ا���دي ا�*( ����

Dependent Variable: (�ح���0 ال ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ح�' ���ل ا�- � ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .199(a) .039 -.441 .08726

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�

Page 183: The relationship between The Capital Expenditure and

167

ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.001 1 .001 .082 .801(a)

Residual .015 2 .008

1

Total .016 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ح�' ���ل ا�- � ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) -.043 .066 -.660 .577 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.168 .584 .199 .287 .801

a Dependent Variable: ح�' ���ل ا�- � ا�

Dependent Variable: ���ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�'Fا�&�ب (a)

. Enter

a All requested variables entered. b Dependent Variable: ��� ا1داء ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .799(a)

.639 .458 .025

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b) a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��� ا1داء ا�

Model Sum of

Squares Df Mean Square F Sig.

Regression

.002 1 .002 3.536 .201 (a)

Residual .001 2 .001

1

Total .003 3

Page 184: The relationship between The Capital Expenditure and

168

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .207 .019 10.930 .008

1

�C � ���ل ا�-F'دات ا�&�ب��� 201. -1.880- -799.- 168. -317.- ا�

a Dependent Variable: ��� ا1داء ا�

��ش�ات ا�داء ا(�4"��: ن"�ث� Dependent Variable: دات����ل دوران ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: دات��� ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .420

a .177 .131 .11291

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.049 1 .049 3.865 .065a

Residual .229 18 .013

1

Total .279 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: دات��� ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .337 .029 11.480 .000

1

�C � ���ل ا�-F'دات ا�&�ب��� 065. 1.966 420. 211. 414. ا�

a Dependent Variable: دات��� ���ل دوران ا�

Page 185: The relationship between The Capital Expenditure and

169

Dependent Variable: ���ا ����� �!�ل دوران ا����دات Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .291

a .084 .034 1.48808

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

3.677 1 3.677 1.660 .214a

Residual 39.859 18 2.214

1

Total 43.536 19

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) 1.308 .387 3.377 .003

1

�C � ���ل ا�-F'دات ا�&�ب��� 214. 1.289 291. 2.775 3.576 ا�

a Dependent Variable: ����� ا1����دات � ���ل دوران ا�

Page 186: The relationship between The Capital Expenditure and

170

Dependent Variable: 6"!�ت�ه��9 ر78 ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: 4#��ت ه��< رب@ ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .051(a) .003 -.496 .08757

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 .005 .949(a)

Residual .015 2 .008

1

Total .015 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: 4#��ت ه��< رب@ ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .582 .066 8.831 .013 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.042 .586 -.051 -.072 .949

a Dependent Variable: 4#��ت ه��< رب@ ا�

Page 187: The relationship between The Capital Expenditure and

171

Dependent Variable: ��"4�)ي ا�0%>; ا�(.-, �= اا �>& Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .908(a) .824 .735 .05419

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.027 1 .027 3.340 .092(a)

Residual .006 2 .003

1

Total .033 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .013 .041 .316 .782 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-1.109 .363 -.908 -3.056 .092

a Dependent Variable: !-ا� EC�'ا� B� )*ا� �A"��#<�'ي ا��

Page 188: The relationship between The Capital Expenditure and

172

Dependent Variable: ��"4�)ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: <�'ا1داء ا���# Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .894

a .799 .698 .052

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.022 1 .022 3.949 .106a

Residual .005 2 .003

1

Total .027 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا1داء ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .612 .039 15.542 .004

1

�C � ���ل ا�-F'دات ا�&�ب��� 106. -2.819- -894.- 351. -988.- ا�

a Dependent Variable: ��#<�'ا1داء ا�

Page 189: The relationship between The Capital Expenditure and

173

Regression for 5 .ا�دو�� ��اG"�ة <�0 ��ش�ات ا�داء ا���: أو�

Dependent Variable: ا�ا�� ������ ا����دات �� � �! Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .914(a) .836 .754 .00841

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.001 1 .001 3.187 .086(a)

Residual .000 2 .000

1

Total .001 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ا����� ��� ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .044 .005 9.217 .012 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.274 .086 .914 3.192 .086

a Dependent Variable: ����� ا1����دات � ا����� ��� ا�

Page 190: The relationship between The Capital Expenditure and

174

Dependent Variable: �"#��ق ا�%& ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �#$� ا����� ��� "!�ق ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .953(a) .908 .863 .00714

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.001 1 .001 19.820 .047(a)

Residual .000 2 .000

1

Total .001 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: �#$� ا����� ��� "!�ق ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .039 .004 9.579 .011 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.324 .073 .953 4.452 .047

a Dependent Variable: �#$� ا����� ��� "!�ق ا�

Page 191: The relationship between The Capital Expenditure and

175

Dependent Variable: ا�*()��ر ��� ا!� � Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 � C� ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ر� &' ا����� ��� ا1 Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .899(a) .808 .712 .01776

a Predictors: (Constant), ل ا����F'دات ا�&�ب��� � C� ا�- ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.003 1 .003 3.430 .101(a)

Residual .001 2 .000

1

Total .003 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ر� &' ا����� ��� ا1 Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .071 .010 6.967 .020 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.526 .181 .899 2.904 .101

a Dependent Variable: ر� &' ا����� ��� ا1

Page 192: The relationship between The Capital Expenditure and

176

Dependent Variable: !�دي.-, اا � �� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ا���دي ا�*( ���� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .921(a) .848 .772 .01048

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.001 1 .001 3.137 .079(a)

Residual .000 2 .000

1

Total .001 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ا���دي ا�*( ���� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .045 .006 7.536 .017 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.357 .107 .921 3.337 .079

a Dependent Variable: ا���دي ا�*( ����

Page 193: The relationship between The Capital Expenditure and

177

Dependent Variable: (�ح���0 ال ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ح�' ���ل ا�- � ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .426(a) .181 -.228 .07620

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.003 1 .003 .443 .574(a)

Residual .012 2 .006

1

Total .014 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ح�' ���ل ا�- � ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .024 .044 .542 .642 1

�C � ���ل ا�-�� �دات ا�&�ب'Fا�

.517 .777 .426 .666 .574

a Dependent Variable: ح�' ���ل ا�- � ا�

Page 194: The relationship between The Capital Expenditure and

178

Dependent Variable: ���ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��� ا1داء ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .341(a) .116 -.325 .004

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.000 1 .000 .264 .659(a)

Residual .000 2 .000

1

Total .000 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��� ا1داء ا�

Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .130 .003 50.988 .000 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

.023 .045 .341 .513 .659

a Dependent Variable: ��� ا1داء ا�

Page 195: The relationship between The Capital Expenditure and

179

��ش�ات ا�داء ا(�4"��: ث�ن"� Dependent Variable: دات����ل دوران ا�!� Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: �������دات � ا1�����ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .874(a) .764 .646 .03130

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.006 1 .006 3.483 .126(a)

Residual .002 2 .001

1

Total .008 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ����� ا1����دات � ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .343 .018 19.209 .003 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.813 .319 -.874 -2.546 .126

a Dependent Variable: ����� ا1����دات � ���ل دوران ا�

Page 196: The relationship between The Capital Expenditure and

180

Dependent Variable: �����ا����!�ل دوران ا����دات Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: دات��� ���ل دوران ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .859(a) .739 .608 .07657

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.033 1 .033 3.652 .141(a)

Residual .012 2 .006

1

Total .045 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: دات��� ���ل دوران ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .714 .044 16.335 .004 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-1.857 .781 -.859 -2.377 .141

a Dependent Variable: دات��� ���ل دوران ا�

Page 197: The relationship between The Capital Expenditure and

181

Dependent Variable: 6"!�ت�ه��9 ر78 ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: 4#��ت ه��< رب@ ا� Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .618(a) .382 .073 .00612

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.000 1 .000 1.235 .382(a)

Residual .000 2 .000

1

Total .000 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: 4#��ت ه��< رب@ ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .708 .003 202.729 .000 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.069 .062 -.618 -1.112 .382

a Dependent Variable: 4#��ت ه��< رب@ ا�

Page 198: The relationship between The Capital Expenditure and

182

Dependent Variable: ��"4�)ي ا�0%>; ا�(.-, �= اا �>& Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Model Summary

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .554(a) .307 -.039 .03121

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares df Mean Square F Sig.

Regression

.001 1 .001 .887 .446(a)

Residual .002 2 .001

1

Total .003 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا�-!�ي ا� EC�'ا� B� )*ا� �A" Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta T Sig.

(Constant) .069 .018 3.898 .060 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.300 .318 -.554 -.942 .446

a Dependent Variable: �!-ا� EC�'ا� B� )*ا� �A"��#<�'ي ا�

Page 199: The relationship between The Capital Expenditure and

183

Dependent Variable: ��"4�)ا�داء ا Variables Entered/Removed(b)

Model Variables Entered

Variables Removed Method

1 �C � ���ل ا�-��دات � ا�F'ا�&�ب(a)

. Enter

a All requested variables entered. b Dependent Variable: #<�'ا1داء ا��� Model Summary a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا� ANOVA(b)

Model Sum of

Squares Df Mean Square F Sig.

Regression

.006 1 .006 3.731 .139(a)

Residual .002 2 .001

1

Total .007 3

a Predictors: (Constant), F'دات ا�&�ب��� ���ل ا�- � C� ا�b Dependent Variable: ��#<�'ا1داء ا� Coefficients(a)

Unstandardized Coefficients

Standardized Coefficients

Model B Std. Error Beta t Sig.

(Constant) .459 .018 25.828 .001 1

�C � ���ل ا�-F'دات ا�&�ب��� ا�

-.760 .317 -.861 -2.394 .139

a Dependent Variable: ��#<�'ا1داء ا�

Model R R Square Adjusted R

Square Std. Error of the Estimate

1 .861(a) .741 .612 .031