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系統識別號 U0002-1101201214284900
中文論文名稱 電子金流與匯兌管理對公司價值影響之研究
英文論文名稱 TWO ESSAYS RELATED TO THE INFLUENCES OF ELECTRONIC MONEY AND CURRENCY MANAGEMENT ON FIRM VALUE
校院名稱 淡江大學
系所名稱(中) 管理科學學系博士班
系所名稱(英) Doctoral Program, Department of Management Sciences
學年度 100
學期 1
出版年 101
研究生中文姓名 黃寶玉
研究生英文姓名 Pao-Yu Huang
學號 897620026
學位類別 博士
語文別 英文
口試日期 2012-01-03
論文頁數 68頁
口試委員 指導教授-倪衍森
委員-邱永和
委員-詹乾隆
委員-陳勝源
委員-張琬喻
委員-邱建良
委員-黃振豊
委員-倪衍森
中文關鍵字 公司價值  電子金流C計劃  存貨週轉率  營運資金管理  匯兌管理  公司治理 
英文關鍵字 Firm Value  Electronic Money C Plan  Inventory Turnover Ratio  Working Capital Management  Foreign Exchange Management  Corporate Governance 
學科別分類
中文摘要 台灣許多企業的活動與進出口有關,近年來,由於國際企業的激烈競爭,使企業的毛利日漸萎縮,是以如何降低成本避免損失,以在競爭激烈的國際市場中生存,成為企業強調的重點。第一篇文章探討企業導入B2B電子金流C計畫與公司價值之關係,結果顯示短期融資有壓力的電子公司比較有導入電子金流的動機,此外發現,企業導入電子金流可改善存貨週轉率進而增加其公司價值。
第二篇文章探討匯兌管理與公司價值之關係,由於如何從會計科目中找尋代表匯兌管理之變數有其困難,因此本研究採用匯兌損益占營業利益之絕對值,取代傳統避險變數作為匯兌管理之代理變數,研究顯示企業維持此比率於較低水準可增進公司價值。
綜合言之,第一篇文章揭示電子金流C計畫可透過財務報表上之存貨周轉率的提升以改善公司價值,第二篇文章說明降低匯率變動之負面衝擊,有助於公司價值的提高。因此,公司應對其財務報表詳細地加以審視,此將有裨益公司財務管理能力的增進,進而提升公司的價值。
英文摘要 Most of business activities have connections with imports and export in Taiwan. Nowadays, the profit margin is shirking gradually due to serious competition of international business. Thus, how to reduce the cost and avoid the loss should be emphasized for enterprises in order to survive in the competitively international markets. Essay one examines the relation between the implementing B2B electronic money C plan and firm value. The results show that companies with trouble in short-term financing would incline to implement electronic money. Moreover, companies with implementing electronic money would improve turnover ratio of inventory, and then possibly enhance the firm value.
Essay two investigates the relation between currency management and firm value. Due to the difficulty of finding accounts representing currency management variables, therefore, we use the absolute value of the exchange gain (loss) over operating income instead of traditional hedging variables as currency management proxy. The empirical results show enterprises with maintaining this ratio at a low level would enhance the firm value.
In sum, Essay one discloses that implementing electronic C plan might improve the firm value by lifting up inventory turnover ratio. Essay two shows that reducing the risk caused by the fluctuation of exchange rate changes would have negative impact on firm value. Thus, financial statements reviewed carefully would benefit for enhancing the ability of financial management, which might promote the firm value.
論文目次 Contents
Contents.......……….........………...........…………..........…………...………….......I
List of Tables……….......……….........………...........………..........……..……......III
List of Figures……….....…………………...……………….….….…….….............IV
Chapter 1 Introduction…………………….............….………...……....................1
Chapter 2 Do B2B Electronic Money C Plans Affect Firm Value? ….….…….4
2.1 Introduction………………………………………………...…………......4
2.2 Literature Review………………………………………..……………..…9
2.2.1 Brief Introduction of the C Plan…………….….…………….....9
2.2.2 Performance Evaluation………………………………….……11
2.2.3 Performance Evaluation of E-Commerce……………………..13
2.3 Data Collection and Variables Employed.…….………………………..16
2.3.1 Data Collection…………………..……………………………...16
2.3.2 Variables Employed…………………………………………....17
2.3.3 Methodologies……..………..…………………………………..20
2.4 Empirical Results and Analyses…………………………………………21
2.4.1 Descriptive Statistics…………………………….……………..22
2.4.2 Financial Characteristics related to Implementing Electronic
Money………………..……………………………………….....23
2.4.3 The Effect of Electronic Money Implemented and Financial
Characteristics on Firm Value……………………....................25
2.4.4 The Effect of Electronic Money Implemented on Turnover
Ratios related to Cash Conversion Cycle……………..…..…..27
2.5 Summary Remarks…..…………………………………………………..30

Chapter 3 Does Currency Management Matter for Firm Value?……………..33
3.1 Introduction………………………………………………………..….…33
3.2 Data Collection and Variable Employed……...............………….…….37
3.2.1 Data Collection…………………………………………….........37
3.2.2 Variable Employed……………………………………………..37
3.3 Empirical Results and Analysis…………….…………...….……….…..44
3.3.1 Descriptive Statistics………………….…………………….…..44
3.3.2 Financial Characteristics and Currency Management for
Firm Value…………………………………….…….….….……45
3.4 Summary Remarks……………………………………....…….….....…54

Chapter 4 Conclusions and Suggestions…………..………………….……….…57
References……………………………………………………………….…..………62
List of Tables

Table 2-1 Descriptive statistics………………………………………………..…...23
Table 2-2 Empirical results for logit regression models…………...…………...….24
Table 2-3 Empirical results for panel data models………………………….…..….26
Table 2-4 Multiple regression analysis of A/R turnover ratio………….…...….......28
Table 2-5 Multiple regression analysis of Inventory turnover ratio…...….……......29
Table 2-6 Multiple regression analysis of A/P turnover ratio………..……….........30
Table 3-1 Summary statistics…………………………………………………...….44
Table 3-2 Model I….……..………………………………….…………...………...47
Table 3-3 Model II…….……………….…………………………………………..49
Table 3-4 Model III……………….……………….…………………….…………52
List of Figures

Figure 2-1 The operating cycle and the cash cycle…………………….... ……….…7
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