本文係運用我國紡織業公司之垂直整合程度高低對其營運資金管理及財務績效之影響進行辨識與分析。首先，以2001-2010年間自公開資訊觀測站及台灣經濟新報資料庫所截取之資料進行分析後，發現垂直整合程度確實透過公司營運資金管理之中介效果而對財務績效有顯著影響。其次，本研究發現只要具有上游的類別，其營運資金的管理均相對較佳，突顯出紡織業的上游所具有原料壟斷的絕對優勢，將展現現金轉換天數的顯著縮短上。最後，我國紡織業公司的垂直整合程度並未直接對其長短財務績效產生影響，而係經由營運資金管理的效果，而間接地影響到公司的長短期財務績效，是以營運資金管理在垂直整合程度與長短財務績效間係扮演著完全中介的角色。以上之研究發現除了延伸現有垂直整合程度影響相關文獻的知識前緣外，對紡織業的管理階層亦或具有營運上的啟發。

This paper investigates the degree of vertical integration on the impact of working capital management and financial performance - an example for Textile Industrythe. First, the data span 2001-2010 were analyzed, the data announced by TWSE Market Observation Post System and Taiwan Economic Journal database. The study found that the degree of vertical integration does have a significant effect on financial performance through the the company's working capital management. Second, it also found the upstream textile industry have better management of working capital because they can monopolize the raw material , so we found that the upstream textile industry could shorten the cash conversion days significantly. Finally, we believe the length of financial performance can’t directly influence by the degree of vertical integration of the textile company in Taiwan, on the other hand, the working capital management plays a mediating role between the vertical integration of the textile industry and the length of financial performance, so the degree of vertical integration could affect the length of financial performance indirectly through the working capital management. This study in addition to extend the existing degree of vertical integration of the knowledge of the literature, it also can provide the management of the textile industry some significantly edification.

目   錄
誌    謝	I
中文摘要	II
英文摘要	III
目    錄	IV
表 目 錄	V
圖 目 錄	VI
第一章  緒論	1
第一節  研究背景與動機	1
第二節  研究目的	3
第三節  研究範圍	3
第四節  論文結構	4
第二章 我國紡織業產業分析	6
第一節  我國紡織業的重要性與發展概況	6
第二節  我國紡織業的主要次產業說明	9
第三章 文獻回顧	21
第一節  垂直整合程度對企業財務績效之影響	21
第二節  營運資金管理對企業財務績效之影響	24
第三節  文獻評述	27
第四章  研究設計	30
第一節  研究架構圖	30
第二節  研究假說	31
第三節  變數定義	32
第四節  估計模式	36
第五節  資料來源及樣本選取	36
第五章  實證分析	38
第一節  敘述統計分析	38
第二節  迴歸分析結果	49
第六章 結論及建議	72
第一節  研究結論	72
第二節  研究限制	73
第三節  研究建議	73
參考文獻	74

表目錄
表2.1.1  以新台幣計之製造業及各產業產值及成長率	7
表2.1.2  台灣紡織產業近十年發展過程	8
表2.2.1  針織布業之細項產業及其產品定義一覽表	14
表2.2.2  織布業主要細產業銷售值比重趨勢	14
表2.2.3  成衣業之產品名稱與定義一覽表	16
表2.2.4  我國成衣業銷售值變化趨勢	16
表4.3.1  財務績效 (FP) 定義之說明	33
表5.1.1  各變數平均值及標準差(各年度)	38
表5.1.2  各變數最小值、最大值、平均值及標準差(全年度)	39
表5.1.3  第一類垂直整合之敘述統計	41
表5.1.4  第二類垂直整合之敘述統計	43
表5.1.5  第三類垂直整合之敘述統計	46
表5.2.1  短期財務績效(rosa)多元迴歸分析－垂直整合型態(一)	51
表5.2.2  短期財務績效(rosa)多元迴歸分析－垂直整合型態(二)	53
表5.2.3  短期財務績效(rosa)多元迴歸分析－垂直整合型態(三)	54
表5.2.4  短期財務績效(rosb)多元迴歸分析－垂直整合型態(一)	56
表5.2.5  短期財務績效(rosb)多元迴歸分析－垂直整合型態(二)	58
表5.2.6  短期財務績效(rosb)多元迴歸分析－垂直整合型態(三)	59
表5.2.7  長期財務績效(roaa)多元迴歸分析－垂直整合型態(一)	61
表5.2.8  長期財務績效(roaa)多元迴歸分析－垂直整合型態(二)	63
表5.2.9  長期財務績效(roaa)多元迴歸分析－垂直整合型態(三)	65
表5.2.10 長期財務績效(roea)多元迴歸分析－垂直整合型態(一)	67
表5.2.11 長期財務績效(roea)多元迴歸分析－垂直整合型態(二)	69
表5.2.12 長期財務績效(roea)多元迴歸分析－垂直整合型態(三)	71

圖目錄
圖1.4.1  本研究流程圖	5
圖2.2.1  台灣紡織產業結構	10
圖2.2.2  人纖業-聚酯絲生產製程	11
圖2.2.3  人纖業-尼龍絲生產製程	12
圖2.2.4  棉梭織布業生產流程	12
圖2.2.5  人造纖維梭織布業生產流程	13
圖2.2.6  針織布業生產流程	15
圖4.1.1  本文之研究架構	30
圖5.1.1  紡織業各年度獲利狀況	40
圖5.1.2  第一類－含上游獲利狀況	42
圖5.1.3  第一類－未含上游獲利狀況	42
圖5.1.4  第二類－僅含上游獲利狀況	44
圖5.1.5  第二類－僅含上、中游獲利狀況	44
圖5.1.6  第二類－含上、中、下游獲利狀況	45
圖5.1.7  第二類－未含上游獲利狀況	45
圖5.1.8  第三類－僅含上游獲利狀況	47
圖5.1.9  第三類－僅含中游獲利狀況	47
圖5.1.10 第三類－僅含下游獲利狀況	48
圖5.1.11 第三類－有跨足上、中、下游獲利狀況	48
圖5.2.1  垂直整合、營運資金管理與短期財務績效之因徑分析圖(1)	51
圖5.2.2  垂直整合、營運資金管理與短期財務績效之因徑分析圖(2)	57
圖5.2.3  垂直整合、營運資金管理與長期財務績效之因徑分析圖(3)	62
圖5.2.4  垂直整合、營運資金管理與長期財務績效之因徑分析圖(4)	68

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