本文的研究目的是探討電子業次產業對營運資金需求之影響及實證營運資金需求之不同決定變數。經以我國上市櫃電子業2002-2011年之公司為對象分析後發現，上市電子業營運資金的決定因素為營業現金流量、自由現金流量、市值淨資產比、市場佔有率、財務艱困、負債比率、營收成長率、營業毛利率及固定資產週轉次數；上櫃電子業營運資金的決定因素為營業現金流量、市值淨資產比、市場佔有率、負債比率、營收成長率及固定資產週轉次數。研究結果除提供業界做為決策參考外，亦或能填補目前相關文獻的缺口。

The purpose of this thesis is to explore the impact of the electronic industry on the working capital requirements and to positive working capital requirements in the different decision variables. The data used for this thesis are obtained from the company of electronic industry listed on Taiwan Stock Exchange and Over-the-Counter markets, and the sample period is from 2002 to 2011. The main findings of this thesis, listed electronics industry determinants of working capital for operating cash flow, free cash flow, market value to book value ratio, market share, financial distress, debt ratio, the rate of sale growth, operating margin and fixed asset turnover. However, OTC electronics industry determinants of working capital for operating cash flow, market value to book value ratio, market share, debt ratio, the rate of sale growth, and fixed asset turnover. The results of this study, is not only to provide the reference to manager of decision-making but also to fill the gap of the current literature.

誌謝詞
中文摘要
英文摘要
表目錄 ………………………….. ………………..…….. …. ….. ….. ………….. .VI圖目錄  …………………………………………..…….. …. ….. ….. ………….. VII
第一章 緒論………………………….. ………………..…….. …. ….. ………….. ..1
第一節 研究背景與動機  ………. …………. …………. …………………..1
第二節 研究目的  ………….. ……………. ………………………………...2
第三節 論文結構與研究流程 .. ………………. ……. ..……. ……………...3
第二章 文獻回顧 …………….. .. ..… ……………. ….. .. .. .. ..… ………………..5
第一節 營運資金管理對企業經營之重要性 ……….. .. .. .. . .… …………..5
第二節 營運資金管理決定因素回顧. ….. .. . . ….. .. .. .. ..…. .. . .……….. ...6
第三節 本章綜合評述 .. .. ..…. ….. .. .. .. ..…  ……. ….. .. .. .. ..………...12
第三章 研究方法. .. ..… ……. …. . ….. .. .. ..…. .. .. .. ..……………..… ……......14
第一節 研究架構圖 .. ..… …………………..… ……………..… ………...14
第二節 變數的選擇 .. ..… …………………..… ……………..… ………...15
第三節 實證模式 ……. …. . ….. .. .. ..…. .. .. .. ..……………..… ……......16
第四節 資料來源 ……. …. . ….. .. .. ..…. .. .. .. ..……………..… ……......17
第四章 實證結果分析 … ……. .. …. . ….. .... ..…. . .. .. ..……………..… …......22
第一節 敘述統計分析 . …. . ….. .. .. ..…. .. .. .. ..………..……..… …......22
第二節 營運資金需求決定因素分析 ..…. .. .. .. ....…………….… …......36
第三節 本章實證結果彙述. . ….. .. .. ..…. .. .. .. ..………..……..… …......76
第五章 結論與建議 … ……. …. . ….. .. .. ..… .. .. .. ..…..……………..… …......80
第一節 研究結果與意涵  . …. . ….. .. .. .... .. ..…. .. . ..………..… …......80
第二節 研究限制 . …. ….. ….….. .. .. ..... . ... .. ..…..…………..… …......82
第三節 未來研究建議 ….. ….….. .. .. .. .. .. . ... ..…..…………..… …......83
參考文獻  ……………….. …………….. .. ….... ….. ..…. …….. …………….. ..84

表目錄
表 3.5.1 上市電子業上中下游及次產業分類一覽表……. …. . ….. .. .. ..…. .. .....17
表3.5.2 上櫃電子業上中下游及次產業分類一覽表……. …. . ….. .. .. ..…. .. .....19
表4.1.1 上市電子業全體樣本的敘述統計 …………………. …. . ….. .. .. ..…....22
表4.1.2 上市電子業上中下游樣本的敘述統計 … ……………. …. ... .. .. ..…....23
表4.1.3 上市電子業次產業分類樣本的敘述統計………………. …. ... .. .. .…....25
表4.1.4 上櫃電子業全體樣本的敘述統計………………. …… …… ... .. .. .…....29
表4.1.5 上櫃電子業上中下游樣本的敘述統計……………………. …. .. .. .…....29
表4.1.6 上櫃電子業次產業分類樣本的敘述統計…………………. …. .. .. .…....32
表4.2.1 上市電子業全體營運資金需求決定因素之迴歸結果……. …. .. .. .…....36
表4.2.2 上市電子業上中下游營運資金需求決定因素之迴歸結果 …. .. .. .…....39
表4.2.3 上市電子業次產業分類營運資金需求決定因素之迴歸結果 . .. .. .…....45
表4.2.4 上市電子業年度營運資金需求決定因素之迴歸結果 …. . . .. .. .. . .. .....52
表4.2.5 上櫃電子業全體營運資金需求決定因素之迴歸結果 …. . . .. .. .. . .. .....56
表4.2.6 上櫃電子業上中下游營運資金需求決定因素之迴歸結果. . .. .. .. . .. .....59
表4.2.7 上櫃電子業次產業分類營運資金需求決定因素之迴歸結果.. .. .. . .. .....65
表4.2.8 上櫃電子業年度營運資金需求決定因素之迴歸結果 …. . . .. .. .. . .. .....72
表 4.3.1 上市電子業營運資金需求決定因素之迴歸結果…………. …. .. .. .…....77
表 4.3.2 上櫃電子業營運資金需求決定因素之迴歸結果…………. …. .. .. .…....79

圖目錄
圖 1.3.1 本文研究流程圖.. .. ..… ………………..… ………..... 4
圖3.1.1 本文研究架構 …………….……………………………………………14
圖4.1.1 我國上市電子業營運資金需求趨勢圖 (2002-2011) ………….....29
圖4.1.2 我國上櫃電子業營運資金需求趨勢圖 (2002-2011) ………….....35

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吳岱儒(2004)，財務管理，全華出版社
謝劍平(2006)，財務管理新觀念與本土化，第三版，智勝文化事業有限公司
毛遠誠(2005)台灣電子業的發展

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