淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-2006201322475700
中文論文名稱 營運資金融資政策對企業長短期績效之影響─以電子產業為例
英文論文名稱 Impact of working capital financing policy on long-term and short-term performance-The case of listed electronic industry.
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 101
學期 2
出版年 102
研究生中文姓名 林怡萱
研究生英文姓名 Yi-Hsuan Lin
學號 600600596
學位類別 碩士
語文別 中文
口試日期 2013-06-13
論文頁數 60頁
口試委員 指導教授-張寶光
共同指導教授-陳薇如
委員-陳心田
委員-丁緯
中文關鍵字 營運資金融資政策  現金轉換循環  景氣因素  財務績效 
英文關鍵字 Working capital financing policy  Cash conversion cycle  Environment indicators  Firms' performance 
學科別分類
中文摘要 過去研究營運資金融資政策與企業獲利關係的研究不多,又考慮到權衡理論後仍無法得到與理論相符的結論。然營運資金的管理攸關企業的生存與獲利,本研究根據營運資金融資政策之定義修改過去衡量指標;加上企業營運上的風險通常受許多內在營運特性及外在環境因素有關,因此本研究探討營運資金融資政策對企業長短期績效的影響方向,並以不同現金轉換循環及景氣因素為基礎,進一步了解較積極的營運資金融資政策對企業長短期績效的影響方向。本文以2000至2011年台灣之上市電子產業為研究對象,以縱橫資料迴歸分析進行實證,因電子業公司數量龐大、且上中下游不同流程之產業特性、結構明顯不同,為深入瞭解電子業之營運資金融資政策對績效之影響,本研究將樣本區分上中下游使結果更加精確。實證結果發現,整體而言,營運資金融資政策與股東權益報酬率、淨利率呈顯著負相關、再以不同現金轉換循環及景氣因素後,現金轉換循環越速度越快,營運資金融資政策與資產報酬率呈顯著正相關;景氣越活絡,營運資金融資政策與資產報酬率呈顯著正相關。
英文摘要 There are little research about working capital financing policy and profitability. Even after taking into the trade-off theory can’t be consistent with the theoretical conclusions. In the study, we modify the measure based on the definition of WCFP. And in different cash conversion cycle and the change of the environment, to investigate more aggressive working capital financing policy on performance. The article have used panel data for the period of 2000-2011 to estimate the impact of working capital financing policy on long-term and short-term performance from Taiwanese electronic listed firms. And make sample distinction between the upper, middle and to lower stream of industry. The results show that there are a statistical significant negative relationship between working capital financing policy and return on equity、return on sales for overall. In the view of different cash conversion cycle, the more cash conversion cycle is shorter, the more working capital financing policy is a significant positive correlation with return on assets,; In the view of different environment changed, the more environment is active, the more working capital financing policy is a significant positive correlation with return on assets.
論文目次 目錄
中文摘要I
圖目錄IV
表目錄V
第壹章 緒論1
第一節 研究背景與動機1
第二節 研究問題與目的2
第三節 研究架構3
第四節 研究流程4
第貳章 文獻探討5
第一節 營運資金融資政策之特性 5
第二節 影響營運資金融資政策之其他因素10
第三節 文獻評述15
第參章 研究方法17
第一節 研究架構與假說17
第二節 變數定義與衡量20
第三節 統計方法與實證模型25
第四節 樣本選取與資料來源29
第肆章 實證結果與分析30
第一節 基本資料分析30
第二節 敘述統計分析31
第三節 相關係數矩陣34
第四節 迴歸分析37
第伍章 研究結論與意涵51
第一節 研究結果51
第二節 管理意涵52
第三節 研究限制與建議53
參考文獻55

圖目錄
圖2-1-1積極的營運資金融資政策7
圖2-1-2保守的營運資金融資政策7
圖3-1-1研究架構17

表目錄
表2-1-1營運資金政策對企業績效之影響10
表3-2-1 變數之定義25
表4-1-1 樣本篩選過程30
表4-1-2 樣本年度分布彙總表31
表4-1-3 本電子業上中下游分布彙總表31
表4-2-1 敘述性統計表32
表4-2-2 積極/保守之營運資金融資政策平均數34
表4-3-1 相關係數矩陣36
表4-4-1 營運資金融資政策與ROA、ROE、ROS之迴歸結果38
表4-4-2 營運資金融資政策與ROA(以報酬高低區分)之迴歸結果40
表4-4-3 營運資金融資政策與ROE(以報酬高低區分)之迴歸結果40
表4-4-4 營運資金融資政策與ROS(以報酬高低區分)之迴歸結果42
表4-4-5 營運資金融資政策與ROA(以現金轉換循環長短區分)之迴歸結果44
表4-4-6 營運資金融資政策與ROE(以現金轉換循環長短區分)之迴歸結果45
表4-4-7 營運資金融資政策與ROS(以現金轉換循環長短區分)之迴歸結果46
表4-4-8 營運資金融資政策與ROA(以景氣好壞區分)之迴歸結果48
表4-4-9 營運資金融資政策與ROE(以景氣好壞區分)之迴歸結果49
表4-4-10營運資金融資政策與ROS(以景氣好壞區分)之迴歸結果50

參考文獻 參考文獻
一、中文文獻
1.王文箴,2000,台灣半導體製造業之景氣循環與經營績效之分析,交通大學科技管理研究所碩士論文。
2.王奕云,2010,經濟週期和產業對融資政策與權益報酬關係之影響,淡江大學會計學系碩士在職專班碩士論文。
3.吳依純 (2003),景氣變動下企業營運資金管理政策與財務績效之研究,中國文化大學國際企業管理。
4.吳偉文、李右婷、帥嘉珍,2006,財務管理與財務報表分析,李唐文化。
5.吳涵雯,2002,景氣變動對營運資金管理之影響及相關議題之研究,國立成功大學會計-學研究所碩士論文。
6.呂豫文,1991,營運資金融資政策之實證研究,淡江大學管理科學研究所未出版碩士論文。
7.邱吉爾,穆林斯,2004,企業成長有多快?哈佛商業評論中文版,第43卷(4月):118-128。
8.胡愛萍、秦國華,2010,營運資金管理評價方法研究,管理評論10:36-39。
9.陳隆麒,2004,當代財務管理 二版,華泰文化出版。
10.曾昭玲、周小玲,2007,企業成長機會之於融資政策及股利政策影響之多期性研究,東吳經濟商學學報,第57期(6月):49-77。
11.曾昭玲、周小玲,2010,我國上市櫃企業以短支長融資模式之從眾行為探討,台灣管理學刊:103-127。
12.黃小雲,2001,我國企業營運資金管理相關議題之實證研究:產業效果,流動性及短期融資之探討,國立成功大學會計研究所碩士論文。
13.葉政鑫,2010,企業營運資金管理策略對經營績效影響之研究,國立政治大學企業管理研究所碩士論文。
14.薛伊町,2000,資訊電子業營運資金管理之研究,國立政治大學企業管理研究所碩士論文。
二、英文文獻
1.Adina, E. D. 2010. Working capital management and profitability: a case of Alba countycompanies. Annales Universitatis Apulensis Series Oeconomica. 12(1): 364-375
2.Afza, T., and M. S. Nazir. 2007. Is it better to be aggressive or conservative in managing working capital? Journal of Quality and Technology Management 3(2): 11-21.
3.Afza, T., and M. S. Nazir. 2008. Working capital approaches and firm’s returns in pakistan. Pakistan Journal of Commerce and Social Sciences 1: 25-36.
4.Afza, T., and M. S. Nazir. 2009. Impact of aggressive working capital management policy on firms’ profitability. The IUP Journal of Applied Finance 15(8): 19-30.
5.Barclay, M. J., and C. W. Smith. 1995. The maturity structure of corporate debt. Journal of Financial Economics (50)2: 609-631.
6.Boisjoly, R. 2009. The cash flow implications of managing working capital and capital investment. Journal of Business & Economic Studies 15(1): 98-109..
7.Brigham, E. F., and M. C. Ehrhardt. 2004. Financial Management: Theory and Practice, 11th ed, South-Western College Publishing: New York.
8.Chiou, J. R., L. Cheng, and H. W. Wu. 2006. The determinants of working capital management. Journal of American Academy of Business 10: 149-155.
9.Dages, B., L. Goldberg, and D. Kinney. 2000. Foreign and domestic bank participation in emerging markets: Lessons from Mexico and Argentina. economic policy review. Federal Reserve Bank of New York 6 (September): 17-36.
10.Deloof, M. 2003. Does working capital management affect profitability of beligian firms Journal of Business Finance and Accounting 38(8): 573-587.
11.Eljelly, M. A. 2004. Liquidity- profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management 14(2): 48-61.
12.Erasmus, P. D. 2010. Working capital management and profitability: The relationship between the net trade cycle and return on assets. Management Dynamics 19(1): 2-10.
13.Filbeck, G., and T. Krueger. 2005. Industry related differences in working capital management, Mid-American Journal of Business 20(2): 11-18.
14.Gaver, J. J., and K. M. Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies. Journal of Accounting and Economics 16(1): 125-160.
15.Ghassan, T., Z. Naser, and S. Nasif, 2010 The determinants of effective working capital management policy: a case study on Jordan. Interdisciplinary Journal Of Contemporary Research In Business 2(4): 248-265.
16.Gitman, L. A. 2005. Principles of Managerial Finance, 11th ed ,New York: Addison Wesley Publishers.
17.Harris, A. 2005. Working capital management: difficult, but rewarding. Financial Executive 21(4): 52-53.
18.Howorth, C., and P. Westhead. 2003. The Focus of working capital management in uk small firms. Management Accounting Research 14(2): 94-111.
19.Jensen, M. C. 1986. Agency cost of free cash flow, corporate finance, and takeover. American Economics Review 76: 323-329.
20.Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behaviour, agency cost and ownership structure. Journal of Financial Economics 3: 305-360.
21.Jose, M. L., C. Lancaster, and J. L. Stevens. 1996. Corporate return and cash conversion cycle. Journal of Economics and Finance 20: 33-46.
22.Jun, S. G., and F. C. Jen. 2003. Trade-off model on debt maturity structure. Review of Quantitative Finance and Accounting 20: 5-34.
23.Kieschnich, R., M. LaPlante, and R. Moussawi. 2006. Corporate working capital management: determinants and consequences. Working paper, University of Texas, Dallas.
24.Mansah, P. 1982. The choice between equity and debt: An empirical study. Journal of Finance. 37(1): 121-145.
25.Merville, L. J., and L. A. Tavis. 1973. Optimal working capital policy: A chance constrained programming approach. Journal of Financial and Quantitative Analysis. 8(1): 47-59.
26.Mohamad N.E.A., and N.B.M. Saad. 2010. Working capital management: The effect of market valuation and profitability in Malaysia. International Journal of Business and Management 5(11): 140-147.
27.Moyer, R. C., J. R. Mcguian, and W. J. Kretlow. 2005. Contemporary financial management. South-Western College Publication: New York.
28.Muhammad, A., and I. H. Sye. 2011. Impact of working capital management on firms’ performance: Evidence from non-financial institutions of kse-30 index. Interdisciplinary Journal Of Contemporary Research in Business 3(5): 481-492.
29.Mulford, C. W., E. E. Comidkey, and S. R. Nutt. 1997. Cause of a sudden decline in earnings: Warnings for lenders and loan review officers. Financial Analysis Journal. 53:
30.Myers, S. C. 1977. Determinants of corporate borrowing. Journal of Financial Economics. 5: 147-175.
31.Nunn, K. 1981. The strategic determinants of working capital: a product-line perspective. Journal of Financial Research 4:207–219.
32.Nwanko, O. and G. Solomon. 2010. An empirical analysis of corporate survival and growth evidence from efficient working capital management. International journal of scholarly academic intellectual diversity 12(1): 1-13.
33.Padachi, K. 2006. Trends in working capital management and its impact on firm performance: An analysis of Mauritian small manufacturing firms. International Review of Business Research Papers 2(2): 45-58.
34.Petersen, M., and R. Rajan, 1997, Trade credit: theories and evidence, Review of Financial Studies 10: 661-691.
35.Pinches, G. E. 1991. Essentials of Financial Management, 4th Ed, Harper Collins College , New York.
36.Raheman, A. and M. Nasr, 2007. Working capital management and profitability Case of Pakistani firms. Internal Review of Business Research Paper 3(1): 279-300.
37.Raheman, A., A. Qayyum, T. Afza, and M. A. Bodla. 2010. Sector-wise analysis of working capital management and firm performance in manufacturing sector of pakistan. Interdisciplinary Journal of Contemporary Research in Business 2(7): 412-438.
38.Reason, T. 2004. The working capital survey, CFO Magazine: 14-19.
39.Richards, V. D., and E. J. Laughlin, 1980. A cash conversion cycle approach to liquidity analysis. Financial Management 9(1): 32-38.
40.Salawu, R. O. 2006. Industry practice and aggressive conservative working capital policies in Nigeria. European Journal of Scientific Research (13)3: 294-304.
41.Sathamoorthi, C. R. 2002. The management of working capital in selected-operatives in botswana. Finance India Dehli. 16(3): 1015-1034.
42.Scherr, F. C., and H. M. Hulburt. 2001. The debt maturity structure of small firms, Financial Management 30: 85-111.
43.Sharma, S. and V. Mahajan.1980. Early warning indicators of business failure. Journal of Marketing. 44(4): 80-89.
44.Shin, H. H., and L. Soenen. 1998. Efficiency of working capital and corporate profitability, Financial Practice and Education 8: 37–45.
45.Smith, M. B., and E. Begemann. 1997. Measuring association between working capital and return on investment. South African Journal of Business Management 28(1): 28-35.
46.Soenen, L. A. 1993. Cash conversion cycle and corporate profitability. Journal of Cash Management 13(53): 53-58.
47.Stowe, J. D., C. J. Watson, and T. Robertson. 1980. Relationships between the two sides of the balance sheet: A canonical correlation analysis. Journal of Finance 35: 973-980.
48.Teruel, P. J. G., and P. M. Solano. 2007a. Effects of working capital management on SME profitability. International Journal of Managerial Finance 3(2): 164-177.
49.Teruel, P. J. G., and P. M. Solano. 2007b, Short-term debt in Spanish SMEs. Internacional Small Business Journal 25, 579–602.
50.Teruel, P. J. G., and P. M. Solano.2010. Working capital management in SMEs. Accounting and Finance 50: 511-527.
51.Van Horne, J. C., and J. M. Wachowicz. 2004. Fundamentals of Financial Management.12ed. New york: Prentice Hall.
52.Wang, Y. J. 2002. Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan. Journal of Multinational Financial Management 12(2): 159-169.
53.Weinraub, H. J., and S. Visscher. 1998. Industry practice relating to aggressive conservative working capital policies. Journal of Financial and Strategic Decisions 11(2): 11-18.
54.Wu, Q. S., 2001. The determinant of working capital management policy and its impact on performance, National Science Council Project, Project No. NSC 89-2416-H-224-028.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2013-06-25公開。
  • 同意授權瀏覽/列印電子全文服務,於2013-06-25起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信