臺灣博碩士論文加值系統

摘要
本文探討台灣冷凍食品業之營運資金和資本支出對公司績效之影響。營運資金和資本支出近來來受到公司高度重視，經理人希望透過營運資金和資本支出的管理，使公司的績效上升，讓公司獲得更大的效率。
本研究以民國80年至104年台灣上市冷凍食品相關公司為樣本，以存貨、應收帳款、應付帳款、流動資產及流動負債來衡量營運資金，以固定資產，購置固定資產來衡量資本支出，探討營運資金和資本支出對公司績效之影響。
由實證結果得知，營運資金對公司的投資報酬率呈現正向影響，臺灣冷凍食品業是比較注重規模的產業經濟，不管在公司的總資產、總銷貨收入、固定資產或是資金的現金及短期投資，都有大規模產業經濟大者恒大的趨勢。而臺灣的冷凍食品業上游應收帳款主要為下游客戶，客源固定但票期長，冷凍食品的存貨也因有保存期限的要求，相較於冷凍食品業的下游直接面對零售商及消費者，客源流動但現金交易多，應收帳款相對少，存貨也因地緣調度快，一旦發生食安或疫情問題，上下游的食品公司皆會受到很大影響。
由實證結果得知，資本支出對公司的投資報酬率及經營績效都呈現負向影響，在資本支出方面，上游公司的固定資產大都指土地、廠房及冷凍食品的機器設備，而下游公司會因應客群口味的多樣化，不斷創新增購機器設備，及物流運輸，也因為直接面對消費者，對市場的變化會投入更多的投資，由結果得知，企業仍不可過度投資固定資產。雖然在實證上，下游公司比上游公司對固定資產的投資更具有必要性，但對於固定資產投資仍須審慎評估。
因此在臺灣冷凍食品業中，營運資金管理和資本支出的投資決策對公司績效的影響是很重要的。

關鍵字：營運資金、資本支出、經營績效、投資報酬率

Abstract
This study mainly focuses on the impact of working capital (WC) and capital expenditure (CE) on the corporate performance in the frozen food market in Taiwan. In recent years, the enterprises put a high value on WC and CE. Managers would also like to improve the corporate performance by managing WC and CE to get a better efficiency for the company.
The samples of this study are basically the relevant public traded frozen food companies in Taiwan from 1991 to 2015. Evaluate WC with inventory, accounts receivable, accounts payable, current assets and current liabilities and assess CE with fixed assets and acquisition of properties in order to investigate the impact of WC and CE on the corporate performance.
According to the empirical result, WC has positive impact to the company ROI performance. The frozen food industry in Taiwan is the business with strong association with the company scale. It shows the fact that factors in large scale industries always increase, factors such as total assets, sales revenue, fixed assets, cash funds or temporary investments. In the research of WC, the accounts receivable of upstream frozen food industries in Taiwan mostly come from the downstream customers, and the customer base is stable but with longer term of promissory notes. Also, the inventory of frozen foods is restricted by the expiration date compared to the downstream frozen food industry facing directly to the retailers and customers. The fast customer flow generates more cash transactions and less accounts receivable. The inventory can be dispatched quicker according to different places. If the food safety goes wrong or epidemic situation breaks up, the upstream and the downstream of the food company will be influenced significantly and negatively.
According to the empirical result, CE has reverse impact to the company ROI and business performance. As for CE, fixed assets to total assets, the downstream companies are clearly different from the upstream companies. The fixed assets of upstream companies refer to the land, the factory and equipment of frozen food, but the downstream companies are more for the new equipment and logistic investments for responding to the diversifying needs from customers. It also shows that the frozen food industry puts more capital investments in the changing market when facing directly to the consumers.
Therefore, it concludes that working capital management and capital expenditure investments play a crucial role in the improvement of corporate performance in Taiwan frozen food industry.

Key words: Working Capital, Capital Expenditure , Business Performance, Return On Investment

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第二章 文獻探討與假說 5
第一節 臺灣冷凍食品產業 5
第二節 營運資金 15
第三節 資本支出 18
第三章 研究方法 22
第一節 變數說明與定義 22
第二節 模型設計 25
第三節 資料來源與樣本取樣 27
第四節 研究限制 29
第四章 實證結果 30
第五章 結論 47
參考資料 51

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