跳到主要內容

臺灣博碩士論文加值系統

(44.200.194.255) 您好!臺灣時間:2024/07/22 01:07
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:邱百霞
研究生(外文):Pai-Hsia Chiu
論文名稱:營運資金管理前因再分析
論文名稱(外文):The Determinants of Working Capital Management Revisited
指導教授:張寶光張寶光引用關係
指導教授(外文):Bao-Guang Chang
口試委員:郭樂平陳心田
口試日期:2012-12-21
學位類別:碩士
校院名稱:淡江大學
系所名稱:會計學系碩士在職專班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:87
中文關鍵詞:營運資金管理營運資金需求電子業
外文關鍵詞:The Electronics IndustryWorking Capital ManagementWorking Capital Requirements
相關次數:
  • 被引用被引用:0
  • 點閱點閱:176
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
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



一、中文部份
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

二、英文部份
Atanasova, C., 2007. “Access to Institutional Finance and the Use of Trade Credit,” Financial Management 36: 49-67.
Appuhami, B.A.R. 2008. “The Impact of Firms’ Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Thailand,” International Management Review, 4 (1):11-24.
Becht, M.; Bolton, P.; Roell, A. 2003. “Corporate Governance and Control. In:Onstantinides, G.; Harris, M.; Stulz, R. ” Handbook of the economics of finance. New York: North Holland.
Brennan, M. and P. Hughes, 1991. “Stock Prices and the Supply of Information,” Journal of Finance 46: 1665-1691.
Chan, C. C. 1993. “The Study on Working Capital Management of Manufacturing Business,” Unpublished Master''s Dissertation, Department of Management Science, Tarn Kang University, Taiwan.
Chevalier, J. and D. Scharfstein, 1996. “Capital Market Imperfections and Countercyclical Markups: Theory and Evidence,” American Economic Review 86: 703-725.
Chiou, Cheng and Wu. 2006. “The Determinants of Working Capital Management,” The Journal of American Academy of Business, Cambridge, 10 (1):149-155.
Deloof, M. and M. Jegers, 1996. “Trade Credit, Product Quality, and Intragroup Trade: Some European Evidence,” Financial Management 25: 33-43.
Deloof, M. and M. Jegers, 1999. “Trade Credit, Corporate Groups, and the Financing of Belgian Firms,” Journal of Business Finance and Accounting 26:945-966.
Emery, G. W. 1987. “An Optimal Financial Response to Variable Demand.” Journal of Financial and Quantitative Analyst, 22(2): 209-225.
Fama, E.F. 1980. “Agency Problems and the Theory of the Firm.” Journal of Political Economy, 88 (2): 288-307.
Jensen, M.; Murphy, K.. 1990. “Performance Pay and Top Management Incentives.” Journal of Political Economy, 98(2): 225-264.
Kieschnick, R.; Laplante, M.; Moussawi, R. 2006 . “Corporate working capital management: determinants and consequences,” Working paper.
Kim, C., D. Mauer, and A. Sherman, 1998. “The Determinants of Corporate Liquidity: Theory and Evidence,” Journal of Financial Quantitative Analysis 33: 305-334.
Kim, C., Mauer, D. C., and ShermanA. E. 1998. “The Determinants of Corporate Liquidity: Theory and Evidence.” Journal of Financial and Quantitative Analysis, 33(3): 335-359.
Kim, Y.H.; Srinivasan, V. 1991. “Advances in Working Capital Management: A Research Annual.” Greenwich, EUA: Jai Press, 2.
Klemperer, P., 1987. “Markets with Consumer Switching Costs,” The Quarterly Journal of Economics 102: 375-394.
Lamberson, M. 1995. “Changes in Working Capital of Small Firms in Relation to Changes in Economic Activity,” American Journal of Business, 10 (2): 45-50.
Long, M., I. Malitz, and S. Ravid, 1993. “Trade Credit, Quality Guarantees, and Product Marketability,” Financial Management 22: 117-127.
Love, I., L. Preve, and V. Sarria-Allende, 2007. “Trade Credit and Bank Credit: Evidence from Recent Financial Crises,” Journal of Financial Economics 83: 453-469.
Matthew D. Hill, G. Wayne Kelly, Michael J. Highfield, 2010. “Net Operating Working Capital Behavior: A First Look,” Financial Management 39 (2).
Mcmahon, R.G.P. 2006. “Financial Slack amongst Manufacturing SMEs from Australia’s Business Longitudinal Survey: an Exploratory Study.” Small Enterprise Research, 14(1): 14-38 .
Merville, L. J., and Tavis, L. A. 1973. “Optimal Working Capital Policies: A Chance Constrained Programming Approach.” Journal of Financial and Quantitative Analysis, 7(1): 47-60.
Molina, C. and L. Preve, 2008 . “Trade Receivables Policy of Distressed Firms and its Effect on the Cost of Financial Distress,” Financial Management, forthcoming.
Myers, S. and N. Majluf, 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics 13: 187-221.
Myers, S. C. 1984. “The Capital Structure Puzzle.” Journal of Finance, 39(3): 575-592.
Ng, C., J. Smith, and R. Smith, 1999. “Evidence on the Determinants of Credit Terms Used in Interfirm Trade,” Journal of Finance 54(1): 109 -1129.
Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson, 1999. “The Determinants and Implications of Corporate Cash Holdings,” Journal of Financial Economics 52: 3- 46.
Opler, T., Pinkowitz L, Stulz R., and Williamson R. 1999. “The Determinants and Implications of Corporate Cash Holdings.” Journal of Financial Economics, 52 (1): 3 - 46.
Ozkan, A. and N. Ozkan, 2004. “Corporate Cash Holdings: An Empirical Investigation of UK Companies,” Journal of Banking and Finance 28: 2103- 2134 .
Peel, M. L., and Wilson, N. 1996. “Working Capital and Financial Management Practices in the Sall Firm Sector.” International Small Business Journal, 14 (2): 52-68.
Petersen, M. and R. Rajan, 1997. “Trade Credit: Theories and Evidence,” Review of Financial Studies 10: 661-691.
Su, F. C. 2001. “The Impact of the Change of Business Cycle in Manufacturing Industry.” Unpublished Master''s Dissertation, Department of Accounting, National Cheng Chi University, Taiwan.
Shulman, J. and R. Cox, 1985. “An Integrative Approach to Working Capital Management,” Journal of Cash Management 5: 32 - 38.
Shulman, J. M., and Cox, R. A. K. 1985. “An Integrative Approach to Working Capital Management,” Journal of Cash Management, 5(6): 64-68.
Smith, M Beaumont; Fletcher, L. 2009. “Factors Influencing Working Capital Management in South Africa,” Management Dynamics 18 (3).
Tirole, J. 2005. “The Theory of Corporate Finance. ” 1. ed. Princeton: Princeton University Press.
Wilson and Nathalie 2009. “The Determinant Factors of Working Capital Management in the Brazilian Market,”
Whited, T.M., 1992. “Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data,” Journal of Finance 47: 1425-1460.
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.


QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top