臺灣博碩士論文加值系統

本研究旨在探討我國塑膠產業之供應鏈金融之因素，分別以市場力量、獲利
能力、融資需求、信用風險、財務操作風險與產業特性共六個構面，從不同的構
面探討對於供應鏈金融產生差異影響。本研究研究期間為1996 年至2012 年，共
選取塑膠產業共32 家公司，共有1,768 筆資料。
研究結果發現，塑膠業迴歸結果顯示，驗證在市場力量對供應鏈金融有顯著
負影響，符合假說一；獲利能力之營業毛利率對供應鏈金融皆有顯著正向影響，
與假說二相符；融資需求構面則顯示出供應鏈之融資需求與否會對供應鏈金融金
額產生顯著影響，故與假說三相符。在信用風險方面顯示，信用評等、負債比率
對供應鏈金融具有正向顯著影響，與假說四相符；而假說五在企業面臨財務操作
風險時，本研究以是否發生財務危機事件之虛擬變數，驗證對淨供應鏈金融確實
產生顯著影響。另外塑膠產業特性之一為其原料單純，因此原料價格漲跌對供應
鏈金融具有顯著影響，也與假說六相符。除此之外，更進一步的分析，當發生金
融風暴時，也會影響供應鏈金融。

The purpose of this study is to investigate the factors of supply chain finance on
Taiwanese plastic industry. It is divided into six parts – market power, profitability,
financial requirement, credit risk, financial operational risk, and industrial properties,
to analyze if different factors will impact on supply chain finance. The research period
is from 1996 to 2012, of which 32 selected plastic companies and 1,768 data set.
The result of this study indicates that market power has significant influence on
supply chain finance on the plastic industry. This finding accords with the first
hypothesis. Second, operating gross is reveal significant influence. This result
corresponds with the second hypothesis. Third, financial requirement from supply
chain makes a critical influence on the amount of supply chain finance. Next, credit
rating and debt ratio have positive impact on supply chain finance. The fifth finding
shows that supply chain finance is impacted by different means of business
operational risk when companies explore financial risk events. In addition, putting it
simply, the raw materials of this industry are uncomplicated compare with the others,
the changing of the price also makes a significant influence on supply chain finance.
This result also corresponds with hypothesis. Moreover, through further analysis, the
outcome shows that when economics turmoil, such the period of financial crisis, with
this context influence supply chain finance as well.

摘要 ................................................................................................................................I
Abstract......................................................................................................................... II
謝辭 .............................................................................................................................III
目錄 .............................................................................................................................IV
圖目錄 ....................................................................................................................... VII
表目錄 ......................................................................................................................VIII
第壹章 緒論 .................................................................................................................1
第一節 研究背景與動機..........................................................................................1
第二節 研究目的與研究問題..................................................................................4
一、 探討市場力量、融資需求和獲利能力對供應鏈金融之影響 ..................4
二、 探討信用風險對供應鏈金融之影響 ..........................................................5
三、 探討財務操作風險對供應鏈金融之影響 ..................................................5
第三節 研究架構與研究流程..................................................................................6
一、 研究架構 ......................................................................................................6
二、 研究流程 ......................................................................................................7
第貳章 文獻探討 .........................................................................................................8
第一節 供應鏈..........................................................................................................8
一、 供應鏈 ..........................................................................................................8
二、 塑(石)化業供應鏈概況...............................................................................9
第二節 供應鏈金融................................................................................................12
一、 供應鏈金融與融資理論( The Pecking Order Theory ) ............................12
二、 供應鏈金融與市場力量理論( Market Power Theory) .............................14
三、 供應鏈金融與產品品質理論(Market Quality Theory) ............................15
第三節 供應鏈金融風險........................................................................................16
一、 風險分類 ....................................................................................................16
二、 信用風險 ....................................................................................................17
V
三、 作業風險 ....................................................................................................18
第四節、塑膠(石化)產業概況...............................................................................20
一、 美國頁岩氣量產 ........................................................................................21
二、 塑膠產業之基本石化材料介紹 ................................................................22
三、 產業特性 ....................................................................................................24
第參章 研究方法 .......................................................................................................27
第一節 研究設計....................................................................................................27
第二節 研究假說....................................................................................................28
一、 供應鏈管理變數對供應鏈金融影響之假說建立 ....................................28
二、 供應鏈管理之信用風險變數對供應鏈金融影響之假說建立 ................31
三、 供應鏈管理之財務操作風險對供應鏈金融之假說建立 ........................32
四、 塑膠業之產業特性-原料漲跌對供應鏈金融之假說建立.......................33
第三節 研究模型....................................................................................................34
一、 供應鏈管理為解釋變數(市場力量、獲利能力、融資需求)之模型.....34
二、 透過模型四至模型六檢測信用風險因子與供應鏈金融之關係 ............35
三、 透過模型七至模型八檢測財務操作風險因子與供應鏈金融之關係 ....36
第四節 變數定義說明............................................................................................37
一、 被解釋變數 ................................................................................................37
二、 解釋變數 ....................................................................................................37
第五節 樣本選取與資料來源................................................................................39
一、 樣本選取 ....................................................................................................39
二、 資料來源 ....................................................................................................39
三、 選樣標準 ....................................................................................................39
第肆章 實證結果與分析 ...........................................................................................40
第一節 樣本之描述及敘述性統計........................................................................40
第二節 迴歸分析之基本假設檢定........................................................................45
一、 相關係數分析 ............................................................................................45
VI
二、 共線性檢定 ................................................................................................45
三、 自我相關性 Durbin-Watson 檢定............................................................46
四、 T 檢定.........................................................................................................46
第三節 實證結果與分析........................................................................................51
第四節 增額分析....................................................................................................58
第伍章 研究結論及建議 ...........................................................................................59
第一節 研究結論....................................................................................................59
第二節 研究限制....................................................................................................61
第三節 研究建議....................................................................................................62
參考文獻 .....................................................................................................................63
中文文獻：..............................................................................................................63
英文文獻：..............................................................................................................65

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