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研究生:黃淑娟
研究生(外文):HUANG,SHU-CHUAN
論文名稱:探討影響中小企業申辦融資之財務因素
論文名稱(外文):Discuss the financial factors that affect the financing of small and medium-sized enterprise
指導教授:馬嘉應馬嘉應引用關係
指導教授(外文):MA,CHIA-YING
口試委員:陳明進盧聯生
口試委員(外文):CHEN,MING-CHINLU,LIEN-SHENG
口試日期:2022-06-01
學位類別:碩士
校院名稱:東吳大學
系所名稱:會計學系
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:2022
畢業學年度:110
語文別:中文
論文頁數:60
中文關鍵詞:中小企業融資5P羅吉斯迴歸輔導中結案
外文關鍵詞:SME financing5PLogistic regressionin counselingclosed case
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因COVID-19 疫情衝擊,2020年全球景氣走勢低迷,臺灣總體經濟因防疫有成,依據2021年中小企業白皮書資料顯示,2020年臺灣中小企業家數為154萬8,835家,占全部企業98.93%,就以上數字來證明中小企業不只是經濟穩定的頂梁大柱,更是締造就業的重要根基。

雖然中小企業佔了大部份,可能因COVID-19疫情衝擊導致許多中小企業吹起熄燈號,甚至於無法繼續經營下去,或者是無法順利取得營運資金來做資本性支出及週轉性支出,一般我們常見中小企業在融資時,常無法取得融資或融資協商可能原因有:營收衰退,無明確訂單、負債比過高、營授比過高、獲利衰退、擔保品不足、無具體償債及營運計畫、財務報表欠佳,預期獲利未達損益兩平點、資金缺口比預期大,來探討中小企業無法取得融資或融資協商之財務比率是否會是受到影響?還是有其他因素而影響。

企業要能順利從金融機構取得所需之融資,基本上都會遵守銀行融資『授信5P原則』來評估,對中小企業貸款不易現狀及其成因來進行分析中小企業無法融資或融資協商之因素。

以經濟部中小企業處108~110年度「中小企業營運與融資協處計畫」有融資需求之1,088家中小企業為樣本,建構中小企業融資決定因素模型,並對模型之影響因素做常態性假設檢定。選擇以前二年及前一年2種方式,用12種財務比率變數,運用線性羅吉斯迴歸進行分析,得到以下結論:

以放款模型之線性羅吉斯迴歸分析_前二年、前一年為主:以 『輔導中』案件之中,前二年營業毛利率具顯著性。以分產業別之批發及零售業『輔導中』案件之中,前二年總資產收益率、前一年營業利益率具顯著性。以『結案』案件之中,前二年應收款項週轉率具顯著性。以分產業別之製造業『結案』案件之中,前二年固定長期適合率、前二年應收款項週轉率具顯著性。以分產業別之批發及零售業『結案』案件之中,前一年營業毛利、前二年營業毛利率率具顯著性。以依產業別之案件分批發及零售業之中,前一年總資產收益率具顯著性。以依產業別之案件分製造業之中,前二年固定長期適合率、前二年純益率、前二年總資產收益率具顯著性。上述為判斷主要考量因素。

以放款模型之線性羅吉斯迴歸分析_前一年為主:以分產業別之製造業『輔導中』案件之中,前一年營業毛利率具顯著性。以分產業別之批發及零售業『輔導中』案件之中,前一年營業利益率具顯著性。以『結案』案件之中,前一年營業毛利率、前一年總資產週轉率、前一年營收成長率具顯著性。以分產業別之營建業『結案』案件之中,前一年存貨週轉率具顯著性。以分產業別之製造業『結案』案件之中,前一年流動比率具顯著性。以分產業別之批發及零售業『結案』案件之中,前一年營業毛利率具顯著性。以依產業別之案件分製造業之中,前一年營業毛利率、前一年總資產收益率具顯著性。上述為判斷主要考量因素。

Due to the impact of the COVID-19 epidemic, the global economic trend in 2020 will be sluggish, and Taiwan's overall economy has been successful due to epidemic prevention. According to the 2021 SME White Paper, there will be 1,548,835 SMEs in Taiwan in 2020, accounting for 98.93% of all enterprises. The above figures prove that Taiwan's SMEs are not only the mainstay of economic stability, but also an important cornerstone of job creation.

Although small and medium-sized enterprises account for the majority in Taiwan, It may be that due to the impact of the COVID-19 epidemic, many small and medium-sized enterprises have gone out of business, or even cannot continue to operate.Or it is impossible to obtain working capital smoothly for capital expenditures and working capital expenditures.

Generally, we often see SMEs when financing, often unable to obtain financing or financing negotiations: revenue decline, no clear orders, high debt ratio, high revenue-to-grant ratio, profit decline, insufficient collateral, no specific debt repayment and business plan, poor financial statements, The expected profit did not reach the profit and loss level, and the funding gap was larger than expected. To explore whether the financial ratio of SMEs being unable to obtain financing or financing negotiation will be affected? Or are there other factors.

If an enterprise can successfully obtain the required financing from a financial institution, it will basically comply with the "5P Principles of Credit Granting" for bank financing. To analyze the current situation of SMEs' loan difficulty and its causes to analyze the factors that SMEs can't get financing or financing negotiation.

A sample of 1,088 small and medium-sized enterprises with financing needs in the "Small and Medium-Sized Enterprise Operation and Financing Cooperation Program" of the Small and Medium-sized Enterprise Division of the Ministry of Economic Affairs from 2019 to 2021 Construct a model of SME financing determinants, and test the normality hypothesis of the influencing factors of the model. Selecting the two methods of the previous two years and the previous year, using 12 kinds of financial ratio variables, and using linear Logis regression analysis, the following conclusions are obtained:

Linear Logis regression analysis based on the loan model _ the first two years and the previous year mainly: in the case of "counseling", the operating gross profit margin in the first two years is significant. In the wholesale and retail industry "under counseling" cases by industry, the return on total assets in the previous two years and the operating profit rate in the previous year were significant. Among the "closed" cases, the turnover rate of receivables in the first two years was significant. Among the "closed" cases in the manufacturing industry by industry, the fixed long-term suitability rate in the first two years and the receivables turnover rate in the first two years were significant. Among the "closed" cases in the wholesale and retail industries by industry, the operating gross profit of the previous year and the operating gross profit margin of the previous two years were significant. In the wholesale and retail industries by industry, the return on total assets in the previous year was significant. Among the manufacturing industries, the fixed long-term fit rate for the first two years, the net profit rate for the first two years, and the return on total assets for the first two years are significant. The above are the main factors to be considered in the judgment.

Linear Logis regression analysis based on the loan model_previous year mainly: In the case of "instruction" in the manufacturing industry by industry, the operating gross profit margin of the previous year was significant. In the case of "in counseling" in the wholesale and retail industries by industry, the operating profit rate of the previous year was significant. Among the "closed" cases, the operating gross profit margin of the previous year, the total asset turnover rate of the previous year, and the revenue growth rate of the previous year were significant. Among the "closed" cases in the construction industry by industry, the inventory turnover rate in the previous year was significant. Among the "closed" cases in the manufacturing industry by industry, the current ratio of the previous year was significant. Among the "closed" cases in the wholesale and retail industries by industry, the operating gross profit margin of the previous year was significant. Among the manufacturing industries by industry, the operating gross profit margin of the previous year and the return on total assets of the previous year were significant. The above are the main factors to be considered in the judgment.

摘要 I
Abstract III
目錄 V
表目錄 VII
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 4
第三節 研究目的 6
第四節 研究架構流程 7
第二章 文獻探討 9
第一節 中小企業的定義與特性 9
第二節 財務危機預警相關文獻 15
第三節 中小企業的生命週期、財務概況及資金流動性 18
第三章 研究方法 26
第一節 研究對象及範圍 26
第二節 研究假說 26
第三節 實證變數及模型 27
第四章 實證結果與分析 31
第一節 敘述性統計分析 31
第二節 放款模型之線性羅吉斯迴歸分析-前二年、前一年為主 45
第三節 放款模型之線性羅吉斯迴歸分析-以前一年為主 52
第五章 結論與建議 57
第一節 研究結論 57
第二節 研究建議 59
第三節 研究限制 59
參考文獻 60

台灣綜合研究院 https://www.tri.org.tw/ceo/

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陳龍騰,2012,「我國中小企業融資現狀之探討」台灣銀行,台灣經濟金融月刊,第四十八卷,第二期,PP.1-10。

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標準普爾Standard & Poor’s(S&P's)
https://www.spglobal.com/ratings/en/about/intro-to-credit-ratings

Ansoff,H.I.& Mcdonnell E.,1990,Implanting Strategic Management, United Kingdom , Prentice Hall.

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