臺灣博碩士論文加值系統

在台灣的中小企業在穩定社會、促進經濟發展、創造就業職位中扮演關鍵性的重要角色(例如:中小企業家數占全體企業家數的 97.67%、中小企業就業人口占 78.12% 的全國就業人口、中小企業營收 84.64% 為國內市場的營運成果)，所以它的營運活力和企業成長是社會安定的重要因素。過去的研究發現，在英國大約有42％的新設立企業，有三分之一的初創公司在三年內因故停止交易，這並不是因為中小企業缺乏客戶市場或產品缺乏利潤，而是因為企業缺乏營運現金週轉。由於大部份的中小企業財務不透明並缺乏妥善的財務管理特性及脆弱的市場融資能力，以致於在市場或經濟大幅波動時，中小企業主在估計市場需求下的生產或投資決策錯誤，肇致因營運現金無法償付日常營運所需的費用而倒閉的消息，時有所聞。
對中小企業創業的早期階段，營運資金管理（Working capital management; WCM）與信用風險估量，是非常重要的工作。受限於長期資本市場籌資不易，這些企業更是依靠業主自己的融資，信用貸款和短期銀行貸款來支應其營運活動、應收帳款、購買存貨及投資活動所需要的現金部位。在實務的運作上，在日常營運活動中，大多數中小企業業主依靠產品盈利能力和經驗來管理其匱乏的資金來源。因此，大部分的中小企業均遭受潛在的融資風險。
現今，在業界及學界被廣泛使用且效率頗佳的作業基礎制(Activity-based costing; ABC)系統，能協助企業管理者將產品及活動透過成本分析，將成本分攤提列到各項終端產品及活動中，並進行盈利最大化分析，再根據作業基礎制系統分析的結果，使得管理者在進行生產、經營活動前，提供最佳化的營運決策，讓企業獲得最大經營利潤能力。作業基礎制以最佳化途徑，分析非增值活動、過程和產品；但是，作業基礎制的缺失為：可能會忽略過程中的資源限制條件，並且不會考慮到業主的融資能力和經營現金流的限制；因此，當企業發生經營性現金流不足的問題時，及使中小企業未來能獲得最大經營利潤，仍難以避免因營運現金不足，企業發生營運中斷甚至跳票、破產的可能。為了完善分析的過程，避免忽略重要的財務因素，限制理論法(Theory of Constraints；TOC)可協助企業在營運資金短缺衝擊及融資限制的不利狀況下，提供了一個更佳的解決方案。
因此研究的目的係針對財務弱勢的中小型企業，以TOC及ABC系統提供業主及經營者一個合適的財務經營決策模型(Financial operating decision model；ODM)，協助企業主進行公司財務操作評估的重要工具。本研究提供了一個以限制理論法和作業基礎制為基底的財務決策數學規劃模型。

In Taiwan, SMEs play an essential role in job creation, which the vitality and growth of SMEs are recognized as important elements in share of employment and stable the economic development. It is found that around 42% of new businesses start-up in the UK annually, but one-third of start-ups ceased trading within three years. It’s not lack of customers or products that destroy businesses, but is lack of cash. Due to the weak financial management characteristics, SMEs cannot afford to starve of cash by their vulnerability to a fluctuation level of working capital.
Working capital management (WCM) and the credit risk measurement in the early stage of firms are specially importance to SMEs. With limited access to the long-run capital markets, these firms are more rely on their owner financing, trade credit and short-run bank loans to support their needed investment in cash, accounts receivable and inventory. In practice, most SMEs rely on the product profitability and experience to manage their scarce source of funds in daily activities. Hence, most of SMEs are subjected to the financing risk potential.
Currently, the mighty activity-based costing (ABC) system help manager lead to the best operating decisions on profitability analysis, which is called upon to help break down, analyze the nature of object costs in products and activities that generate costs and maximize product profitability. It provides a best way to distinguish non-value added activities, processes and products. However, it may ignore resource constraints in the process and fail to consider managers’ restrictions on financing and operating cash flow, and then the collapse of enterprise was possibly happened with the shortage of operating cash flow. To avoid ignoring important financial factors, Theory of Constraints (TOC) may provide a better solution when making decisions about the impact under the shortage of working capital condition.
Hence, to developing an appropriate financial operating decision model (ODM) for SMEs to assist firm’s owners to carry out a financial assessment tool under operation is a crucial works. The purpose of this research paper is to propose a mathematical programming model that provides the financial decision based on the ABC and TOC, with the adoption of ODM.

論文摘要 ---------------------------------------------------------------- i
中文摘要 ---------------------------------------------------------------- ii
ABSTRACT --------------------------------------------------------------- iv
ACKNOWLEDGMENTS -------------------------------------------------------- vi
TABLE OF CONTENTS ----------------------------------------------------- vii
LIST OF FIGURES -------------------------------------------------------- ix
LIST OF TABLES --------------------------------------------------------- x
Chapter 1 Introduction ------------------------------------------------- 1
Chapter 2 Background --------------------------------------------------- 5
2.1 The business life cycle ----------------------------------------- 5
2.2 Working capital cycle and cash conversion cycle ----------------- 7
2.3 Activity-based costing (ABC) ------------------------------------- 13
2.4 The theory of constraints (TOC) --------------------------------- 16
2.5 Financial management for SMEs ----------------------------------- 19
Chapter 3 A mathematical programming model ----------------------------- 22
3.1 A mathematical decision-making model ---------------------------- 25
3.2 Stepwise machine costs------------------------------------------- 26
3.3 Total direct labor costs----------------------------------------- 27
3.4 Direct material costs-------------------------------------------- 29
3.5 Integrated cost models------------------------------------------- 31
Chapter 4 Numerical example--------------------------------------------- 34
Chapter 5 Discussion --------------------------------------------------- 43
Chapter 6 Conclusion---------------------------------------------------- 46
Reference--------------------------------------------------------------- 48

[1] Baños-Caballero, S., García-Teruel, P.J., Pedro Martínez-Solano, P, 2014. Working capital management, corporate performance, and financial constraints, Journal of Business Research 6(3), 332-338.
[2] Beale, E.M.L., Tomlin, J.A., 1970. Special facilities in a general mathematical programming system for non-convex problems using ordered sets of variables. In: Lawrence, J. (Ed.), Proceedings of the 5th International Conference on Operational Research. Tavistock, London, 447-454.
[3] Bellouma, M., 2011. The Impact of Working Capital Management on Profitability: The Case of Small and Medium-Sized Export Companies in Tunisia, International Management / Gestión Internacional 15(3), 71-88.
[4] Berryman, J. 1983. Small Business Failure and Bankruptcy: A survey of the Literature. European Small Business Journal, 1(4), 47-59.
[5] Brealey, R. A., Myers, S.C., and Marcus A. J., 2004. Fundamentals of Corporate Finance. New York, NY: McGraw-Hill/Irwin.
[6] Buzacott, J.A., Zhang, R.Q., 2004. Inventory management with asset‐based financing. Management Science, 50 (9), 1274–1292.
[7] Byers, S. S., John C. G., Marilyn K. W., 1997. Managing Operating Assets To Create Value, Management Decision, 35(2), 133.
[8] Caldentey, R., Haugh, M., 2009. Supply contracts with financial hedging, Operations Research 57 (1), 47-65.
[9] Chang, P.-T., Chang, C.-H., 2003. A Stage Characteristic-Preserving Product Life Cycle Modeling. Mathematical Computer Modelling 37, 1259-1269.
[10] Chao, X., Chen, J., Wang, S., 2008. Dynamic inventory management with financial constraints. Naval Research Logistics 55(8), 758-768.
[11] Chen, X., Wang, X., Wu, D. D., 2010. Credit risk measurement and early warning of SMEs: An empirical study of listed SMEs in China. Decision Support Systems, 49, 301–310.
[12] Chittenden, F., Poutziouris, P., Michaelas, N. 1998. Financial Management and Working Capital Practices in UK SMEs. Manchester, Manchester Business School.
[13] Cooper, R., 1990. Cost classification in unit-based and activity-based manufacturing cost systems. Journal of Cost Management 4 (3), 4-14.
[14] Dunn, P. and Cheatham, L. 1993. Fundamentals of Small Business Financial Management for Start-up, Survival, Growth, and Changing Economic Circumstances. Managerial Finance 19(8), 1-13.
[15] Farris II, M. T., Paul D. Hutchison, P.D., 2002. Cash-To-Cash: The New Supply Chain Management Metric, International Journal of Physical Distribution &; Logistics Management 32(3-4), 288-298.
[16] Farris II, M. T., Hutchison, P. D., 2003. Measuring Cash-to-Cash Performance, International Journal of Logistics Management 14(2), 83- 92.
[17] Farris II, M.T., Hutchison, P.D., Hasty, R.W., 2005. Using Cash-To-Cash To Benchmark Service Industry Performance, The Journal of Applied Business Research 21(2), 113-124.
[18] Feng, Y., Mu, Y., Hu, B., Kumar, A., 2014. Commodity Options Purchasing and Credit Financing under Capital Constraint. International Journal of Production Economics, Article in Press. http://dx.doi.org/10.1016/j.ijpe.2014.03.003.
[19] Fredriksson, A., Moro, A., 2014. Bank–SMEs relationships and banks' risk-adjusted profitability, Journal of Banking &; Finance 41, 67-77.
[20] García-Teruel, P. J., Martínez-Solano, P., 2007. Effects of working capital management on SME profitability. International Journal of Managerial Finance, 3(2), 164-177.
[21] Goldratt, E., Cox, J., 1986. The Goal. North River Press, Croton-on-Hudson, New York.
[22] Hofstrand, D., Understanding Farm Business Transfers, Retrieved from: https://www. extension.iastate.edu/agdm/wholefarm/html/c4-10.html.
[23] Haltenhof, S., Lee, S. J., Stebunovs, V., 2014. The credit crunch and fall in employment during the great recession, Journal of Economic Dynamics and Control, In Press, Available online 5 April 2014. http://dx.doi.org/10.1016/j.jedc.2014.03.013
[24] Haq, I., Sohail, M., Zaman, K., Alam, Z., 2011. The relationship between working capital management and profitability: a case study of cement industry in Pakistan. Mediterranean Journal of Social Sciences 2 (2), 365–372.
[25] Helms, M.M., Renfrow, T.W., 1994, Expansionary Processes of the Small Business: A life Cycle Profile, Management Decision, 32(9), 43-45.
[26] Hilton, R.W., 2005. Managerial Accounting. McGraw-Hill, New York.
[27] Holmen, J.S., 1995. ABC vs. TOC: It’s a Matter of Time. Management Accounting, January, 37-40.
[28] Howorth, C. and Westhead, P., 2003. The focus of working capital management in UK small firms. Management Accounting Research 14(2), 94-111.
[29] Jose, M. L., Lancaster, C., Stevens, J. L., 1996. Corporate returns and cash conversion cycles. Journal of Economics and finance, 20(1), 33-46.
[30] Kaplan, R.S., 1989. Management accounting for advanced technological environments. Science 245 (25), 819-823.
[31] Kee, R., 1995. Integrating activity-based costing with the theory of constraints to enhance production-related decision making. Accounting Horizons 9 (4), 48-61.
[32] Kee, R., 1998. Integrating ABC and the theory of constraints to evaluate outsourcing decisions. Journal of Cost Management 12 (1), 24-36.
[33] Kee, R., 2007. Cost-volume-profit analysis incorporating the cost of capital. Journal of Managerial Issue 19 (4), 478-493.
[34] Kee, R., 2008. The sufficiency of product and variable costs for production-related decisions when economies of scope are present. International Journal of Production Economics 114 (2), 682-696.
[35] Kee, R., Schmidt, C., 2000. A comparative analysis of utilizing activity-based costing and the theory of constraints for making product-mix decisions. International Journal of Production Economics 63 (1), 1-17.
[36] Kim, J., 2009. Activity-based framework for cost savings through the implementation of an ERP system. International Journal of Production Research 47 (7), 1913-1929.
[37] Lai, G., Debo, L., Sycara, K., 2009. Sharing inventory risk in supply chain: the implication of financial constraint. Omega 37(4), 811–825.
[38] Liao, R. C., 2014. What drives corporate minority acquisitions around the world? The case for financial constraints. Journal of Corporate Finance 62, 78–95.
[39] Moore, C. W., Petty, J. W., Palich, L. E., Longenecker, J. G., 2010. Managing Small Business: An Entrepreneurial Emphasis, South-Western. 15th e.
[40] Onwubolu, G.C., Mutingi, M., 2001. Optimizing the multiple constrained resources product mix problem using genetic algorithms. International Journal of Production Research 39 (9), 1897-1910.
[41] Özbayrak, M., Akgün, M., 2006. The effects of manufacturing control strategies on the cash conversion cycle in manufacturing systems. International Journal of Production Economics 103(2), October 2006, 535-550.
[42] Peel, M.J., Wilson, N., 1996. Working capital and financial management practices in the small firm sector. International Small Business Journal 14(2), 52-68.
[43] Peel, M. J., Wilson, N. and Howorth, C. A., 2000. Late payment and Credit management in the small firm sector: Some Empirical Evidence. International Small Business Journal 18(2), 52-68.
[44] Phillips, H., 1999. E-Commerce Shortens The Supply Chain, New Zealand Manufacturer (Sept. /Oct.), 12-14.
[45] Robinson, K. C.,1999.An Examination of the Influence of Industry Structure On Eight Alternative Measures of New Venture Performance for High Potential Independent New Ventures, Journal of Business Venturing 14(2), 165-187.
[46] Saccurato, F., 1994. The Study of Working Capital. Business Credit, January, 36-37.
[47] Silva, P.R.S. da., Amaral, F.G., 2009. An integrated methodology for environmental impacts and costs evaluation in industrial processes. Journal of Cleaner Production 17 (15), 1339-1350.
[48] Small and Medium Enterprise Administration (SMEA), Ministry of Economic Affairs (MOEA), 2012. The White Paper on Small and Medium Enterprises in Taiwan. Taiwan, R.O.C.
[49] Tsai, W.H., Chen, H.C., Leu, J.D., Chang, Y.C., Lin, T.W., 2013.A product-mix decision model using green manufacturing technologies under activity-based costing. Journal of Cleaner Production 57, 178-187.
[50] Tsai, W.-H., Chou, W.-C., 2008. A Study of Effective Capital Acquisition for Small and Medium Enterprises, Journal for SME Development (JSD) 8, 83-108.
[51] Tsai, W.-H., Hung, S.-J., 2009a. A fuzzy goal programming approach for green supply chain optimisation under activity-based costing and performance evaluation with a value-chain structure. International Journal of Production Research 47 (18), 4991-5017.
[52] Tsai, W.-H., Hung, S.-J., 2009b. Treatment and recycling system optimisation with activity based costing in WEEE reverse logistics management: an environmental supply chain perspective. International Journal of Production Research 47 (19), 5391-5420.
[53] Tsai, W.-H., Kuo, L., 2004. Operating costs and capacity in the airline industry. Journal of Air Transport Management 10 (4), 269-275.
[54] Tsai, W.-H., Lai, C.-W., 2007. Outsourcing or capacity expansions: application of activity based costing model on joint product decisions. Computers &; Operations Research 34 (12), 3666-3681.
[55] Tsai, W.-H., Lin, T.M., 1990. Nonlinear multiproduct CVP analysis with0-1mixed integer programming. Engineering Costs and Production Economics 20 (1), 81-91.
[56] Tsai, W.-H., Hsu, J.-L., Chen, C.-H., 2007. Integrating activity-based costing and revenue management approaches to analyse their manufacturing outsourcing decision with qualitative factors. International Journal of Revenue Management 1 (4), 367-387.
[57] Tsai, W.-H., Lai, C.-W., Tseng, L.-J., Chou, W.-C., 2008. Embedding management discretionary power into an ABC Model for a joint products mix decision. International Journal of Production Economics 115 (1), 210-220.
[58] Tsai, W.-H., Kuo, L., Lin, T.W., Kuo, Y.-C., Shen, Y.-S., 2010. Price elasticity of demand and capacity expansion features in an enhanced ABC product-mix decision model. International Journal of Production Research 48 (21), 6387-6416.
[59] Tsai, W.H., Chen, H.C., Liu, J.Y., Chen, S.P., Shen, Y.S., 2011a. Using activity-based costing to evaluate capital investments for green manufacturing technologies. International Journal of Production Research 49 (24), 7275-7292.
[60] Tsai, W.H., Lin, S.J., Liu, J.Y., Lin, W.R., Lee, K.C., 2011b. Incorporating life cycle assessments into building project decision making: an energy consumption and CO2 emission perspective. Energy 36 (5), 3022-3029.
[61] Tsai, W.H., Lee, K.C., Lin, H.L., Liu, J.Y., Chou, Y.W., Lin, S.J., 2012a. A mixed activity based costing decision model for green airline fleet planning under the constraints of the European Union Emissions Trading Scheme. Energy 39 (1), 218-226.
[62] Tsai, W.H., Lin, W.R., Fan, Y.W., Lee, P.L., Lin, S.J., Hsu, J.L., 2012b. Applying a mathematical programming approach for a green product mix decision. International Journal of Production Research 50 (4), 1171-1184.
[63] Tsai, W.H., Shen, Y.S., Lee, P.L., Chen, H.C., Kuo, L., Huang, C.C., 2012c. Integrating information about the cost of carbon through activity-based costing. Journal of Cleaner Production 36, 102-111.
[64] Tsai, W.-H., 1998. Quality cost measurement under activity-based costing. International Journal of Quality and Reliability Management 15 (7), 719-752.
[65] Tsai, W.-H., 2010. Project management accounting using activity-based costing approach. In: Bidgoli, Hossein (Ed.), 2010. The Handbook of Technology Management, vol. 1. John Wiley &; Sons, Inc., 469-488.
[66] Tsaur, T.-S., 2008. The Literature Review and Evidence Study of Financial Crisis Pre-Warning Model for Taiwan SMEs, Journal for SME Development (JSD) 9, 135-168.
[67] Turney, P.B.B., 1991. Common Cents: the ABC Performance Break-through - How to Succeed with Activity-based Costing. Cost Technology, Hillsboro.
[68] Turney, P.B.B., 2005. Common cents: The ABC Performance Breakthrough－How to Succeed with Activity-Based Costing, revised edition. New York: McGraw-Hill.
[69] Ukaegbu, B., 2014. The significance of working capital management in determining firm profitability: Evidence from developing economies in Africa. Research in International Business and Finance 31, 1–16.
[70] Wang, Y., Ji, Y., Chen, X.,Song, C., 2013. Inflation, operating cycle, and cash holdings,China Journal of Accounting Research, In Press, Available online 2 January 2014, http://dx.doi.org/10.1016/j.cjar.2013.07.001
[71] Westhead, P., D Storey, D., 1996. Management Training and Small Firm Performance: Why is the Link So Weak? International Small Business Journal 14(4), 13-24.
[72] Will, I., Subramanyam, K. R., Robert, F. H., 2001. Financial statement analysis. McGraw-Hill International.
[73] Williams, H.P., 1985. Model Building in Mathematical Programming, second ed. John Wiley &; Sons, Inc., NY, 173-177.
[74] Xu, X., Birge, J.R., 2006. Equity valuation, production, and financial planning: a stochastic programming approach. Naval Research Logistics 53 (7), 641–55.
[75] Yang, S., Hong, K., Lee, C., 2013. Supply chain coordination with stock‐dependent demand rate and credit incentives, International Journal of Production Economics, Article in Press. http://dx.doi.org/10.1016/j.ijpe.2013.06.014
[76] Yahya-Zadeh, M., 1998. Product-mix decisions under activity-based costing with resource constraints and non-proportional activity costs. Journal of Applied Business Research 14 (4), 39.