本文係運用我國紡織業公司之垂直整合程度高低對其營運資金管理及財務績效之影響進行辨識與分析。首先，以2001-2010年間自公開資訊觀測站及台灣經濟新報資料庫所截取之資料進行分析後，發現垂直整合程度確實透過公司營運資金管理之中介效果而對財務績效有顯著影響。其次，本研究發現只要具有上游的類別，其營運資金的管理均相對較佳，突顯出紡織業的上游所具有原料壟斷的絕對優勢，將展現現金轉換天數的顯著縮短上。最後，我國紡織業公司的垂直整合程度並未直接對其長短財務績效產生影響，而係經由營運資金管理的效果，而間接地影響到公司的長短期財務績效，是以營運資金管理在垂直整合程度與長短財務績效間係扮演著完全中介的角色。以上之研究發現除了延伸現有垂直整合程度影響相關文獻的知識前緣外，對紡織業的管理階層亦或具有營運上的啟發。 This paper investigates the degree of vertical integration on the impact of working capital management and financial performance - an example for Textile Industrythe. First, the data span 2001-2010 were analyzed, the data announced by TWSE Market Observation Post System and Taiwan Economic Journal database. The study found that the degree of vertical integration does have a significant effect on financial performance through the the company''s working capital management. Second, it also found the upstream textile industry have better management of working capital because they can monopolize the raw material , so we found that the upstream textile industry could shorten the cash conversion days significantly. Finally, we believe the length of financial performance can’t directly influence by the degree of vertical integration of the textile company in Taiwan, on the other hand, the working capital management plays a mediating role between the vertical integration of the textile industry and the length of financial performance, so the degree of vertical integration could affect the length of financial performance indirectly through the working capital management. This study in addition to extend the existing degree of vertical integration of the knowledge of the literature, it also can provide the management of the textile industry some significantly edification.
