營運資金融資政策對企業長短期績效之影響 : 以電子產業為例

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Title:	營運資金融資政策對企業長短期績效之影響 : 以電子產業為例
Other Titles:	Impact of working capital financing policy on long-term and short-term performance : the case of listed electronic industry
Authors:	林怡萱;Lin, Yi-Hsuan
Contributors:	淡江大學會計學系碩士班張寶光;Chang, Bao-guang
Keywords:	營運資金融資政策;現金轉換循環;景氣因素;財務績效;Working capital financing policy;cash conversion cycle;Environment indicators;Firms' performance
Date:	2013
Issue Date:	2014-01-23 14:06:10 (UTC+8)
Abstract:	過去研究營運資金融資政策與企業獲利關係的研究不多，又考慮到權衡理論後仍無法得到與理論相符的結論。然營運資金的管理攸關企業的生存與獲利，本研究根據營運資金融資政策之定義修改過去衡量指標；加上企業營運上的風險通常受許多內在營運特性及外在環境因素有關，因此本研究探討營運資金融資政策對企業長短期績效的影響方向，並以不同現金轉換循環及景氣因素為基礎，進一步了解較積極的營運資金融資政策對企業長短期績效的影響方向。本文以2000至2011年台灣之上市電子產業為研究對象，以縱橫資料迴歸分析進行實證，因電子業公司數量龐大、且上中下游不同流程之產業特性、結構明顯不同，為深入瞭解電子業之營運資金融資政策對績效之影響，本研究將樣本區分上中下游使結果更加精確。實證結果發現，整體而言，營運資金融資政策與股東權益報酬率、淨利率呈顯著負相關、再以不同現金轉換循環及景氣因素後，現金轉換循環越速度越快，營運資金融資政策與資產報酬率呈顯著正相關；景氣越活絡，營運資金融資政策與資產報酬率呈顯著正相關。 There are little research about working capital financing policy and profitability. Even after taking into the trade-off theory can’t be consistent with the theoretical conclusions. In the study, we modify the measure based on the definition of WCFP. And in different cash conversion cycle and the change of the environment, to investigate more aggressive working capital financing policy on performance. The article have used panel data for the period of 2000-2011 to estimate the impact of working capital financing policy on long-term and short-term performance from Taiwanese electronic listed firms. And make sample distinction between the upper, middle and to lower stream of industry. The results show that there are a statistical significant negative relationship between working capital financing policy and return on equity、return on sales for overall. In the view of different cash conversion cycle, the more cash conversion cycle is shorter, the more working capital financing policy is a significant positive correlation with return on assets,; In the view of different environment changed, the more environment is active, the more working capital financing policy is a significant positive correlation with return on assets.
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