顧客關係強度、供應商關係強度與企業獲利能力分析－台灣股票上市公司之實證

本研究從關係行銷的思維，將財務與行銷的概念整合出發，在營運邏輯的角度上，選取兩項財務績效指標變數「應收帳款收現天數」與「應付帳款付現天數」來做為顧客關係強度及供應商關係強度兩項解釋變數的代理變數，並以台灣802家股票上市公司為樣本，透過迴歸分析方法檢定其對獲利能力反映變數的六項構面衡量指標之影響。研究結果顯示，從全體產業觀之，顧客關係強度越強，營業毛利率越弱；而供應商關係強度越強，營業毛利率越強。在對公司營業利益率、稅後淨利率、總資產報酬率（ROA）此三項指標的影響上，顧客關係強度或供應商關係強度皆帶來負向效果。至於對公司每股盈餘與股東權益報酬率（ROE）兩項指標的影響上，顧客關係強度是帶來正向效果，而供應關係強度是帶來負向效果。惟值得注意的是，顧客關係強度對企業各項獲利能力指標之影響的顯著性普遍相當不足，反觀供應商關係強度的檢定結果表現卻多極為顯著。本研究結果意涵現代企業致力發展關係行銷，必須擁有充裕的資金調度能力，完善的資本預算與財務規劃，穩健持續的強效夥伴關係，以同時完成夥伴共存共榮及企業獲利提升的雙元目標。

關鍵字

顧客關係強度；供應商關係強度；應收帳款收現天數；應付帳款付現天數；獲利能力指標

並列摘要

This study employs two financial management indicators, days sales outstanding and days payable outstanding, as the proxy variables for customer relationship strength and supplier relationship strength respectively to explore whether these two strengths have impacts on companies' six profitability ratios, which are gross profit margin, operating profit margin, net profit margin, earnings per share (EPS), return on assets (ROA), and return on equity (ROE). Our regression analysis findings show that the impacts on gross profit margin are negative for customer relationship strength but positive for relationship strength. As to operating profit margin, net profit margin, and ROA, the two both strengths bring negative effect. In addition, the impacts on EPS and ROE are positive for customer relationship strengths but negative for supplier relationship strength respectively. It is notable that those aforementioned impacts customer relationship strength brings exhibit relatively poor statistical significance. However, the testing significance performances for supplier relationship strength are highly promising in most cases. As such, our research findings highlight the crucial roles of capital budgeting and financial planning adequacy for companies which pursue the dual goals of maximizing stockholders' wealth and customers' benefit.