營運資金管理前因再分析

The Determinants of Working Capital Management Revisited

邱百霞(Pai-Hsia Chiu)

指導教授 ： 張寶光

共同指導教授 ： 陳薇如(Wei-Ju Chen)

淡江大學/商管學院/會計學系碩士在職專班/碩士(2013年)

https://doi.org/10.6846/TKU.2013.00636

摘要

本文的研究目的是探討電子業次產業對營運資金需求之影響及實證營運資金需求之不同決定變數。經以我國上市櫃電子業2002-2011年之公司為對象分析後發現，上市電子業營運資金的決定因素為營業現金流量、自由現金流量、市值淨資產比、市場佔有率、財務艱困、負債比率、營收成長率、營業毛利率及固定資產週轉次數；上櫃電子業營運資金的決定因素為營業現金流量、市值淨資產比、市場佔有率、負債比率、營收成長率及固定資產週轉次數。研究結果除提供業界做為決策參考外，亦或能填補目前相關文獻的缺口。

關鍵字

營運資金管理 ； 營運資金需求 ； 電子業

並列摘要

The purpose of this thesis is to explore the impact of the electronic industry on the working capital requirements and to positive working capital requirements in the different decision variables. The data used for this thesis are obtained from the company of electronic industry listed on Taiwan Stock Exchange and Over-the-Counter markets, and the sample period is from 2002 to 2011. The main findings of this thesis, listed electronics industry determinants of working capital for operating cash flow, free cash flow, market value to book value ratio, market share, financial distress, debt ratio, the rate of sale growth, operating margin and fixed asset turnover. However, OTC electronics industry determinants of working capital for operating cash flow, market value to book value ratio, market share, debt ratio, the rate of sale growth, and fixed asset turnover. The results of this study, is not only to provide the reference to manager of decision-making but also to fill the gap of the current literature.

並列關鍵字

The Electronics Industry ； Working Capital Management ； Working Capital Requirements

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