台灣食品業營收與營運資金供需季節指數關聯性之研究

THE INTERRELATIONSHIP BETWEEN OPERATING REVENUES AND DEMAND/SUPPLY OF WORKING CAPITAL IN TAIWAN FOOD INDUSTRY

鍾健能(CHUNG, CHIEN-NENG)

指導教授 ： 古永嘉

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2010年)

摘要

有效的預測資金確實有其難度，目前並無有效的預測技術，國內許多企業都是以簡單的資金流入扣除流出後做為未來短期間的資金預測。而許多企業並不正視預算的重要性，也導致財務部門輕忽預算的重要性，種下許多企業因資金管理不善而陷入財務危機的陷阱中。
營運資金管理一般泛指為達成公司目標，管理者對於短期流動資產與流動負債、短期償債能力、經營效能等方面之管理。由於營運資金屬於短期之概念，而且與營業活動之各項收支息息相關，若是沒處理好公司之營運資金管理，小則可能公司獲利下降、增加利息支出或是增加被倒帳之風險，大則可能因短期資金週轉不靈，而留下退票記錄，甚至於發生破產倒閉之厄運。
企業為了能夠穩健且順利的營運，對於資金的預測將是財務主管重要的課題之一，本研究欲以台灣股票上市之食品業五家公司泰山、統一、味王、大成、聯華等，以X11為研究方法進行以下兩項研究目的：
1. 在穩定性季節測試下，營收淨額、營運資金供給金額、營運資金供給天數、營運資金需求金額、營運資金需求天數、及資金缺口等六項變數是否受到淡旺季的顯著性影響。
2. 在移動性季節測試下，營收淨額、營運資金供給金額、營運資金供給天數、營運資金需求金額、營運資金需求天數、及資金缺口等六項變數是否受到淡旺季的顯著性影響。

關鍵字

營運資金管理 ； 營運資金供給金額 ； 營運資金需求金額 ； 資金缺口

並列摘要

It is very difficult to precisely forecast the cash flows and there are no effective techniques and methods for forecasting cash flows currently. In practical, many domestic enterprises simply use differences between cash inflows and cash outflows for the short-terms cash flows forecast. Since many enterprises do not face to the importance of the budget, the financial executives are careless and indiscreet the importance of the budget accordingly. Moreover, many enterprises may fall into the financial crisis's trap because of the poor administration of the cash flows.
Generally, the working capital management commonly defines to the short-term management regarding the current assets, the current liability, the short-term credit capacity, and operating effectiveness for achieving the corporate goal. The working capital belongs to concept of the short-term, and it is closely linked with the operating revenue and operating expenditure. If it has not promptly processed of working capital management, the company may increase the operating risks such as declined profits, increased interest expenses, higher bad debt risks, and so on. Furthermore, it is possible to have bad checks records and bankruptcy risks because of the deficiencies of short-term cash flows.
The cash flow forecast will be one of the important topics for the financial executives because of the purposes for constantly and smoothly operating business. This research are searched by five listed company of Taiwan Food industry (Taisun enterprises Co. Ltd., Uni-president enterprises corp., Ve Wong Corporation, Greatwall enterprises, and Lian Hwa foods Corporation) and proposed the following two study purposes by X11 methodology:
1. Under stable season test, the significance influence between low/busy season and the six variables including net operating revenues, working capital supplies amount, working capital supplies number of days, working capital demand amount, working capital demand number of days and working capital deficiency.
2. Under moving season test, the significance influence between low/busy season and the six variables including net operating revenues, working capital supplies amount, working capital supplies number of days, working capital demand amount, working capital demand number of days and working capital deficiency.

並列關鍵字

Working Capital Management ； Working Capital Supplies Amount ； Working Capital Demand Amount ； Working Capital Shortage

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