中心廠導入B2B電子金流對財務績效影響之探討-以金流Cash計劃為例

The influence of electronic industry into B2B e-Cash system on financial performance-Cash project as an example

董玉坤(Yu-Kun Tung)

指導教授 ： 倪衍森

共同指導教授 ： 許超澤(Chao-Che Hsu)

淡江大學/管理學院/管理科學研究所企業經營碩士在職專班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00725

摘要

C計畫為我國政府以既有電子化供應鏈體系為基礎，進一步整合金流，期能強化我國產業市場競爭能力的重要計劃。本研究以 C計畫參與之中心廠為研究樣本，主要在探討財務特性對公司導入金流的影響及導入金流對公司價值的影響。共分為三部份討論其關連性，分別是「財務特性」與「B2B電子金流」之關連性、「B2B電子金流」與「績效變數」之關連性、「財務特性」與「績效變數」之關連性。並且利用羅吉斯模型來檢視公司導入金流因素，及多元迴歸分析、Panel Data分析來檢視導入金流對公司價值的影響。經過文獻探討及發展相關假說，並以統計方法對於實證資料進行驗證。
研究結果發現，現金流量與B2B電子金流成負相關，代表現金流量不佳的公司可能比較重視金流的導入；而導入金流的公司與公司價值並不成正相關，且金流的引入，對應收帳款率的影響亦不高，其原因在於導入金流的公司大部分屬於主機板與筆記型電腦類型，於在2007年之前之表現並不理想。其次因C計劃中之多國金流運作如「e-Finance」系統，於初期尚未明顯發揮功能，結果對於公司價值與應收帳款率的影響皆不高；再者導入金流公司之存貨周轉率剔除不合理的樣本後，於導入前與導入後之比較結果顯示存貨周轉率確有提高。表示C計畫對中心廠之上游供應商提供價值鏈中即時有效的資訊分享、提升整體供應鏈資訊透明度，使得庫存成本下降，存貨周轉率則相對提高。

關鍵字

C 計畫 ； 金流 ； 羅吉斯模型 ； 財務績效

並列摘要

C- plan – one of the important program that our government lead to integrate B2B e-Cash into existing electronicalized supply chain in order to help different industries to strengthen our country industry market competition. This research is trying to base on the sample of C- plan to study how B2B e-Cash affects business especially the relationship between B2B e-Cash, financial and company value. Let’s discuss the topic in 3 ways: 1. Financial vs. B2B e-Cash 2. B2B e-Cash vs. performances variable 3. Financial vs. performances variable. Then review what is the root cause for company to implement B2B e-Cash by Logistic Regression model, and see what’s the result if company implemented B2B e-Cash to their daily operation system by Multiple-Regression-analysis & Panel-Data-analysis model. After the literature discussion and the development hypothesis, and the statistical method carries on the confirmation regarding the real diagnosis material.
The result shows a negative correlation between “cash flow” and “B2B e-Cash ”. That says the company was inefficient cash flow perhaps will implement B2B e-Cash more aggressively. However, the company who implement B2B e-Cash program did not came out a positive correlation with its company value likewise no big difference to rate of account receivable either. This is because in the beginning, most of the participants of C- plan were come from PCB & notebook industry, these two industries actually did not work well before 2007. Secondly, the system “multi-nation e-Finance” system itself did not give full play to the expected function initially, and lead to bad performance to company value & rate of account receivable. But, when we eliminate some inappropriate samples, the result said the B2B e-Cash did speed up turnover of inventory. In other words, the C- plan helps to decrease cost of inventory, speed up turnover of inventory because the system itself no doubt will provide suppliers instant & valuable information then make whole supply chain more efficiency & competitive.

並列關鍵字

C- plan ； Financial performance ； Tobin's Q ； Logistic Regression

參考文獻

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