應收帳款行為與績效關聯性之研究－以台灣科技公司為例

Abstract

本研究針對台灣科技公司的應收帳款行為模式進行探索性的研究，所採用的數據資料取自台灣經濟新報資料庫，以企業所面對的外部競爭環境及財務調整能力對其應收帳款管理行為加以分類，探討應收帳款行為與績效之關聯性。實證結果發現，外部環境競爭程度小及財務彈性佳的公司在帳面績效ROA及市場績效Tobin’s Q表現皆為最佳，也意味著企業的應收帳款行為差異與績效是有關聯性的。 在經濟全球化及企業大型化發展的情勢下，企業為了取得競爭優勢，或強化其價值創造的能力，必須要善用所有的資源，當然包括最重要的應收帳款。期望能以此提供給企業及投資大眾一個提昇、判斷企業價值表現的參考方法。

This study is an exploring research which examines the management style of account receivables in Taiwan’s technology firms. The numerical data from 1986 to 2006 was collected from Taiwan Economic Journal (TEJ). This study uses both estimator of account receivables and partial adjustment model to classify the management style of account receivables. The finding shows performance of company which is in less competitive environment and has flexible financial ability is the best, meaning that the management style of account receivables is related to performance. Most entities must use resources well in order to achieve competitive advantages and to enhance ability of value creation in global economy. It also contains account receivables. I hope that this study can give entities and investors a way of judging the value of companies.