電子產業讓售應收帳款債權因素之探討

Abstract

企業讓售應收帳款債權予銀行除可移轉倒帳風險外，尚有包括可融資取得資金、獲得其他專業諮詢服務及匯率避險功能；而銀行開辦應收帳款承購業務(Factoring)，可增加閒置資金流通、降低逾放比、賺取手續費增加收益，同時可吸收具潛力的企業客戶，故此項業務對企業及銀行都是有利的。

本研究探討讓售應收帳款債權的因素，期望研究結果可作為企業經理人擬定財務規劃策略的參考依據，使經理人能善用應收帳款資源，有效地提升企業績效與價值，同時提供銀行判斷何種類型的企業是推廣Factoring業務的潛在客戶。

本研究以國內電子產業為研究對象，從其財務報表中取得各項變數資料，並以羅吉斯(Logistic)迴歸方法實證結果為：(1)企業規模越大、淨營業週期越短、現金及短期投資佔流動資產的比重越小，企業越有可能讓售應收帳款債權；(2)淨營業週期變數對於企業是否讓售應收帳款債權之影響具有遞延性。

There are many reasons for companies to sell the accounts receivables, including transferring the default risk of the buyers, collecting the cash by financing procedure, obtaining the professional advice, and reducing the foreign exchange risk; on the other hand, the banks have some advantages to engage in buying accounts receivables business (“factoring business”) as well, which include increasing the liquidity of idle funds, lower the non-performing loan ratio, generating fee incomes, and establishing relationships with potential corporate clients. It demonstrates that both companies and banks are benefited by factoring business.

The determinants of selling accounts receivable are investigated in the study. The results of the study are expected to become the reference for business managers to formulate the strategy of financial planning, to manage the resource of accounts receivable properly, and to enhancing the business performance and value; in addition, the results are expected to utilized by banks to determine what kinds of clients are the target customers regarding promoting factoring business.

The firms in Taiwan electronic industry are the objects of the study, and the variables are collected from their audited financial reports. The empirical conclusions are derived from the Logistic regression model, and we conclude that firms with larger scales, shorter net operating cycle, and lower ratios of cash and short-term investment to current assets are more possibly to sell their accounts receivable.In addition,” net operating cycle”occurs time lag effect.