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題 名 | 營造公司營運資金管理之研究:以專案生命週期之目標現金餘額為例=Study of Working Capital Management in Construction Firms: A Project Life Cycle Approach of Target Cash Balance |
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作 者 | 王小龍; | 書刊名 | 萬能學報 |
卷 期 | 21 1999.08[民88.08] |
頁 次 | 頁275+277-295 |
分類號 | 494.75 |
關鍵詞 | 營運資金管理; 現金管理; 目標現金餘額; 專案生命週期; Target cash balance; Working capital management; Cash management; Project life cycle; |
語 文 | 中文(Chinese) |
中文摘要 | 營建業之專案生命週期(Project Life Cycle)與一般生產事業之產銷過程大不相同,不論是開發、銷售或是單純之工程承攬,皆有其獨特性;由其專案生命週期之型式來看,現金是其營運資金管理的焦點目標,在其週期各個時段,如何決定營運所需現金之最適餘額水準,方能保持適當之流動力,以順利完成專案並提高獲利能力,是當前亟待研究的課題。 本文透過估驗計價資料與現金週期(Cash Cycle),建立專案生命週期各時段之現金流量(Cash Flow),以瞭解單一專案執行過程中短期財務的需求和機會,經由比較資本市場(Capital Market)之交易成本與機會成本,應用Miller-Orr模型及線性分析等工具,推導出最適目標現金餘額(Target Cash Balance)之規模,及其與各項資金工具(融資、投資)之關係,進而推導解決多專案下營運資金管理問題,期能作為營建業實務應用及後續研究之參考。 |
英文摘要 | In the contracting business, construction firms are generally more concerned with short-term financial strategies than the long-term ones. Working capital management is the central issue of all short-term financial concerns. More importantly, cash management is ultimate goal for achieving high liquidity and profitability. This study focuses on the cash portion of working capital management by using the concept of target cash balance. The aim is to develop a practical model for construction firms in Taiwan for rationalizing the among of cash and current assets which should be possessed in any point of time. The model developed by Miller and Orr is introduced here for understanding the issues involved. Base on the project cash flow and progress payment records of an example project taken from Housing and Urban Development Bureau, Taiwan Provincial Government, this model is demonstrated and tentative conclusions concerning the model are given. |
本系統中英文摘要資訊取自各篇刊載內容。